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Published 27 November 2023
According to a November 20 report from the Las Cruces Association of Realtors, the $310,000 combined median sales price of the 64 new and existing single-family homes that closed escrow during the first two-weeks of November remained unchanged from October’s $310,000 median sales price. The median is where half sold for more and half sold for less. November’s median was, however, $32,680, or 11.8 percent, higher than the $277,320 median posted during the first two weeks of November 2022. Condo and townhome sales were not included in the report.
The fact that local home prices continue to hold steady and even increased year-over-year challenges the supply and demand model that typically results in lower values as inventories increase. For example, homebuyers had 401 new and existing single-family homes to choose from in November of 2022. Today, the number stands at 474-units. So, what is flipping the script? The simple answer is out-of-state buyers, according to a random survey of a dozen local Realtors.
A sampling of the 1,543 single-family homes closed through November 15 of this year revealed that buyers from 26 states moved to Las Cruces. Just under 40 percent of the transplants hailed from just two states – California and Texas. Had those buyers moved here in March of 2021, they would have had just 206 homes to choose from, which is a significant difference from the 1,048 active listings posted in July 2007.
See you at closing.
Gary Sandler is 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@GarySander.com.
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About Author
Gary Sandler
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