Gary Sandler, Real Estate Connection
Published 6:59 p.m. MT Sept. 28, 2019
While median home prices in the greater Las Cruces area continue to appreciate, the median price in Picacho Hills is struggling to keep pace.
According to sales data culled from the Las Cruces Association of Realtors multiple listing service (MLS) on September 24, a total of 1,462 new and existing homes, townhomes and condominiums were sold during the first eight months of this year. Of that number, 1,362 were free-standing, single-family homes. It is those free-standing, single-family homes that are the focus of this report.
When tallied together, the median price of the 1,362 new and existing Las Cruces-area single-family residences sold through August rose by 2.4 percent year-over-year. During the same period, the median price in Picacho Hills dropped by 6.9 percent. The median is where half sold for more and half sold for less.
According to the MLS data, the median price of the single-family homes sold in Picacho Hills between 2015 and 2016 rose by $84,500, or 34.1 percent. The median prices in 2015 and 2016 were $248,000 and $332,500, respectively. Beginning in 2017 and continuing through 2018 and 2019, the median price declined each year.
During the first eight months of 2017 the median price declined by $7,500, to $325,000. Between 2017 and 2018 the median price dropped by another $14,500, to $310,500. This year, the median price fell by an additional $21,500, to $289,000. So, what factor or factors are driving the decline in the median price?
The answer is not that fewer buyers are purchasing in Picacho Hills. The number of closed sales in 2018 and this year are almost double the number of closed sales reported in 2015 and 2016, and just under 20 percent greater than the number of closings posted in 2017. The more accurate answer is that the number of buyers opting to purchase homes priced in the lower ranges has been on the increase.
On the bright side, the time it takes to sell a Picacho Hills home has steadily declined over the past three years, dropping to 139 days this year from a high of 277 days in 2016.
See you at closing.
Gary Sandler is a full-time Realtor and owner of Gary Sandler Inc., Realtors in Las Cruces. He loves to answer questions and can be reached at 575-642-2292 or Gary@GarySandler.com
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