Updated residential real estate statistics have now been posted for the Santa Fe NM market area through the end of January 2015. There are plenty of bright spots and a few not too exciting numbers. The strongest news is that we show absolutely no signs of backsliding into another downturn and the gradual increase in sales year over year shows a solid foundation for future growth.
The last full 12 months of sales in the “upper end” (homes at and above $1 million) showed more sales than at any time since the heyday of the last decade when a for sale sign was usually enough to fill a home with prospective buyers. Overall, our market is healthy and strong. It just is not taking off like a rocket ship, and that is a good thing. Slow but steady growth and improvement means that the chance of erosion and overvaluation is greatly reduced.
Please take the time to lookover the attached spreadsheets and charts if you are interested in what is going on in the Santa Fe residential marketplace. You are always welcome to print and share the documents with your associates and use them in your marketing of our fair city. While we may not be setting the pace for the rest of the Southwest or the country, we are in great shape here.
One could claim we have too much inventory, which is correct. Another could state that there are not enough new jobs being created here to foster additional building and growth. That is also correct. But many sales of homes go to retirees moving here from somewhere else. They have been visiting for many years and are now or soon will be at the point where they are ready to invest in our wonderful city. They probably cannot stand to be away for long periods anymore so want a place they can call home for most or all of the year. Are you addicted to green chile also? Or is your weakness the red chile?
Thanks for visiting and telling your friends about this blog. There may be no better source of honest and fact-based information about our housing market. And if I am missing anything, let me know. I love to improve on a good thing. Regards, Alan Ball 505-470-7153
Want to know what your home will sell for this year? Call me.