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Published 15 June 2018
Local home-sales booked during the first five months of this year were up almost 20 percent over the same period last year, according to statistics provided by the Las Cruces Association of Realtors on June 11, 2018. Home prices were higher as well.
Local Realtors sold a total of 829 new and existing homes, townhomes and condominiums through May 31 of this year, exceeding the 693 sales closed during the same period last year by 136 units, or 19.6 percent. This year’s combined average sales price of $198,398 for all property types was also higher, climbing 4.5 percent above last year’s average price of $189,808.
New-home sales were responsible for 112 of the closed transactions and exceeded the new-home closings booked last year by 20 units, or 21.7 percent. This year’s $221,019 average price was higher as well, rising 4 percent over last year’s average price of $212,513.
The 717 sales of existing homes, townhomes and condominiums closed this year represent a 116-unit, or 19.3 percent, increase over last year. This year’s combined average price of $194,864 was 5.1 percent higher than the $186,332 average price posted one-year ago.
When separated into their individual categories, it’s easy to see how prices and production vary by property type. For example, the 661 free-standing, existing homes sold thru May 31 represented a 106-unit, or 19.1 percent, increase over last year. At the same time, this year’s free-standing, existing-home average price of $200,826 exceeded last year’s average price of $192,083 by 4.6 percent.
The townhome segment of the market produced mixed results. A total of 34 of these property-types were sold through May of this year, which was a 2-unit, or less than 1 percent, increase over last year. This year’s average price rose by 7.8 percent, to $129,716 from $120,342, however.
When it comes to condominiums, sales literally doubled, rising to 24 this year over the 12 closed last year. Condo prices also posted the highest percentage increase, rising by 8.5 percent, from $107,288 to $116,443.
Well, there you have it. Sales and prices continue to climb. While the recent rise in mortgage rates caused concern that the increases could have a negative effect on production and prices, it appears that they did just the opposite and inspired people to buy now rather than wait.
See you at closing.
Gary Sandler is a full-time Realtor and president of Gary Sandler Inc., Realtors in Las Cruces. He can be reached at 575-642-2292 or Gary@GarySandler.com.
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Gary Sandler
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