Published 14 March 2021
Last year was a record-setting year for home sales in Las Cruces, with 2,313 closed transactions. According to a March 9 report from the Las Cruces Association of Realtors, this year’s sales pace is already on track to produce an even more spectacular result. Take the number of homes sold in January and February for example.
Local Realtors sold a total of 353 new and existing homes, townhomes and condominiums during the first two months of this year. The previous records for January and February closed sales were set in 2020 and 2006, when 286 homes changed hands. This year’s combined median sales price also jumped considerably over last year’s price, rising to $222,000 from $189,700. For those of you who don’t have a calculator handy, that’s a $32,300, or 17-percent, year-over-year increase. The median is where half sold for more and half sold for less.
The individual market segments performed in a similar manner during January and February. On the new, single-family residence side, sales increased by 47.5-percent and the median price increased by 17-percent. The 59-units that closed escrow represented a 19-unit increase over the 40 closed sales recorded one-year ago. At the same time, the median price increased by $37,949, rising to $251,225 from $213,276.
Sales in the single-family, existing-home sector rose by 18.1-percent, while the median price swelled by 18.6-percent. The 268 closed sales exceed last year’s 227 closed sales by 41-units; and the median price increased by $34,750, from $187,000 to $221,750.
Sales of newly constructed townhomes remained steady, with one-unit sold in both 2020 and 2021. The year-over-year sales price increased significantly, however, rising to $226,000 from $190,000. The $36,000 difference represents an increase in value of 18.9 percent.
Sales in the previously owned townhome part of the overall market also posted impressive gains, with sales rising by 30.8 percent and the median price rising by 20-percent. The number of sales rose by 4-units, from 13 to 17, while the median price increased by $27,000, to $162,000 from $135,000.
No new condominiums were sold in 2020 or 2021. Sales of previously owned condos increased by 60-percent, year-over-year, however, while the median price rose by just 1.3 percent. The eight condominiums sold this year represented a 3-unit increase over the 5 condos sold in 2020, and the median sales price rose from $149,000 to $151,000.
The LCAR report also showed that there were 399 new and existing homes, townhomes and condominiums under contract and awaiting closing as of March 9, indicating that a record number of closed sales will be reported over the next 30 to 60-days. Even so, a lack of inventory continues to frustrate buyers and keep a lid on the number of sales. As a result of the shortage and related competition for properties, 57-percent of all January and February sales closed at the asking price, or more.
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 Gary@GarySandler.com.