While Santa Fe still enjoys its natural gifts . . . like mountain setting and wonderful weather, it has tasted the economic downturn that has effected the country . . . just not to the extent that other areas have felt.
So far in 2009, as of March 16, there have been 139 sales of single family residences, townhouses and condos the the greater Santa Fe area. This includes not only the city limits of Santa Fe, but also the areas of the county both north and south of the city, Las Campanas subdivision, the Eldorado subdivision and other properties on the 285 corridor out near Eldorado, the La Cienega area and the corridor know as Old Las Vegas Highway.
Of those sales, the average list price was $519,756, average square footaage of 2209 (that's $232 per square foot), 186 average days on market, $485,734 average selling price ($219 average price per square foot).
In 2008, from January 1 to March 16, there were 241 sales in the same areas with an average list price of $479,618; average square footage of 1877 ($253 average price per square foot), 191 average days on market, $457151 average sales price ($243 average price per square foot).
So, as you can see, the average price per square foot went up significantly while the average number of sales dropped rather dramatically.
As I've always said, the best houses on the market: those in the best condition with the best location, sell no matter if the market is off and cool or on and hot. That's just the way it is. Buyers pick off the cream of the crop and those that are perceived to be over priced or not in top condition set on the market and watch their prices fall.
There are excellent buys in the Santa Fe area right now and there is plenty of mortgage money, mainly through FHA, for people with decent credit. FHA requires a minimum of 3 1/2% down and that's about as low an investment that you'll find in the market today. For jumbo loans (over 417k, you'll find rates higher, down payments higher and credit requirements also higher).
If you've ever considered moving to Santa Fe or finding a perfect second home here, now's the time to come check it out. Give me a call and I'll email you some of the best listings in your price point and area of interest.
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.
