So how is our market these days? Based on some current numbers, I would say we are doing well and continuing to make progress toward balanced market conditions. For your edification, I am sharing some statistical studies of areas in and around Santa Fe. These are specifically single family/detached residential properties (condos and townhomes not included).
The list shows area – current # of listings – # of solds in the past 12 months and an average # of months to absorb (sell) those listings.
Area 1 (City-NorthEast) – 89 listings – 115 sold – 9.29 months of inventory
Area 2 (City-NorthWest) – 31 listings – 61 sold – 6.1 months
Area 3 (City-SouthEast) – 136 listings – 155 sold – 10.53 months
Area 4 (City-SouthWest) – 192 listings – 362 sold – 6.36 months
Eldorado (area 14 only) – 35 listings – 58 sold – 3.3 months
Las Campanas – 61 listings – 58 sold – 12.63 months
Pojoaque Valley – 30 listings – 19 sold – 18.99 months
South of I-25 (incl Rancho Viejo) – 30 listings – 73 sold – 4.93 months
This tells us that the lower priced homes are moving more smartly, as usual. The low number of months in Eldorado and Rancho Viejo areas, along with Areas 2 and 4, are proof of that and all four of those areas could now be considered “in balance” – a status defined by 6 months or less of inventory. In fact, Eldorado could now qualify as a “seller’s market” neighborhood with such a fast absorption rate (3.3 months !!)
Also, this sort of study brings to mind the very small number of new homes being built and makes me wonder if we will see an increase in spec home building beginning soon. The market seems to support that. Ask your favorite builder how the local banks are responding to requests for spec money. Or ask you favorite local bank…
The usual monthly statistics will be posted for the end of November on or about December 10th so come back then to see a wider perspective on how our market is changing. This next six months should prove to be an excellent time to buy for many shoppers (and I don’t mean going to the Mall).
If I can be of any assistance to you in your plans to sell or purchase in the Santa Fe NM real estate market, please contact me anytime at my phone # of 505-470-7153 or by email at firstname.lastname@example.org
Thanks and now lets all pray for snow on the mountains!