Las Cruces Real Estate Market Weekly Update. 11/30/21

Las Cruces Real Estate Market

Weekly Update

The market has 242` Active properties this week, 248 last week.
New to One Year remained with 16 Available.
Townhouses increased from 01 to 02 Available.
Condos decreased from 03 to 02 this week.
Manufactured increased from 13 from 15 Available.
Under Contract remained with 411 this week.
October ended up with 217 Closed properties. October 2020, 234 properties closed.
August 2021 new construction permits were 64, down from 76 in July. * The Las Cruces City website has not updated this information since September. My apologies.

Absorption Rate- 1.53

Active Homes- 242

Average Sales Price- $277,548

Average DOM (Days On the Market)- 21

MLIS Residential Sales, Year to Date

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Mortgage Rates

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Average days on the Market

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Current Inventory Of Homes 11-30-2021

Absorption Rate- 1.53

Active- 242

Under Contract- 411

New To One Year- 16

Condos- 02

Manufactured Homes- 15

Townhomes- 02

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Total Site-Built Homes Available = 227

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Absorption Rate

1.53, Last Year 2.03

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