Real Estate Market 'Cautiously Optimistic'

LAS CRUCES – The first four months of the year has given the real estate community in Las Cruces a reason to have some hope.
“Realtors are cautiously optimistic,” said Doris Nurenberg executive officer of the Las Cruces Association of Realtors. “If you take a look at the first quarter, January was fabulous, February was not and March brought it back.”
She said that February was probably slow because of sequestration concerns. But still she said she could see 2013 being a good year if there are not major shakeups to cause buyers to tighten up.
“As long as everything stays neutral in Washington and there is not a major world catastrophe, I could see this being a better year,” Nurenberg said.
In fact, according to Multiple Listing Service statistics provided by Steinborn Realty, 406 homes were sold in Las Cruces through the end of April this year. That is up from the same time period last year when 378 homes were sold.
In addition, the total monetary value rose as well from about $63 million last year to nearly $70 million this year.
Maybe the best news, though, is the fact that the median price has improved. According to the stats, the median price for a home sold during the first four months of this year was $148,687. The median price through the first four months last year was $139,500.
“This is the first year-over-year increase in median sales price since the downturn,” John Hummer, president of Steinborn Realty, pointed out.
The National Association of Realtors reports that, in March, pending home sales increased and remain above year-ago levels, but contract activity in recent months shows only modest movement.
Pending sales have been above year-ago levels for the past 23 months; the data reflect contracts but not closings.
Lawrence Yun , NAR chief economist, said the market appears to be leveling off.
“Contract activity has been in a narrow range in recent months, not from a pause in demand but because of limited supply,” Yun said. “Little movement is expected in near-term sales closings, but they should edge up modestly as the year progresses.”
Total existing-home sales are projected to increase 6.5 to 7 percent over 2012 to nearly 5 million sales this year, while the national median existing-home price is forecast to rise about 7.5 percent.
Brook Stockberger may be reached at 575-541-5457; follow him on Twitter @Bstockberger
By Brook Stockberger (Las Cruces Sun-News)
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