Below is a report that I have compiled on First Quarter 2008 Las Cruces Homes Sales. Please do not hesitate to contact me if you would like additional information:
|
# |
$ |
Average |
Median |
Average |
# |
|
Homes Sold |
Volume |
Price |
Price |
Days On Market |
Market Listings |
|
|
|
|
|
|
|
|
(2004) 368 |
$56,732,791 |
$154,165 |
$132,000 |
83 |
474 |
|
(2005) 435 |
$74,936,333 |
$172,267 |
$149,000 |
102 |
639 |
|
(2006) 507 |
$99,232,276 |
$195,724 |
$170,800 |
114 |
743 |
|
(2007) 508 |
$112,384,923 |
$221,230 |
$180,000 |
124 |
1375 |
|
(2008) 336 |
$71,603,534 |
$213,106 |
$175,200 |
146 |
1593 |
Source: Steinborn Inc. Real Estate Research Department
•1. First quarter 2008 home sales have softened relative to 2006 and 2007, which were the highest first quarters of the year in history.
•2. First quarter 2008 sales are even with 2004 first quarter, which turned out to be a very good year in Las Cruces.
•3. Total dollar sales volume for 2008 dropped below 2006 and 2007 first quarter levels. However, dollar volume was basically even with 2005 and well ahead of 2004 levels.
•4. Home prices remain relatively strong compared to other parts of the country. There has been a drop in first quarter 2008 relative to 2007 but remains well ahead of 2004, 2005, and 2006 levels. Our four-year average home price growth, based on the first quarter data, is 9.6% per year. Strong!
•5. As inventory has reached a peak, it is not surprising to see some pricing declines. It's too early to tell what the remainder of the year will bring.
•6. Four-year average total dollar sales volume growth, based on first quarter data, is 6% per year. Strong!
•7. It is unrealistic for consumers to expect that all homes on the market can be bought at low prices; however, there will be some fantastic opportunities.
•8. As other parts of the country have slowed, so too has our sales volume due to people having to sell their home prior to moving to Las Cruces.
•9. This is a great time to buy in Las Cruces. There is an abundance of choices due to higher inventory than in the past.
•10. Remember, there are 12,000 commuters that live in Las Cruces and work in El Paso (Federal Reserve Data). As Ft. Bliss grows dramatically over the next 5 years, so too will Las Cruces. As White Sands Missile Range doubles in size over the next 7 years, we will see tremendous growth, not to mention growth in other sectors of the industry.
•11. For REALTOR®s, this is a time that we should re-double our work ethic and invest in more training to better serve our clients.
•12. A softening market is not a bad thing. It is a matter of perspective. Good things come out of soft markets. Building is reduced and everyone in the real estate industry is forced to improve their overall level of service. Opportunities are created in any market, be it a hot or soft market, both for consumers and real estate professionals.
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