July 2020 | Las Cruces Monthly Market Minute
Hello, everyone, it's Zane with Z Real Estate here to bring you the July 2020, Las Cruces monthly marketing minute.
Now I know what you're thinking. Where's Kayla? Well, she said the presenting all of the market stats every month was easy enough that even I could do it. And I thought, yeah, let's give it a try.
But between you and me, I think it's just that she wants to make fun of me if I can't make it through and under a minute. So let's see how it goes. 60 seconds on the clock, please.
Ready, set, go.
July has always been a strong month for the market both in terms of buying and selling. And this month is no exception. While we did see about 10% less homes sell - down to 254 compared to last year's 281 - the average price is up that same percentage to just over $239,000.
So let's take a quick timeout and I want to talk a bit more about about what this all means.
What we're seeing here is a whole lot less homes on the market. We've been talking about having low inventory for quite some time. And what the low inventory has caused us homes to sell 25% faster than what they did last year, which was still a very strong market.
What we're always looking at in real estate really comes down to supply and demand. It is very simple in its basic forms.
We have less than 400 homes on the market available. And we have lots of buyers who are looking for homes and purchasing homes to get into the historically low interest rates that we're seeing. So it's causing higher demand for the home. So that's pushing the price up as well. Not only just time on the market, but prices are increasing.
A small portion of that is a little bit skewed because we had a $2.7 million property in those numbers, but we're still seeing prices increase. And let's face it, the buyers have more buying power because of the historic low interest rates. So we can continue to see those prices climb.
Okay, time in.
If you've seen some of our other market reports, you'll know that we already rave about the Las Colinas area. And again, we're here to sing its praises. This past month saw 38 homes sell there, which is more than second and third place areas Sonoma East and West combined. The most expensive home this month sold in Hatch, which is still part of the Doña Ana County, of course, and it sold for $2.6 million.
Remember, real estate is local neighborhood by neighborhood and price range by price range. If you're considering selling, let us analyze your home specifically. And if you are looking to buy every real estate market has an opportunity in it, you just have to know where to find it.
Now I know we cheated and we didn't really get through everything in time, but it's worth taking those few extra seconds and talking about what we're seeing happen in the market and the bigger picture. We'll be back next month with an overall market report for August. However, in the meantime, follow our Facebook Instagram pages where we post weekly market stats every Monday.