Most people are aware that Las Cruces-area home prices have been on the upswing. What’s surprising to many is the extent to which they have risen.
According to a report pulled from the archives of the Las Cruces Association of Realtors on November 13, the average sales price for the 36 new and existing homes, townhomes and condominiums sold during the first 13-days in November hit $203,515. November wasn’t the only month this year in which the average price exceeded $200,000. The average hit $203,275 in October and $212,072 in May.
Prior to this year, the last time the average sales price exceeded $200,000 was in 2008, when it reached $218,016. The highest average price in the history of Las Cruces real estate was $222,147 during the peak of the market in 2007.
The average price of $203,515 posted in November was $26,734, or 15.1 percent, higher than the $176,781 average price reported in November of 2016. October’s average price of $203,275 was also higher than it was during the same month last year, rising by $15,653 or 8.3 percent, from the $187,622 posted in October of 2016. Through November 13th of this year, monthly average sales prices consistently outpaced year-ago prices.
This year’s production numbers are also higher than last year’s tally. Local Realtors sold a total of 1,419 new and existing homes, townhomes and condominiums through November 13 of this year, representing an increase of 104 homes over the 1,315 homes during the same period last year.
With the recent announcement by Freddie Mac that mortgage rates are hovering in the 4.0 percent range for 30-year loans and around 3.5 percent for 15-year loans, it appears that sales will continue to be brisk as 2017 comes to an end.
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