March 2021 | Las Cruces Monthly Market Minute
Hi there everyone, we’re back again with our Las Cruces Real Estate Monthly Market Minute. Today, we are once again talking about how Las Cruces Real Estate Market performed in March.
We’re continuing to see more of the same from the past several months - as interest rates remain low, so does the number of homes on the market. Supply and demand - fewer homes on the market means that prices continue to go up and up. March’s average sales price was up to just shy of 260 thousand, which is nearly 11 percent higher than March of last year. Another portion of that is, of course, how homes are selling. Last month saw 240 homes sold, which is up over 25 percent from last year when there were only 191 homes sold.
Again, I want to take a quick second and talk about how the luxury market factors in to that. Last month we saw 11 more homes priced at over 400 thousand sell than this time last year, which has brought the total number of luxury homes up to 63, which is over double the amount from this time last year.
It should be no surprise that the neighborhoods that saw the most homes sell are Las Colinas with 41 sales and Sonoma West with 29. The most expensive home sold for 805 thousand off of Ladera Canyon Road in Soledad Canyon.
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