Published 24 march 2019
According to a March 17 report from the Las Cruces Association of Realtors, local brokers sold more homes during the first two months of this year than they did during the same period in 2018. LCAR recently reported that 2018 was our area’s third-best sales-production year on record.
A total of 261 new and existing homes, townhomes and condominiums were sold during January and February, outpacing by two sales last year’s total. The combined average sales price for all home-types sold this year also showed improvement, rising to $203,126 from the $199,387 average sales price reported one year ago — a 1.9 percent increase.
New-home sales led the pack with homebuilders reporting 38 sales at an average sales price of $239,069, which is a 1.7 percent increase over the $235,049 average sales price for the 27 new homes sold one year ago. The typical new home sold during the first two months of this year contained 1,801 square feet of heated and cooled living space and sold for an average price per square foot of $132.81.
The statistics also show that more buyers gravitated toward new homes in January and February than they did last year, resulting in a decline in existing-home sales. The 223 sales of previously owned properties sold this year fell nine units, or 3.9 percent, below the sales closed one year ago. The typical existing home sold for $196,884, or $106.88 per square foot, and contained 1,851 square feet of living space. Last year’s tallies were $195,289, $98,47 and 1,925 square feet, respectively
LCAR also reported that it took an average of 75 days to sell the new and existing homes that closed escrow in January and February. The statistics also indicated that the high level of demand for homes is keeping upward pressure on prices. Last year, sellers received an average of 98 percent of their asking prices. So far this year, sellers have received 99 percent of their asking prices, with around 20 percent of sales closing at or above the listing price.
See you at closing.
Gary Sandler is a full-time Realtor and president of Gary Sandler Inc., Realtors in Las Cruces. He loves to answer questions and can be reached at 575-642-2292 or firstname.lastname@example.org