Las Cruces Real Estate Market Weekly Update. 08/10/21

Las Cruces Real Estate Market

Weekly Update

The market has 261` Active properties this week, 236 last week.

New to One Year increased from 23 to 26 Available.

Townhouses increased to 06 from 09 Available.

Condos remained with 04 Available.

Manufactured Homes increased from 06 to 11 Available.

Under Contract increased from 460 to 475 this week.

July 2021 ended up with 247 Closed properties. July 2020, 235 properties closed.

June 2021 new construction permits were 125, up from 91 in April.

Absorption Rate- 1.27

Active Homes- 261

Average Sales Price- $290,113

Average DOM (Days On the Market)- 20

MLIS Market Summary, Month by Month

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Monthly Inventory of Homes

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Average Days on the Market

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Current Inventory Of Homes 08-10-2021

Absorption Rate- 1.27

Active- 261

Under Contract- 475

New To One Year- 26

Condos- 04

Manufactured Homes- 11

Townhomes- 09

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Total Site-Built Homes Available = 250

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Absorption Rate

1.27, Last Year 2.25

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