R.E. mar­ket: Q2 re­port card

Spouses sell­ing Houses

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Much has been said about our cur­rent real-es­tate mar­ket in the press and per­haps some com­ments were taken out of con­text. With the pub­li­ca­tion of our 2nd-quar­ter sta­tis­tics by the Santa Fe As­so­ci­a­tion of Re­al­tors, we thought we would put in our two cents to fur­ther clar­ify this un­usual real es­tate mar­ket.

We have many sell­ers who are mys­ti­fied be­cause they thought they read it was a seller’s mar­ket and that many prop­er­ties were sell­ing above listed prices and yet they have not had a show­ing in weeks. We want to say that while this has hap­pened in sev­eral cases, it is not the norm. Cer­tain neigh­bor­hoods are ex­pe­ri­enc­ing very limited in­ven­tory and when a prop­erty comes to the mar­ket in that area and its price and con­di­tion are in line with cur­rent mar­ket com­pa­ra­bles, that prop­erty may sell very fast. If sell­ers try to take ad­van­tage of the in­ven­tory and price above what is presently sell­ing, that house may sit for a while.

Over­all, the in­ven­tory of homes for sale con­tin­ues to decline de­spite the 5 per­cent in­crease in new list­ings for the 2nd quar­ter of 2016. Pend­ing sales have de­clined sharply this past quar­ter over 2015 and that decline is in­con­sis­tent with nor­mal 2nd-quar­ter stats. This is the first decline in 2nd-quar­ter pend­ing sales ac­tiv­ity since 2007 and we be­lieve that is due to the lack of in­ven­tory and to the buyer who is ex­tremely price-sen­si­tive. If this buyer sees the house he wants and de­ter­mines the price is right, he is ready to pull the trig­ger the first day on the mar­ket. But, if new in­ven­tory comes up that ap­pears well above the norm, he just sits and waits.

Cer­tain neigh­bor­hoods are far­ing bet­ter than others this sum­mer sell­ing sea­son. The North­east City quad­rant ex­pe­ri­enced a 7 per­cent ap­pre­ci­a­tion in price this past quar­ter over 2015 with the me­dian sales price hit­ting $730,000. The North­west City had a small bump in price with the me­dian sales price up 2 per­cent, but sales have de­clined over 30 per­cent from last year with only 16 homes sold. The South Cap­i­tal and East­side ar­eas ex­pe­ri­enced a decline in sell­ing price. Here the me­dian price fell from $560,000 in 2015 to $475,000 but sales re­main steady. The South­west City area had a nice in­crease in sell­ing price up from $228,000 to $246,500 for this past 2nd quar­ter but sales de­clined by al­most 9 per­cent.

In the county, the Te­suque area had a large in­crease in­median sell­ing price to $635,000, com­pared to $416,000 for the same time last year. Sales re­main steady. The North­west County quad­rant re­mains un­changed in price for this sec­ond quar­ter with a me­dian price of $760,000. Sales here have de­clined 16 per­cent from last year’s 2nd quar­ter. The Old Las Ve­gas High­way area ex­pe­ri­enced an in­crease in me­dian sales price to $415,000 but a decline in sales of al­most 10 per­cent. The Com­mu­nity Col­lege area had a 10 per­cent in­crease in sales over same time last year but prices re­mained rel­a­tively un­changed at $325,000. El­do­rado ex­pe­ri­enced a large gain in­median sell­ing price, up from $310,000 for 2nd quar­ter in 2015 to $431,875, but sales de­creased by al­most 13 per­cent.

In short, the real-es­tate mar­ket is very good but is price-sen­si­tive. In­ter­est rates re­main at record lows and buy­ers are in the mar­ket now. As a seller, if you price wisely chances are good you’ll be pack­ing by the end of the month.

Roger and Melissa 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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