Surprising market consistency

This month's market report continues to show consistency in both the number of closed sales and final closing prices in southern New Mexico.  Despite the headlines you have seen regarding interest rates, inflation, and Middle East tension, month over month we continue to meet or exceed the prior year’s closing stats.   

Simply stated — Homes are still closing and they are closing in a fair amount of time when priced at market value.  

Buyers currently have more choices than they would in a fast-moving seller’s market, particularly in areas where homes start at the median price. More inventories may provide additional time to compare properties and evaluate important considerations such as location, proximity to schools, conditions of the home and neighborhoods, and the other options in their price point.  

Not every property will face the same level of competition. Well-maintained homes in desirable locations, priced appropriately and offering sought-after features, can still attract strong buyer interest quickly. Buyers should be prepared to act when the right property becomes available while taking advantage of current market conditions to make a smart, well-informed offer before another interested party does. 

The average percentage of list price received — approximately 98% — also tells us that negotiations remain an important part of the selling process. Sellers still tend to price as if its 2021 and later are adjusting prices, offering closing-cost assistance, or other terms to reach an agreement.

This would explain why the days on market went up by another 20 days from last year. With buyers having more options, strong photography, complete property information, realistic pricing, and effective local marketing are more important than ever.

In our market, local knowledge matters. A meaningful market analysis should go beyond broad averages and consider the unique characteristics of each property, including condition, lot sizes, views, improvements, neighborhood, and recent comparable sales. Local market knowledge matters when determining both pricing strategy and positioning. If you're considering selling, you must make sure you have a full understanding of your area and its current market behaviors.   

Bringing it all together, our market continues to bring consistently good news for both buyers and sellers alike. With a 98% list to sell price ratio, it's still a great time to be a Las Cruces homeowner.