Todd Archuleta with Exit Realty updates our readers on the slowing yet still very strong real estate market in Las Cruces, New Mexico.
Las Cruces, NM (PRWeb) March 12, 2007 -- According to a recent report from the National Association of Realtors (NAR), nationwide sales of existing homes in January of this year were 4.3 percent below the number of sales pace posted in January 2006. The NAR also reported that January closing of new home sales were down 20.1 percent from their year ago total.
Todd Archuleta a local Realtor said "while the statistics certainly point out that the nations housing market is still in its recovery mode, it fails to call attention to the fact that some localized markets may be better off today than they were 10 years ago". We put this question to Mr. Archuleta. Is it possible that the Las Cruces area market qualifies for a listing in this category? "Let's look at the numbers" said Todd
"Okay I love this stuff, listen to this. For the better part of 1996, the average residential listing inventory of Las Cruces was around 750 new and existing homes, town homes and condominiums" Todd said. According to the MLS of the Las Cruces Association of Realtors, of that number about 17 percent of the offerings or128 units were newly constructed homes.
"Now for that same time, area sales of those new and existing homes were closing at the rate of about 1200 units per year." said Todd. Utilizing the available data, it appears that during 1996 the Las Cruces real estate market was producing .625 sales for each listing. The average time required to sell and close a new or existing home sale in 1996 was 112 days for new and 79 days for an existing home.
That was the market in 1996, Todd how does that compare to today? "Well as of the first week in March our inventory of new and existing homes, town homes and condominiums was around 1275 units. About half of the homes for sale today 623 or 48.9 percent are under construction or newly constructed." said Todd "When compared with last years, 625 sales inventory ratio this years inventory ratio is producing slightly lower at .564 sales per each listing in our inventory." How does that affect days on the market? "Slower sales equal longer market times." said Todd "The average time to sell a new or existing home during the first 45 days of this year was 140 days for new homes and 117 days for existing.
Perhaps Las Cruces is not one of the areas where today's sales numbers are better than the numbers 10 years ago would you agree Todd? "Sales may be slower but Las Cruces is far better off today then 10 years ago. At the close of 1996, average sale price for new and existing Las Cruces area homes were $113,628 for new homes and $94,368 for existing homes. By the time new years 2007 rolled around, average prices in Las Cruces had ballooned to $257,132 for new and 196,691 for existing. Wow, do the math that's 126 percent appreciation in new home prices and 108 percent increase in the average price of existing homes." said Todd.
The new year has brought Las Cruces slightly lower sales and a slower rate of appreciation but appreciation none the less. Buyers continue to flock to this quiet southwestern town to make it their home, in hopes to take advantage of the steady growth in Las Cruces real estate.
For more information about the real estate market in Las Cruces New Mexico contact Todd Archuleta with Exit Realty at 505-644-4227. You can visit his website at
http://destinationlascruces.comPress Contact: TODD ARCHULETA
Company Name: Exit Realty Horizons
Email: email protected from spam bots
Phone: 505-644-4227
Website: http://lascrucesnewmexicohomes.com
Press Release Source: EMediaWire
