Take a look because you might not appreciate how far we have come since the bottom of the real estate crisis (sometime in about 2009?). From a year ago, inventory of single family homes in Santa Fe City and County has dropped from 1700 to 1432 units, a decrease of 15.7%. Some say the real improvement comes with lower inventory rather than increased unit sales.
But wait, we have both! Unit sales (residential dwelling units in Santa Fe City and County) increased from 1810 sales to 1984 sales in the last year, an increase of 9.6%. Combine a drop in inventory of 15.7% with an increase in sales of 9.6% and what do you get? How about the healthiest real estate market we have seen in these parts in over 10 years!! Now go tell someone you know that the bargains are disappearing and the prices may start heading up again soon. Not yet today, but soon. Given the time of year, that is likely to be most evident early next spring, as sellers of homes get bit by the bug of “this may be my time”.
Using the exclusive posted report Absorption Rates – All Price Ranges (see menu to your left) as a reference, the rolling 12 month total of homes sold went up 11.4% from this time last year. Double digit increase? Are you kidding me? Two huge milestones are just finally within our reach. Unit sales in one month have only hit or exceeded 200 homes in one single month ONE TIME since the bubble burst about 9 years ago. By this time next year I predict… no I don’t make predictions, but I do expect us to hit or exceed 200 units on several months if not a string of 6 months in a row next year.
The other threshold I have been anxious to see us cross is total sales over the prior 12 months. That was almost within reach in September 2015 as we got all the way to 1984 homes sold. Will October push us over the top? Remember this has not happened since, what did you say? since 2006? WOW, and here we are only 9 years later, still in recovery mode. Nothing easy about it, but rewarding in many ways.