2018 Foreclosures Market Report
One of the tell tell signs of the strength of the real estate market is to take a look at the foreclosures over a given time frame. Las Cruces saw the lowest amount of foreclosures sold in 2018 for quite some time. In fact it has been a steady decline in the number of foreclosures. Going back to 2012 when there was 276 foreclosures sold, they have declined year after year and are all the way down 159 foreclosures sold in 2018. The amount of foreclosure homes sold is only 7% of the sales for 2018 and only 4% of the overall volume.
The average home price for 2018 foreclosures was $110,960 which is much less than the Las Cruces average home price of $199,473. That is a 45% discount! While there are less foreclosures to purchase, there are still opportunities. The great thing about a decline in foreclosure inventory means that people are able to sell their homes, they are not underwater on value and in fact, most have equity in their home.