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Jun 06, 2021 Las Cruces luxury-home sales are skyrocketing

Gary Sandler

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Published 6 June 2021

It’s no secret that home sales are setting records across the country. The same is true for the Las Cruces area, according to a May 31 report from the Las Cruces Association of Realtors. What sets this year’s sales numbers apart from previous years, however, is the percentage of luxury homes that are changing hands.

Of the 937 closed sales of new and existing Las Cruces-area homes, townhomes and condominiums that took place between Jan. 1 and May 15 of this year, 271 were priced at $300,000 or more. For those of you who like to do math, that’s 28.9% of all sales. One year ago, the number was 18%. The year before that, just 12.5% of buyers paid $300,000 or more for their homes. Even more interesting is how the individual price ranges performed.

The 166 homes priced between $300,000 and $399,999 that closed between Jan. 1 and May 15 represented a 102% increase over the 82 homes sold in 2020 and a 168% increase over the 62 homes sold in 2019. The 57 homes sold in the $400,000 price range performed in a similar manner, rising by 111% over the 27 homes sold one year ago and by 185% over the 20 homes that closed escrow two years ago.

Luxury-home sales in the $500,000 price range increased by 150%, rising to 20 closings from eight booked last year, and was 10 times the 2 closings reported in 2019. The $600,000 price range also produced impressive numbers, with this year’s 15 closings outpacing last year’s 3 closings by a factor of 5 and 2019’s four closed sales by 3.75 times. The eight closed sales in the $700,000 range were 4 times the 2 sales booked in 2020 and 8 times the single sale recorded in 2019.

Sales in the $800,000 and $900,000 ranges produced identical results, with 2 sales each in 2021, one sale each in 2020, and zero sales recorded in either category during 2019. One sale at $1,000,000 or more was recorded this year and in each of the previous two years.

According to LCAR’s pending sales count, the percentage of luxury-home sales are poised to increase over the coming months. As of May 31, 33.7% of the new and existing sales awaiting settlement are priced at $300,000 or more.

See you at closing.

Gary Sandler is a full-time Realtor and owner 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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