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Real Estate in Las Cruces New Mexico

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Real Estate in Las Cruces New Mexico Powered By Docstoc
					Steinborn Inc. REALTORS®
    Las Cruces Housing
      Market Review




           January 2010




        Compiled From Local Sources:

    Las Cruces Association of Realtors MLIS
      National Association of REALTORS®




                       1
                                     Table of Contents




Section 1   Executive Summary


Section 2   Exhibits A, B and C


            - Residential Sold Data: 1/1/09 – 12/31/09


            - Active Listings as of January 19, 2009


            - NAR’s National Housing Data


Section 3   Steinborn Absorption Data (Sales and Months Supply)


                    -Combined New and Resale Absorption


                    -New Sales Absorption


                    -Resale Absorption




                                              2
                                     Executive Summary


        Las Cruces, New Mexico is a great real estate market and is continuing to perform to
historical levels even through the national downturn and recovery. Because of its unique and
desirable climate, scenic mountain views and regional agricultural setting, Las Cruces has
weathered the lowest part of this real estate cycle and data confirms that this local market is
positioned for steady growth.

        Over the past 15 years, the Multiple Listing Information Service (MLIS) has reported
21,055 homes sold. That is an average of 1,503 homes sold each year, and 1997 showed the
lowest sales of the past 14 years with 1,059 homes sold. During the throes of the national
economic crisis of 2009 Las Cruces still sold 1,349 homes: 300 more units than the slowest
period since 1995. The local housing market is sustainable at these sales numbers as this
historic data confirms. As the national economy improves, Las Cruces will only improve upon
its already healthy market.

        Las Cruces is poised for sustainable growth during 2010 as buyers continue to relocate
to Las Cruces, and as housing inventory has been reduced to lower-than-average sales
numbers. Las Cruces has a shortage of available homes for sale! As of January 19, 2010, MLIS
reports an inventory of 1,190 homes listed for sale in Las Cruces. Inventory is below the
number of homes sold in 2009, and the average sales of the past 14 years. Simply stated, the
existing inventory of homes is below normal demand levels for Las Cruces, NM.

       During the four quarters of 2009, sales volumes increased. This solid indication of
recovery and acceleration in the housing sector indicates that 2010 should see many more
homes sold than in 2009, and certainly well above the historical average. First Quarter 2009
ended with 209 sales reported, and each following quarter reported increased sales over the
previous quarter, with the last quarter reporting 312 sales. With the economic recovery
underway, we can expect this trend to continue through 2010 as well. The 1,190 homes
available now in Las Cruces will be gone before year end 2010.

Why is the Las Cruces housing market so strong compared to national trends?

       Mild Climate with 360 Days of Sunshine and Great Air Quality
       Rural Community With High Quality of life
       Outdoor Activities
       University Town: New Mexico State University
       Moderate cost of living and goods
       Regional Healthcare HUB
       Retail
       Little Traffic Congestion
       Low Property Taxes
       Small Town with Big Town Amenities

       Las Cruces is positioned as the attractive housing choice for a relocating home buyer.
With the regional attractions of the Las Cruces area being nationally recognized and
published, Las Cruces has become an important stop on most relocation searches. These
regional attractions combined with the proximity of big city conveniences of El Paso and
Albuquerque, and the great many day-trip excursions to the forests of Silver City, rustic cabin
weekends and skiing of Ruidoso, hunting and fishing throughout the region, boating at
Elephant Butte Reservoir, fine art experiences of Santa Fe, and relaxed lifestyle of the great
wide open, indicate that the relocating home buyer will find Las Cruces the desired choice of
the Southwest.
                                               3
                                    Market Summary Data Review

        Exhibits A & B contain a market snapshot of the performance of both sold homes
through year end 2009 and the current active listings in January 2010. As MLIS is the most
consistent and reliable source of housing sales and listings data in this area, this market
review uses these numbers exclusively and does not consider the additional number of cost-
based construction permits. This report is not intended to be an all-encompassing survey of
all facets of the Las Cruces market, rather this is an analysis of the empirical data of the sales
in 2009, and a view of the direction that the market is taking.

