Las Cruces Real Estate Market
Weekly Update
The market has 236` Active properties this week, 236 last week.
New to One Year increased from 20 to 23 Available.
Townhouses increased to 06 from 05 Available.
Condos decreased from 06 to 04 Available.
Manufactured Homes decreased from 07 to 06 Available.
Under Contract increased from 457 to 460 this week.
June 2021 ended up with 244 Closed properties. June 2020, 208 properties closed.
June 2021 new construction permits were 125, up from 91 in April.
*It is too early to calculate the the of the month numbers. I will have those next week.


 
On the Market Summary the Absorption Rate is 1.21 , last year at this time it was 2.25.
The average Sales price is $291,735, in 2020 it was $239,936.
The average (DOM) Days on the Market is 21 and it was 61 in 2020.

MLIS Market Summary, Month by Month
Monthly Inventory of Homes
Average Days on the Market
Current Inventory Of Homes 08-03-2021

Absorption Rate- 1.21
Active- 236
Under Contract- 460
New To One Year- 23
Condos- 04
Manufactured Homes- 06
Townhomes- 06

___________________________
Total Site-Built Homes Available = 230
Absorption Rate
1.13, Last Year 2.34

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
Market Summary
Building Permits
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Tobe Turpen
Better Homes & Gardens Real Estate
Steinborn & Associates
141 Roadrunner Parkway #141
Las Cruces, N.M. 88011
575-522-3698
21 Years Experience
Direct- 575-621-1462