Published 11 July 2018
According to a July 8 report from the Las Cruces Association of Realtors, local brokers sold 1,030 new and existing homes, townhomes and condominiums during the first half of this year. That number exceeded by 11 units all the properties sold during the entire 2011 calendar year.
The report also revealed that the combined average sales price for new and existing properties sold during the first-half of this year hit a 10-year high.
When viewed over the past two-plus decades, local production numbers resemble the travels of a slow-moving roller coaster. From the previous record-low of 1,059 sales booked in 1997 (down from 1,169 units in 1996), production numbers steadily increased until reaching their all-time high of 2,303 units in 2006. It was downhill from there.
Sales numbers continued a yearly decline before bottoming out at 1,059 closings in 2011. The trend reversed in 2012 and has continued upward, hitting a high of 1,888 closed sales in 2017. That number is nearly equal to the 1,877 units closed in 2007.
Historically, 48.24 percent of annual sales take place during the first-half of each year. Meaning this year’s sales total is on pace to hit 2,135 units. That number is almost identical to the 2,136 units closed in 2006 — an all-time sales production record.
The combined average sales prices for new and existing homes, townhomes and condominiums experienced a similar rollercoaster ride, rising from $104,609 in 1996 to its all-time high of $222,147 in 2007. The precipitous drop in values began in 2008 and continued downward until reaching its modern-day low of $173,385 in 2012. The average price then began to rise, reaching $201,171 on June 30 of this year.
Should the current average price and pace of production hold steady or increase slightly between now and the end of the year, 2018 will be noted in the record books as the best year since 2008.
See you at closing.
Gary Sandler is a full-time Realtor and the owner of Gary Sandler Inc., Realtors in Las Cruces. He can be reached at 575-642-2292 or Gary@GarySandler.com.