        These summary reports describe the sales in the Las Cruces market as being most
voluminous in the $100,000 up to $400,000 price range, with a total of 1,127 homes sold in
this price range during 2009. The current MLIS listings for this range total 941, or 186 fewer
available houses than were sold last year. This shrinking inventory of available homes, with
the rate of sales increasing throughout 2009 and the broader national economy in the early
stages of recovery, this current available inventory of 941 homes in this price range will be
too few to meet the demonstrated demand of this market. Exhibit C validates that the
national housing market is improving per NAR‟s most recent data. Exhibit C is summarized as
follows:
        Prices for homes at or below $100K are experience strong growth at approximately
        20%;
        Prices for homes at $500K or above are still in the negative. However, they have
        improved from the 40% decline in July 2008 to approximately -10% for July 2009;
        Nationwide inventory of homes has declined from the high of approximately 12 months
        (July 2008) to nearly 6 months (July 2009);
        Home sales for 2009 equaled that of the pre-boom year of 2000 but with “5 million”
        more eligible home buyers at the end of 2009. Meaning, the sidelines are full of
        potential buyers.

       As the national economic indicators improves, these 5 million ready, able and willing
buyers should move from the sidelines and into the home purchasing playing field.

       The „sweet spot‟ of the Las Cruces housing market remains in an affordable range of
between $100,000 to $225,000, with 887 sales totaling 67.75% of all sales in 2009 being in this
range. The price range of $225,000 to $400,000 was a solidly performing market segment
with 240 sales totaling 17.79% of all sales in 2009. Together these two broader price
categories accounted for 83.54% of all sales. The Las Cruces market will need at least 186
more homes in inventory in this price range just to sustain the level of 2009 sales, and with
the steadily increasing number of sales throughout the past year, this 186 number of needed
housing units is likely to be much greater by the end of 2010.

       The impact of this should not be understated. The Las Cruces market is demonstrating
higher than average annual sales throughout 2009, and inventory is shrinking! The housing
market, which drives so many areas of the local economy is growing and ready to surge
through 2010 and right into the oncoming wave of the retiring Baby Boomer generation.

       For higher end price ranges, those above $400,000, sales continue to lag behind the
outperforming affordable ranges. The 2009 sales of homes above $400,000 numbered 58
combined, which is 4.29% of all sales, while active listings for these stand at 178 units. The
outlook on this higher end activity through 2010 is fairly steady relative to 2009 sales, but
with some increased activity of move-up buyers as the affordable homes of the 1st time
buyers are sold. Construction activity in the high end market will likely maintain it‟s reserved
pace, and should see a return in increased activity by 2011.
         Sales prices through 2009 appear to have been at some small and consistent discount
to list price throughout all price ranges, with that discount rate increasing somewhat at the
higher price points. Potentially, some sales in the above $400,000 price point narrowly slid
into the $400,000 and below price range. This may assist the sales rate of homes in the
$400,000 and above range through 2010, as 38 of those 178 listings are just above the
$400,000 price point, and below $450,000. This may indicate a sales characteristic, along
with the move-up activity may join to evidence a quicker absorption of the high end market
than what appears to be upon first examination.

                                   Absorption Data Review

        The last three pages of this report, sourced from Las Cruces Association of Realtors,
Multiple Listing Information Service and Steinborn Inc. Real Estate, include absorption data
summaries for new single family homes, resale single family homes and the sales of both new
and resale single family homes for year 2009. These are summarized and reported by quarter
and are cumulative; the numbers reported in these summaries by quarter are not activity in
that one quarter alone. To get information for any one quarter, take the reported cumulative
total of that quarter, and subtract the cumulative total of the previous quarter.

        There are several trends that emerge from these data; most significant is the marked
increase in the pace of sales throughout 2009, quarter over quarter. The first quarter reports
209 sales, the second quarter reports 280 sales, the third quarter reports 310 sales and the
last quarter 2009 reports 312 sales. Each quarter of 2009 sold more homes than the previous
quarter, demonstrating a consistent and sustained increase in sales volume. The single family
resale segment picked up pace faster than the new home segment through 2009, with resales
increasing by an average of 20% quarter over quarter and quarterly new home sales increasing
by an average of 10%. The Las Cruces housing market is proving itself to be more resilient
than the national housing market in general. Again, as the national economy improves, so too
will Las Cruces’ already healthy market.

