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Jun 24, 2024 Las Cruces home sales down 5% year-over-year

Gary Sandler

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Published 24 June 2024

The number of new and existing single-family homes sold in the greater Las Cruces area between January 1 and June 15 fell 5 percent short of the number sold during the same period in 2023, according to a June 20 report from the Las Cruces Association of Realtors. This year’s 746 closings were 5 percent below the 785 closings booked one year ago.

May produced a total of 124 closings, of which 101 were previously owned homes. New homes brought a median price of $399,125 and took 90 days to sell. The median existing-home price was $320,000 and took 55 days to sell. It is interesting to note that one-in-five, or 21.5 percent of the closings were over the asking price.

Of the 60 new and existing homes that closed escrow during the first half of June, 54 were of the existing variety. The new homes carried a median price of $319,720 and were on the market for 43 days before receiving an offer, while their resale counterparts carried a median price of $297,000 and waited 41 days for their offers. While there were 616 residential properties listed for sale in the Las Cruces multiple listing system on June 20, 464 were new and existing free-standing single-family homes located Las Cruces postal zips. The remainder were either townhomes and condos or located outside the north and south valleys and Las Cruces proper. On average, the 464 active listing had been for sale for 103 days.

The 156 listings that received offers in my May declined by 8.2 percent when compared to the 170 listings that went into pending status in May of 2023. As has been the case this year, the Las Cruces market continues to favor buyers

See you at closing!

Gary Sandler is a full-time Realtor and president of Gary Sandler Inc., Realtors in Las Cruces, New Mexico. He loves to answer questions and can be reached at 575-642-2292 or Gary@GarySandler.com

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