Not the end of the quarter yet, but just to test the waters, I did stats on sales of single family, condos and townhouses in the City of Santa Fe plus the large subdivisions of Eldorado and Las Campanas.
From January 1, 2007 through August 27, 2007 there were 903 sales. The average list price was $517,357 with average square footage of 1919 for an average price per square foot of $267. During that time period the average actual selling price was $500,513 for an average price per square foot of $259.
An interesting number that affects the average price numbers is how many of those houses were $1,000,000 or more. In 2007 for that time frame, there were 79 sales of one million plus homes.
This year, same time frame there were 668 sales. That's a decline of 26% in number of closings. Of those closings, the average listing price was $507,036 with an average square footage of 1854 for an average price per square foot of $260. That's down 2% from 2007. Actual average selling price of those houses was $481,768 or $249 per square foot and that's down 4% from last year.
Thus far in 2008, 55 homes from $1,000,000 were sold and that is a decline of 31% from the same time frame in 2007.
There are plenty of buyers who would love to secure their second home, retirement home, work-from-home home, first home, etc. in and around Santa Fe, but there are some national issues that effect the sales here. Number one is a buyer's ability to sell their home in another part of the country. Another issue is tightening credit. Jumbo loans are out there, but scarce, and expensive for the most part. On conventional loans, if a buyer has a lower FICO score, and not much down payment, financing can be a real problem For the buyer with 700 plus FICO, 20% down . . . all the good stuff, there's money aplenty. We're seeing lots of people move to FHA financing which is unusual for this market, but the money is more easily available through FHA than conventional sources. Check with your lender, or give me a call for suggestions for lenders and see what works best for you.
We on the verge of one of the most gloriously beautiful seasons in Santa Fe . . . fall. We're seeing the very first clumps of yellow leaves in the cottonwoods and before you know it the crazy-quilt colors of yellow and green will be dappling the mountain sides as the aspens turn gold. If you've thought of coming to Santa Fe to check out the real estate market while enjoying the gorgeous scenery, architecture of outdoor activities . . . make your plans now. You'll find fall to be a marvelous time to visit and you'll also find fewer folks around town now that school has started again.
Come to Santa Fe and discover the beautiful scenery, the fabulous weather, the outdoor activities, the art scene, the fine dining, the Santa Fe Opera . . . just to name a few, and let us show you "our" town, or points north, where we have tons of local experience and information. Call Sandra at 505-983-0354 (direct) to talk about real estate or to make an appointment.
ZIP Codes: 87501, 87502, 87505, 87506, 87574 Approximate Location Boundaries: Within the bounds of the City of Santa Fe and nearby outlying areas
Location Characteristics: State capitol of New Mexico sited at the base of the southern end of the Rocky Mountains at 7,000 ft elevation. Great four-season weather, over 300 days of sunshine a year, snow skiing available in several nearby locations, many art galleries, performing arts spaces including the reknowned Santa Fe Opera, adobe architecture and thriving tri-cultural population.
About Sandra Wright Page:
Vince and Sandra specialize in properties, both land and residential, from Santa Fe north to Taos and all the communities and villages inbetween. If you want a condo in Santa Fe, a cabin in Truchas, a family home in Espanola, a farm in Velarde or an old adobe in Taos County . . . give them a call today!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