        Another trend of note is the activity in the resale market really picking up steam. The
2009 year began with the first quarter marking sales of 142 homes, increased in the second
quarter showing 199 sales, again in the third quarter to 240 sales, and remaining steady in the
last quarter with 234 sales. This rapid increase (+40% in second quarter, another +20% in
third quarter, and steady in the fourth quarter continuing the high sales levels) in the pace of
existing home sales may have some link to affordability and perceived value in a buyer’s
market. An effect of the increase in these existing homes may soon show up as an additional
increase in the rate of new home sales as the inventory of existing homes is reduced and
buyer choices are fewer. With current inventories below historical sales averages, and these
inventories shrinking further at an increasing rate, this additional demand in the new homes
sector may be felt in the second quarter 2010 and evidenced in the third quarter 2010.

       For new home sales in 2010, the evidences point toward success of products priced
below $400,000. Though the actual number of sales by price range are fairly low from
$400,000 and above, there is no significant excess inventory until reaching price levels of
$500,000 and above, where sales remain slow. From $400,000 and below, listings stand at
158 homes, while year end sales numbers outstrip inventory with 282 sales (124 more sales
through 2009 than currently available active listings). The most significant activity in terms
of volume of sales is in price ranges of $300,000 and below with this range garnering 89% of
all new home sales in 2009. This $300,000 and below price range is the bulk of the Las Cruces
housing market, in both new and resale categories, though resale homes are selling at a
steady pace even up to $600,000.
                                               5
                                            Exhibit A
                             Steinborn Inc. Real Estate
                              Las Cruces Residential SOLD Data
                                       1/1/2009 - 12/31/2009
                            Source: Las Cruces Association of REALTORS MLIS



      Price Range            Count            Total             Average       Median       Average
                                              Price              Price         Price        DOM

$0 - $25,000                       9            $169,400         $18,822         $17,500       165
$25,000 - $50,000                 18            $727,400         $40,411         $41,000        56
$50,000 - $75,000                 45          $2,820,681         $62,682         $64,000       107
$75,000 - $100,000                92          $8,223,717         $89,388         $89,300       156
$100,000 - $125,000              149         $17,007,974        $114,147        $115,000       137
$125,000 - $150,000              253         $34,702,305        $137,163        $137,500        95
$150,000 - $175,000              214         $34,463,802        $161,046        $160,500        69
$175,000 - $200,000              149         $27,841,568        $186,856        $165,000       134
$200,000 - $225,000              122         $25,821,900        $211,655        $211,225       125
$225,000 - $250,000               67         $15,771,547        $235,396        $234,000       133
$250,000 - $275,000               54         $14,003,920        $259,332        $256,500       121
$275,000 - $300,000               36         $10,310,350        $286,399        $267,750       127
$300,000 - $325,000               21          $6,577,300        $313,205        $314,000       175
$325,000 - $350,000               24          $8,018,200        $334,092        $333,750       184
$350,000 - $375,000               19          $6,826,251        $359,276        $360,000       186
$375,000 - $400,000               19          $7,404,150        $389,692        $392,130       190
$400,000 - $425,000               10          $4,115,175        $411,518        $412,500       207
$425,000 - $450,000               11          $4,786,657        $435,151        $459,500       117
$450,000 - $475,000                5          $2,235,500        $447,100        $476,000       124
$475,000 - $500,000                7          $3,303,000        $471,857        $512,000       128
$500,000 - $525,000                5          $2,500,850        $500,170        $527,250        80
$525,000 - $550,000                3          $1,575,750        $525,250        $568,000       112
$550,000 - $575,000                2          $1,138,000        $569,000        $569,000       200
$575,000 - $600,000                2          $1,178,315        $586,658        $589,658       325
$600,000 - $625,000                2          $1,220,000        $610,000        $610,000        77
$650,000 - $675,000                1            $665,000        $665,000        $665,000       280
$675,000 - $700,000                1            $675,000        $675,000        $675,000       749
$725,000 - $750,000                1            $725,000        $725,000        $725,000       390
$775,000 - $800,000                3          $2,340,000        $780,000        $780,000       265
$825,000 - $850,000                1            $626,000        $626,000        $826,000       220
$900,000 - $925,000                1            $918,000        $918,000        $919,000       456
$1,000,000 - $1,025,000            1          $1,000,000      $1,000,000      $1,000,000       144
$1,550,000 - $1,575,000            1          $1,560,000      $1,560,000      $1,550,000         0
$1,700,000 - $1,725,000            1          $1,700,000      $1,700,000      $1,700,000       -30

