• Jan 17, 2021 Las Cruces home sales set all-time record
    Gary Sandler
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    Published 17 January 2021

    2020 was a record year for home sales in Las Cruces, according to a Jan. 11 report from the Las Cruces Association of Realtors. The report revealed that more homes were sold last year than during any other year in the history of local record keeping.

    A total of 2,310 new and existing homes, townhomes and condominiums changed hands in 2020, besting the previous record of 2,303 home-sales recorded in 2006. Price appreciation gains, while not a record, also increased significantly. Here’s how the individual market segments performed.

    Single-family homes: This market segment was responsible for 2,169, or 93.9 percent, of last year’s 2,310 sales. New-home sales were responsible for 294 of the closings and carried a median sales price of $254,925, which is a $37,475, or 17.2 percent, improvement over 2019’s median price of $217,450. The median is where half sold for more and half sold for less.

    The remaining 1,875 sales were of existing homes. The $205,000 median sales price of the previously-owned residences represented a $22,100, or 12.1 percent, improvement over 2019’s median price of $182,900.

    A chart shows Las Cruces-area median sales prices for new and existing free-standing single-family homes from 2005 to 2020.

    Townhomes: This slice of the pie was responsible for eighty-two, or 3.6 percent, of the 2,310 sales. Two of the 82 townhomes were brand new and produced a median sales price of $194,962, exceeding 2019’s median price by $25,052, or 14.8 percent. The 80 previously owned townhomes closed at a median price of $150,000, up $18,000, or 13.6 percent, over the previous year’s median price.

    Condominiums: The 59 condominiums sold in 2020 made up 2.6 percent of the year’s 2,310 sales. The lone newly constructed unit sold last year closed at $198,725. No new condos were sold in 2019. The remaining 58 existing-home units generated a median sales price of $126,000, exceeding by $14,000, or 12.5 percent, 2019’s median price of $112,000.

    When grouped into their individual property-type categories, new and existing single-family home values appreciated by 11.7 percent; townhome values increased by 14.2 percent, and condominium prices rose by 12.5 percent.

    A severe shortage of homes for sale continues to plague our local marketplace and has resulted in approximately 25 to 30 percent of listings selling at or above the asking price. As of this writing, there were just 240 homes listed for sale in our local multiple listing service, with just 176 of the properties located in and around Las Cruces.

    The remaining 64 properties were located in the north and south parts of the county and in areas outside of the county. The severity of the shortage becomes clear when compared with the 1,745 homes listed for sale when our home inventory hit its peak in 2007.

    With mortgage interest rates hovering in the 3.0 percent range, it’s no wonder that homes continue to fly off the shelves.

    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.

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      Gary Sandler