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The Las Cruces home sales indicators give an indication of the buyers, buyers

The Las Cruces home sales indicators give an indication of the buyers, buyers

Home sales are slowing nationwide, and the same is true in Las Cruces. Numerous indicators pulled from the archives of the Las Cruces Association of Realtors (LCAR) on July 24 list them in chilling detail. Below are nine local indicators that confirm buyers are gaining a clear advantage in our local market.

The percentage of buyers paying more than asking price in June fell 51.3 percent from May, down from 21.7 percent to 10.6 percent. New pending sales fell 4.6 percent month-over-month and 13.1 percent year-over-year. The percentage of cash buyers in escrow in June fell 17.6 percent from the previous month. At the same time, monthly home inventory increased 5.8 percent from May and is up 163.5 percent from June 2023.

The median days on market, half of which sold faster and half took longer to sell, increased 81 percent in June, from 21 days to 38 days, up 375 percent year over year. The number of active listings currently for sale increased 5.1 percent in June and 96.9 percent year over year. Our current inventory of new and existing homes, townhomes and condos stood at 644 units as of July 24. The number of unsold listings increased to 80 in June, an 86 percent increase from the 43 unsold units in our May inventory.

The percentage of asking price achieved dropped by just under one percent, from 98.8 to 98.0, but that’s only part of the story. It’s interesting to note that the percentage of asking price achieved is at the time the offer was accepted, which brings us to the price change stats. Just under one in five sellers lowered their asking price in June, with the average decrease being around $5,000. That statistic alone might lead one to assume that the percentage of asking price achieved is likely less than 98 percent, measured from original asking prices.

According to LCAR statistics, local home prices and production both fell in June. New home sales fell 13 percent; the median price of new homes fell 13 percent. The median price of $331,975 in June was $67,150, or 16.8 percent, lower than the median of $399,125 in May. Production and prices of existing homes suffered a similar fate. The median price of $305,000 in June was $15,000, or 4.7 percent, lower than the median price of $320,000 in May. Production, however, rose 3 units, from 101 to 104 units.

Well, there you have it. The pendulum of supply and demand is definitely swinging in favor of buyers. It is now up to sellers to find ways to make their offerings more competitive.

See you at closing time!

Gary Sandler is a full-time Realtor and President of Gary Sandler Inc., Realtors in Las Cruces, New Mexico. He is happy to answer questions and can be reached at 575-642-2292 or [email protected].