            Grand Totals:       1349        $253,126,012         $187,640      $160,950        120
Source: Las Cruces MLIS



                                                 6
                                                          Exhibit B
                                            Steinborn Inc. Real Estate
                                                 Las Cruces Market Summary
                                         Active Residential Listings - As of 1/19/2010
                                                   Source: Las Cruces, MLIS




        Price Range            Count     Total                     Average               Median                Average
                                         Price                      Price                 Price                 DOM

$0 - $25,000                         4        $161,400                        $40,350                $39,950             330
$25,000 - $50,000                   11        $709,300                        $64,482                $61,500             302
$50,000 - $75,000                   56       $5,032,277                       $89,862                $90,000             136
$75,000 - $100,000                  74       $8,623,066                     $116,528               $119,000              339
$100,000 - $125,000                152      $21,152,920                     $139,164               $139,900              157
$125,000 - $150,000                136      $22,231,180                     $163,465               $164,900              163
$150,000 - $175,000                161      $30,505,199                     $189,473               $189,000              188
$175,000 - $200,000                 55      $11,776,605                     $214,120               $215,000              132
$200,000 - $225,000                 83      $19,749,287                     $237,943               $239,000              131
$225,000 - $250,000                 54      $14,142,043                     $261,890               $259,800              186
$250,000 - $275,000                 74      $21,398,835                     $289,173               $289,900              162
$275,000 - $300,000                 31       $9,829,200                     $317,071               $319,000              135
$300,000 - $325,000                 43      $14,613,660                     $339,853               $339,900              209
$325,000 - $350,000                 32      $11,597,979                     $362,437               $363,850              306
$350,000 - $375,000                 46      $18,002,470                     $391,358               $396,500              213
$375,000 - $400,000                 10       $4,154,589                     $415,459               $413,250              161
$400,000 - $425,000                 28      $12,237,550                     $437,055               $438,250              241
$425,000 - $450,000                 15       $6,918,580                     $461,239               $438,250              201
$450,000 - $475,000                 26      $12,727,600                     $489,523               $459,000              175
$475,000 - $500,000                  1        $500,000                      $500,000               $491,500               71
$500,000 - $525,000                 13       $7,050,000                     $542,308               $500,000              190
$525,000 - $550,000                 10       $5,633,200                     $563,320               $545,000              245
$550,000 - $575,000                 21      $12,471,438                     $593,878               $562,450              199
$575,000 - $600,000                  2       $1,200,000                     $600,000               $595,800              164
$600,000 - $625,000                  8       $5,107,800                     $638,475               $637,450              237
$650,000 - $675,000                  3       $2,008,700                     $669,567               $668,000              190
$675,000 - $700,000                  7       $4,840,300                     $691,471               $695,000              159
$700,000 - $725,000                  1        $709,000                      $709,000               $709,000              162
$725,000 - $750,000                  3       $2,238,900                     $746,300               $749,000              196
$750,000 - $775,000                  3       $2,262,500                     $754,167               $750,000               86
$775,000 - $800,000                  4       $3,168,000                     $792,000               $797,000              269
$800,000 - $825,000                  2       $1,600,000                     $800,000               $800,000              987
$825,000 - $850,000                  3       $2,543,690                     $847,897               $848,700              435
$875,000 - $900,000                  3       $2,663,000                     $887,667               $889,000               82
$900,000 - $925,000                  1        $900,000                      $900,000               $900,000              202
$925,000 - $950,000                  1        $925,000                      $925,000               $925,000              125
$975,000 - $1,000,000                4       $3,947,000                     $986,750               $986,500              215
$1,100,000 - $1,125,000              2       $2,206,000                    $1,103,000             $1,103,000             420
$1,120,000 - $1,225,000              1       $1,200,000                    $1,200,000             $1,200,000              38
$1,250,000 - $1,275,000              1       $1,250,000                    $1,250,000             $1,250,000             115
$1,325,000 - $1,350,000              1       $1,345,000                    $1,345,000             $1,345,000             122
$1,600,000 - $1,625,000              1       $1,600,000                    $1,600,000             $1,600,000             733
$1,700,000 - $1,725,000              2       $3,400,000                    $1,700,000             $1,700,000             337
$1,800,000 - $1,825,000              1       $1,800,000                    $1,800,000             $1,800,000             117

