Lovingly preserved, thoughtfully renovated South Capitol bungalow on the market

The news regarding real estate nationwide continues to be very positive with shrinking inventory and median home sales prices steadily increasing. According to our own firstquarter market statistics, Santa Fe’s outlook for 2017 appears on track to be the best in many years. Our first-quarter pending contracts were down almost 30 percent from last year, a sign that like the rest of the nation, tight inventory appears to be hampering pending sales. But closed sales climbed almost 12 percent from the same time last year. With the inventory shrinking, it’s no surprise that both the median and average sales prices both increased. The median sales price was up 6 percent from last year and the average sales price increased from $398,361 to $417,245.

All the areas inside the city limits posted positive numbers in closed sales. The biggest gains came in the northeast city limits with a 118 percent increase in sales; this was likely boosted by the decline in median sales price. In 2016, the median was $805,000, but it dropped in the first quarter this year to $685,000. The southeast section of the city, which includes east-side and South Capitol neighborhoods, also posted a big increase in sales but with a huge jump in median sales price, to $615,000 from $481,000.

The northwestern part of the city was on pace with last year, with 17 homes selling in the first quarter, compared to 16 in the same period in 2016. The median price, however, came down significantly to $320,000 from $400,000. The southeastern part of the city saw a nice increase in closed sales, but the median price was down a modest 2 percent to $441,000. A whopping 98 homes sold in the southwest city limits, while the median price increased almost 4 percent to $238,250.

As buyer trends show a preference for urban centers, county sales did not fare as well. The northern county areas, including Tesuque and Pojoaque, were relatively flat sales-wise, but their

median sales price increased to $359,000 from $330,000. The northwest quadrant, which takes in the communities of Aldea, Tessera and Las Campanas, had a 22 percent decline in closed sales but a 9 percent increase in median sales price, to $767,500 from $702,000.

The southeast county section, not including Eldorado, had a small decline

in sold homes in the first quarter and the median sales price dropped almost 4 percent to $375,000 from $390,000 the previous year. Eldorado continues to chug along with a nice increase in closed sales. Forty homes sold in the first quarter of the year, compared to

only 26 a year ago, perhaps due to the overall value of the neighborhood. Sales prices stayed relatively flat with a median price of $348,000. The southwest/community college district was down slightly in sales from the first quarter in 2016, but the median sales price dropped 13 percent to $257,000 from $296,000.

With overall home values rising, many owners who were once underwater can now sell their homes. The market appears very healthy, with a nice balance of active buyers and homes for sale. Houses that are priced right for their age, condition and location have been selling quickly. In neighborhoods with tight inventory, some properties have been selling within hours of first coming onto the market. Buyers are using the latest technology to make offers sight unseen for some homes, recognizing that the early bird gets the worm. Let’s hope this early harbinger of what could be a record-breaking year stays on pace in Santa Fe.