The Las Cruces Real Estate Market is GREAT AND GETTING EVEN BETTER EVERYDAY!
The question REALTORS get asked many times every day is “How is the Market?”
Well It is August 2017 and the Las Cruces Real Estate Market is GREAT AND GETTING EVEN BETTER EVERYDAY.
What you need to know is that:
The inventory of homes available is at an appropriate level and has been stable for the 18 months which is good for both home buyers and home sellers.
Interest rates are currently near their all time lowest levels. We anticipate that later in the year the Federal Reserve will be increasing interest rates.
So, again the times are currently ideal for Home financing. This benefits the buyer borrower – financing results in lower monthly payments.
Low interest rates and payments make it easier for the buyer to buy therefore it makes it easier for sellers to sell.
If the seller is planning to buy a new home after the sale the interest rates now favor him at both ends.
Let see the actual Las Cruces Real Estate Market numbers and picture.
You can study the Tables and Graph below at your convenience, but a summary of what they show is:
- Over the first 7 months of 2017 the number of homes sold is the highest in the past 10 years
- We have 3 straight years of substantial growth in sales.
- The table on the top right shows just how much sales and Demand have grown each year and especially how it has continued and achieve a record high this year.
- A complaint we hear about our Market is that, despite a decrease in Supply to optimum levels and an increase in demand to record levels, we have not seen Prices recover substantially.
- Home owners can now realize a recovery of the value of their home that they lost over the years of the housing recession
- THOSE TIMES ARE OVER.
- Price appreciation is back which is not only good for the sellers, but buyers must be aware that buying a home now is a safe and economically beneficial thing to do as it has historically always been.
- Look at the top right chart which shows the history of sales numbers and median home prices for the first 7 months of the year over the past 5 years.
- You see growth in sales but until these 7 months of 2017 it has not been substantial now we have a statistically significant increase (6.45%) in Median Prices.
- The 4- Months April through July are peak sales months in Las Cruces. Sales will continue to be high through September and then level off during the winter months.
- Both from the table the middle and the graph below we see record sales for 2017 (the thick blue line). As an aside I want to note that we have not seen sales of over 200 homes per month since the housing boom years of 2006-2007.
- The most important thing to note again is that a GREAT / RECOVERED Market is evident during these last 4 months of 2017 with Median Home Prices rising significantly even more than the 7 month average (an increase of 9%).
“How is the Market?” The Las Cruces Real Estate Market is GREAT AND GETTING EVEN BETTER EVERYDAY!
This report was provided by the The Bruder Real Estate Team.