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Published 18 July 2021
The median sales price of the existing single-family homes sold during the first six months of this year rose by 25.6 percent above the median price of the existing single-family homes sold during the same period last year, according to a July 11 report from the Las Cruces Association of Realtors. The median is where half sold for more and half sold for less.
This year’s median price of $238,550 was $48,600 higher than 2020’s median price of $189,950. Sales prices and production numbers for all other home-sale categories increased as well. Here’s how the individual groups performed.
New single-family homes
Las Cruces-area builders sold a total of 181 newly constructed homes during the first half of 2021, up by 32.1 percent, or 44 units over the 137 homes sold one year ago. This year’s median price of $279,000 represented a $25,750, or 10.2 percent, increase over last year’s median price of $253,250. The typical new home contained 2,048 square feet of heated and cooled living space and sold for an average of $144.10 per square foot.
Existing single-family homes
A total of 1,016 previously owned single-family homes changed hands during the first half of this year, up from 802 closings reported last year. The 214-unit difference symbolized a 26.7 percent year-over-year increase in production. As previously mentioned, the $48,600 increase in the median price translates to an annual appreciation rate of 25.6 percent. The average home contained 2,014 square feet and sold for $133.11 per square foot.
Five brand new townhomes were sold during the first half of this year at a median price of $226,000. The average home contained 1,511 square feet and sold for $155.78 per square foot. The one new townhome sold during the same period in 2020 carried a price of $190,000. The $36,000 difference produced an annual appreciation rate of 18.9 percent.
Existing townhomes
The median price for the 48 townhomes sold during the first two quarters of this year was reported to be $163,500. The average unit contained 1,356 square feet and closed at a per square foot price of $128.07. The 33 townhomes sold in 2020 generated a median price of $145,000. The additional $18,500 represented an appreciation rate of 12.8 percent.
New condominiums
Just one new condominium was sold this year with the buyer paying $191,855, or $130.51 per square foot for the 1,470 square foot space. No new condos were sold during the first half of 2020.
Existing condominiums
Thirty-one buyers paid a median price of $136,000 for their typical 1,185 square foot unit at $131.42 per square foot. That sales price was $10,000, or 7.9 percent, greater than the $126,000 median price recorded one year earlier.
While the inventory of new and existing homes, townhomes and condominiums has increased slightly over the past two months, so have the number of buyers. As of July 11, a total of 206 properties were listed for sale. One hundred ninety-six of the units are new or existing single-family properties, with townhomes and condominiums accounting for 3 and 7 additional units, respectively.
Based on the 633 homes that are currently under contract and awaiting closing, prospects for additional closed sales going forward looks rosy. Pending sales are the best indicator of the number of closed sales that will take place one to two months into the future. Now may be the right time to make your purchase if you haven’t already done so.
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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About Author
Gary Sandler
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