• The market has 653 Active properties this week, 654 last week.
• New to One Year decreased from 198 to 193 Available.
• Townhouses remained with 14 Available.
• Condos remained with 07 Available.
• Manufactured Homes decreased from 34 to 31 Available.
• Under Contract increased from 250 to 263 this week.

• April 2024 ended up with 174 Closed properties. April 2023, 167 properties closed.

• The Average Sales Price decreased to $335,111.
• The DOM- (Days on the Market) increased to 61 days.
• *The City of Las Cruces has not updated the new construction permits website for April yet.
• CLC New Construction Building Permits for March 2024 was 55 and March 2023 was 29.

Current Inventory Of Homes 05-21-2024



Absorption Rate- 3.87

Active- 653

Under Contract- 263

New To One Year- 193 (Available Properties)

Condos- 07 (Available Properties)

Manufactured Homes- 31 (Available Properties)

Townhomes- 14` (Available Properties)

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Total Site-Built Homes Available = 622

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Absorption Rate- 3.87

Active Homes- 653

Average Sales Price- $335,111

Average DOM (Days On the Market)- 61

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05/21/24

30 Year Fixed Rate- 7.02%

15 Year Fixed Rate- 6.28%

*Source-www.HSH.com

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Absorption Rate

3.87, Last Year 2.13

Absorption Rate Definition-

The Absorption Rate, in Months chart shows how long the current inventory of properties would last at the current rate of sales.

If no new properties were added to the market, and sales continued at a steady pace, the Absorption rate indicates the number of months required to sell all the properties on the market.

Absorption rate is based on two numbers:

• The number of active listings
• The average number of listings sold per month for the previous n months.

The number of active listings is a "snapshot" of listings active on a single day (the 15th of the month). The number of months of sold listings, here, is 12.

The formula is Absorption Ratio = A ÷ N

Where A = listings active on the 15th of the month, and

N = the average number of listings sold during each of the previous 12 months

Months Supply of Inventory by Price Range

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