                Grand Total:     1190    $318,136,020                        $267,341             $160,950               188




                                                             7
Steinborn Inc. Real Estate
Las Cruces Housing Market Review
              2010
            Exhibit C




             8
Steinborn Inc. Real Estate
Las Cruces Housing Market Review
              2010
            Exhibit C




             9
                                                           STEINBORN GMAC REAL ESTATE
                                                    Absorption Data for Periods Ending 12/31/09
                                             (New and Resale Single-Family Homes in Las Cruces, NM, Area)
                                                 12-Month Data           9-Month Data            6-Month Data            3-Month Data
                                                          # Months to             # Months to             # Months to             # Months to
                           # Active                 Avg.    Absorb         Avg.     Absorb         Avg.     Absorb         Avg.     Absorb
                           Listings                Sales/   Current       Sales/    Current       Sales/    Current       Sales/    Current
      Price Range          (1/7/10)       # Sales Month Inventory # Sales Month Inventory # Sales Month Inventory # Sales Month Inventory
$100,000 - 129,999                 84        176     14.7            5.7       147     16.3            5.1          99   16.5    5.1   58    19.3    4.3
$130,000 - 139,999                 42        105      8.8            4.8        88      9.8            4.3          58    9.7    4.3   31    10.3    4.1
$140,000 - 149,999                 59         89      7.4            8.0        68      7.6            7.8          47    7.8    7.5   26     8.7    6.8
$150,000 - 159,999                 49         92      7.7            6.4        82      9.1            5.4          59    9.8    5.0   27     9.0    5.4
$160,000 - 169,999                 60         89      7.4            8.1        67      7.4            8.1          51    8.5    7.1   30    10.0    6.0
$170,000 - 179,999                 50         60      5.0           10.0        54      6.0            8.3          31    5.2    9.7   11     3.7   13.6
$180,000 - 189,999                 59         56      4.7           12.6        48      5.3           11.1          37    6.2    9.6   21     7.0    8.4
$190,000 - 199,999                 59         46      3.8           15.4        37      4.1           14.4          22    3.7   16.1   10     3.3   17.7
$200,000 - 249,999                126        178     14.8            8.5       132     14.7            8.6          91   15.2    8.3   42    14.0    9.0
$250,000 - 299,999                111         82      6.8           16.2        69      7.7           14.5          50    8.3   13.3   23     7.7   14.5
$300,000 - 349,999                 69         44      3.7           18.8        32      3.6           19.4          25    4.2   16.6   12     4.0   17.3
$350,000 - 399,999                 75         37      3.1           24.3        31      3.4           21.8          22    3.7   20.5    8     2.7   28.1
$400,000 - 449,999                 37         21      1.8           21.1        19      2.1           17.5          16    2.7   13.9    7     2.3   15.9
$450,000 - 499,999                 34         11      0.9           37.1         8      0.9           38.3           3    0.5   68.0    0     0.0    n/a
$500,000 - 599,999                 38         12      1.0           38.0         9      1.0           38.0           6    1.0   38.0    3     1.0   38.0
$600,000 - 699,999                 20          4      0.3           60.0         4      0.4           45.0           2    0.3   60.0    0     0.0    n/a
$700,000 - 799,999                    8        4      0.3           24.0         2      0.2           36.0           1    0.2   48.0    1     0.3   24.0
$800,000 - 899,999                    9        1      0.1         108.0          1      0.1           81.0           1    0.2   54.0    1     0.3   27.0
$900,000 - 999,999                    5        1      0.1           60.0         1      0.1           45.0           0    0.0    n/a    0     0.0    n/a
$1,000,000 +                        8          3    0.3             32.0         3    0.3             24.0           1    0.2   48.0     1   0.3    24.0
Totals                           1002       1111 92.583                        902 100.22                          622 103.67          312   104

