Spouses Sell­ing Houses

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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 twicethe­selling­power@gmail.com, or fol­low them on Twit­ter @ Car­so­nandCar­son and at www.face­book.com/car­so­nandcar­son. santafe­r­ealestate


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