LAS CRUCES – Sales of new and existing Las Cruces-area homes, townhomes, and condominiums are on track to reach the highest level attained since 2008, according to statistics culled from the archives of the Las Cruces Association of Realtors on October 8.
Local Realtors sold a total of 1,381 homes through the first 9 months of this year, surpassing last year’s same-period total of 1,285 sales by 96 units, or 7.5 percent. Also on the positive side, this year’s $192,359 combined average sales price of the new and existing homes sold through the first three quarters of the year represents a $14,573, or 8.2 percent, increase over last year’s combined average price of $177,786. This boom in the industry is equally as exciting for the commercial real estate industry. The more people living in an area attracts more businesses.
Sales tapered off in September. The 145 closed sales of new and existing homes posted during the month was a 31-unit decline from the 176 units sold in August, and a 13-unit decline from the 158 closed sales reported in September of 2016. When separated into their respective new- and existing-home categories, new-home sales significantly outperformed their existing-home counterparts. The 20 new homes sold during the month represented a five-unit, or 33 percent improvement, over the 15 homes sold in August and the 15 new-home sales booked a year earlier.
New-home sales also accounted for most of September’s price gains. That month’s average sales price of $226,830 was higher than August’s $204,351 average price by $22,479, and $34,255 higher than September of 2016’s average price of $192,605. On the other hand, September’s existing-home average price of $181,609 was $16,415 lower than August’s average price of $198,024, and $3,811 lower than the $185,420 average price posted in September of 2016.
Adding to the optimism that this year will be the best production year in recent memory is the number of pending sales that are awaiting closing. A total of 284 transactions were in line to close on October 8, representing an uptick of 48 units over the 236 sales pending at the beginning of August. The end-of-season surge all but assures that 2017 will be the best production year in a decade.