Source: Las Cruces Assn. of REALTORS. http://lascruces.fnismls.com. (1/7/10).
                                                                                          10
Note: Houses, condos, townhomes, and zero lot line in Las Cruces, Mesilla, Mesilla Park; excl. mfd/mobile homes.
                                                             STEINBORN GMAC REAL ESTATE
                                                       Absorption Data for Periods Ending 12/31/09
                                                    (NEW Single-Family Homes in Las Cruces, NM, Area)
                                                 12-Month Data           9-Month Data            6-Month Data            3-Month Data
                                                          # Months to             # Months to             # Months to             # Months to
                           # Active                 Avg.    Absorb         Avg.     Absorb         Avg.     Absorb         Avg.     Absorb
                           Listings                Sales/   Current       Sales/    Current       Sales/    Current       Sales/    Current
      Price Range          (1/7/10)       # Sales Month Inventory # Sales Month Inventory # Sales Month Inventory # Sales Month Inventory
$100,000 - 129,999                 27         34      2.8            9.5        27      3.0            9.0          15    2.5   10.8   10   3.3    8.1
$130,000 - 139,999                    6       38      3.2            1.9        30      3.3            1.8          15    2.5    2.4   8    2.7    2.3
$140,000 - 149,999                 17         24      2.0            8.5        16      1.8            9.6          14    2.3    7.3   8    2.7    6.4
$150,000 - 159,999                 13         41      3.4            3.8        35      3.9            3.3          23    3.8    3.4   10   3.3    3.9
$160,000 - 169,999                 11         37      3.1            3.6        30      3.3            3.3          21    3.5    3.1   15   5.0    2.2
$170,000 - 179,999                 11         22      1.8            6.0        19      2.1            5.2          10    1.7    6.6   4    1.3    8.3
$180,000 - 189,999                 18         15      1.3           14.4        13      1.4           12.5          10    1.7   10.8   7    2.3    7.7
$190,000 - 199,999                 16          5      0.4           38.4         5      0.6           28.8           3    0.5   32.0   2    0.7   24.0
$200,000 - 249,999                 12         37      3.1            3.9        21      2.3            5.1          14    2.3    5.1   8    2.7    4.5
$250,000 - 299,999                    9       11      0.9            9.8         8      0.9           10.1           7    1.2    7.7   1    0.3   27.0
$300,000 - 349,999                    4        9      0.8            5.3         6      0.7            6.0           5    0.8    4.8   2    0.7    6.0
$350,000 - 399,999                 14          9      0.8           18.7         8      0.9           15.8           6    1.0   14.0   1    0.3   42.0
$400,000 - 449,999                    3        2      0.2           18.0         2      0.2           13.5           2    0.3    9.0   1    0.3    9.0
$450,000 - 499,999                    4        4      0.3           12.0         2      0.2           18.0           1    0.2   24.0   0    0.0    n/a
$500,000 - 599,999                    8        2      0.2           48.0         2      0.2           36.0           1    0.2   48.0   0    0.0    n/a
$600,000 - 699,999                    5        1      0.1           60.0         1      0.1           45.0           0    0.0    n/a   0    0.0    n/a
$700,000 - 799,999                    1        3      0.3            4.0         2      0.2            4.5           1    0.2    6.0   1    0.3    3.0
$800,000 - 899,999                    2        0      0.0 n/a                    0      0.0 n/a                      0    0.0    n/a   0    0.0    n/a
$900,000 - 999,999                    0        0      0.0            n/a         0      0.0            n/a           0    0.0    n/a   0    0.0    n/a
$1,000,000 +                        1          2    0.2              6.0         2    0.2              4.5           0    0.0    n/a    0   0.0    n/a
Totals                            182        296 24.667                        229 25.444                          148 24.667          78    26

