Spouses Selling Houses
There has been much written lately about the pronounced activity of our local real-estate market. We have heard some refer to it as a hotmarket, even a seller’s market. Certainly the homeowners of Santa Fe are due for a reprieve after suffering years of lost equity and exorbitant days on market. The Santa Fe Association of Realtors published its quarterly report a couple of weeks ago. Let’s take a closer look and see how Santa Fe fared for the first part of 2016.
The biggest change is the inventory of homes for sale. Wementioned this trend moving downward significantly in our last report and it has not changed. Inventory is so low that youwould have to go back over a decade at least to find a time when there were fewer homes for sale. That trend is impacting certain neighborhoods and causing multiple-offer situations on well-priced new inventory. But lack of new inventory caused our pending sales to drop significantly, almost 36 percent from the same quarter in 2015. The good news is that both our median sales price and average sales price sawa healthy increase ending the quarter at $293,000 and $400,402 respectively. Price increases were not all across the board, however.
The largest median sales price increase was seen in the Northeast city limits. There the median sales price jumped over 29 percent from the first quarter in 2015 to $805,000. However, sales slumped this past first quarter with a 40 percent decline in homes sold. Northwest city limits had an awesome first quarter with 16 homes sold but an 11 percent drop in median sales price to $400,425. The South Capital and Eastside neighborhoods saw a 20 percent decline in homes sold and an 8 percent decline in selling price from $525,000 to $488,650. Southwest city limits sold 88 homes in the past quarter which was a drop of 15 percent from 2015 but the median sales price here rose from $216,950 to $230,000.
In the county, the Northwest Quadrant had the most activity with 48 homes sold which is a 65 percent increase over the same quarter in 2015. Here, too, the median sales price increased from $565,000 to $720,000. Not all areas fared as well with price appreciation. In fact, the North County saw its median sales price drop significantly from $426,000 to $325,000 while sales remained close. The Old Las Vegas Highway including areas south of I-25 had similar sales but had an 8 percent decline in selling price from $430,000 to $395,560. Eldorado continues to move with a 19 percent increase in sales this past quarter and a modest increase in selling price to $355,000. The Community College District had a busy first quarter with 37 sales but their median sales price dropped from $308,365 to $296,900.
Land sales increased in the city while dropping a tad in the county. Overall, 35 lots sold in Santa Fe in the first quarter of 2016 with a median sales price increase to $120,000 from $97,000. With so much land still available, it’s nice to see prices start to rebound. We will see that number go up during the year as lack of inventory will drive more and more buyers to building which we hope will have positive impact on Santa Fe’s economic growth.
2016 is certainly off to a good start. Certain areas are experiencing a shortage of quality inventory and we will certainly continue to see healthy appreciation in prices in those key areas. Other neighbor- hoods are feeling a more balanced equilibrium with absorption at six months, which is neither a buyer’s nor a seller’s market. New inventorywill be key to how the year progresses. It appears to us that if you have been waiting to sell your home, now might be a good time. This could be the best market we have seen in years. Take advantage!
Roger andMelissa are Realtors at KW. Call them at 505-699-3112, email firstname.lastname@example.org, or follow them on Twitter @ CarsonandCarson and at www.facebook.com/carsonandcarson. santaferealestate
MELISSA PIPPIN- CARSON ROGER CARSON