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Published 19 May 2023
An interesting phenomenon is taking place in the Las Cruces home-sale market, according to a May 18 report from the Las Cruces Association of Realtors. While the number of new and existing single-family homes sold during the first four and one-half months of the year fell far short of the number of closed sales booked during the same period in 2022, sales of homes priced at $800,000 and above showed significant gains.
A total of 608 new and existing single-family homes closed escrow between Jan. 1 and May 18 of this year, representing a 321-unit, or 35.3 percent, decline from the 909 units sold a year earlier. An additional 35 sales of townhomes and condominiums were booked during the reporting period but were not included in the totals. Of the 608 closed single-family sales, fifty-four, or just over 9 percent, sold for $500,000 or more. A year earlier the percentage was just over 8 percent.
Another interesting phenomenon is that while the number of homes priced between $500,000 and $799,999 declined by 25 percent year-over-year, the number of homes sold at $800,000 and above increased by 59 percent. During the reporting period, the number of homes sold between $800,000 and $900,000 increased by just over 18 percent. At the same time, sales in the $800,000 to $900,000 range doubled, while sales of homes priced at $1,000,000 or more tripled.
In another comparison, the median sales price of the 608 new and existing homes sold between Jan. 1 and May 18 of this year was $297,500. One year ago, the median was $283,000.
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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