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Market Conditions for Santa Fe, New Mexico
Reported by Peter Kahn, CRS, CDPE, RSPS, SRES
Updated November 4, 2009.
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Current Market Rating: 2
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Buyer's
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Seller's
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Current Price Trend: 2
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Falling
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Rising
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In a market where roughly 50% of the properties are second homes, both volume and number of sales are down for the year compared to 2008.
Looking at only residential properties (excluding land) 2645 new properties have entered the market and there have been 744 sales.
Overall, it's a very strong buyers market. Sellers must be aware that Buyers determine what the fair market value of a property will be in order to sell.
Continuing my mantra, Sellers must be realistic in their their pricing and expectations, and make sure that their properties are in top condition.
October mirrored September's sales activity with 126 residential sales in Santa Fe County. Of interest was the increased sales in higher priced properties. Fourteen sales of homes priced above $1M occurred while sales in the $500K to $1M numbered 27.
October activity appears to show steady sales in the 110 -120 homes per month.
Seasonal influences have taken effect with overall active properties dropping below the 2000 home mark for the first time this year. As of 10.31, there are 1941 homes offered for sale, a reduction from approximately 2200, a number that held steady for most of the year.
Some Sellers, believing that their home will not sell during the winter months, withdraw properties from the market.
Sales continue to reflect significant concessions from sellers to accomodate buyers.
Approximate Location Boundaries: Santa Fe County
Location Characteristics: This report reflects the cumulative residential real estate activity within the Santa Fe Association of Realtors reporting through the multiple listing service (MLS).
For More Information:
View Market Conditions of other areas served by Peter Kahn
Navigate: Top > New Mexico > Santa Fe
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