Source: Las Cruces Assn. of REALTORS. http://lascruces.fnismls.com. (1/7/10).
                                                                                          11
Note: Houses, condos, townhomes, and zero lot line in Las Cruces, Mesilla, Mesilla Park; excl. mfd/mobile homes.
                                                              STEINBORN GMAC REAL ESTATE
                                                       Absorption Data for Periods Ending 12/31/09
                                                   (RESALE Single-Family Homes in Las Cruces, NM, Area)
                                                 12-Month Data           9-Month Data            6-Month Data            3-Month Data
                                                          # Months to             # Months to             # Months to             # Months to
                           # Active                 Avg.    Absorb         Avg.     Absorb         Avg.     Absorb         Avg.     Absorb
                           Listings                Sales/   Current       Sales/    Current       Sales/    Current       Sales/    Current
      Price Range          (1/7/10)       # Sales Month Inventory # Sales Month Inventory # Sales Month Inventory # Sales Month Inventory
$100,000 - 129,999                 57        142     11.8            4.8       120     13.3            4.3         84    14.0    4.1   48    16.0    3.6
$130,000 - 139,999                 36         67      5.6            6.4        58      6.4            5.6         43     7.2    5.0   23     7.7    4.7
$140,000 - 149,999                 42         65      5.4            7.8        52      5.8            7.3         33     5.5    7.6   18     6.0    7.0
$150,000 - 159,999                 36         51      4.3            8.5        47      5.2            6.9         36     6.0    6.0   17     5.7    6.4
$160,000 - 169,999                 49         52      4.3           11.3        37      4.1           11.9         30     5.0    9.8   15     5.0    9.8
$170,000 - 179,999                 39         38      3.2           12.3        35      3.9           10.0         21     3.5   11.1    7     2.3   16.7
$180,000 - 189,999                 41         41      3.4           12.0        35      3.9           10.5         27     4.5    9.1   14     4.7    8.8
$190,000 - 199,999                 43         41      3.4           12.6        32      3.6           12.1         19     3.2   13.6    8     2.7   16.1
$200,000 - 249,999                114        141     11.8            9.7       111     12.3            9.2         77    12.8    8.9   34    11.3   10.1
$250,000 - 299,999                102         71      5.9           17.2        61      6.8           15.0         43     7.2   14.2   22     7.3   13.9
$300,000 - 349,999                 65         35      2.9           22.3        26      2.9           22.5         20     3.3   19.5   10     3.3   19.5
$350,000 - 399,999                 61         28      2.3           26.1        23      2.6           23.9         16     2.7   22.9    7     2.3   26.1
$400,000 - 449,999                 34         19      1.6           21.5        17      1.9           18.0         14     2.3   14.6    6     2.0   17.0
$450,000 - 499,999                 30          7      0.6           51.4         6      0.7           45.0          2     0.3   90.0    0     0.0    n/a
$500,000 - 599,999                 30         10      0.8           36.0         7      0.8           38.6          5     0.8   36.0    3     1.0   30.0
$600,000 - 699,999                 15          3      0.3           60.0         3      0.3           45.0          2     0.3   45.0    0     0.0    n/a
$700,000 - 799,999                    7        1      0.1           84.0         0      0.0 n/a                     0     0.0    n/a    0     0.0    n/a
$800,000 - 899,999                    7        1      0.1           84.0         1      0.1           63.0          1     0.2   42.0    1     0.3   21.0
$900,000 - 999,999                    5        1      0.1           60.0         1      0.1           45.0          0     0.0    n/a    0     0.0    n/a
$1,000,000 +                        7          1    0.1             84.0         1    0.1             63.0           1    0.2   42.0     1    0.3   21.0
Totals                            820        815 67.917                        673 74.778                          474     79          234     78

Source: Las Cruces Assn. of REALTORS. http://lascruces.fnismls.com. (1/7/10).
                                                                                          12
Note: Houses, condos, townhomes, and zero lot line in Las Cruces, Mesilla, Mesilla Park; excl. mfd/mobile homes.

				
DOCUMENT INFO
Description: Real Estate in Las Cruces New Mexico document sample