This morning I posted five new statistical charts regarding Santa Fe residential real estate sales and inventory. You may view them by looking along the right side menu of this home page, under Stats & Charts then select the one you want to view. Or view them all.
There has been the predictable increase in number of months to absorb current inventory as we are witnessing the time-honored increase in new listings early in the year. Day by day, new listings outnumber solds, so the count of inventory is rising accordingly. This trend will continue for several more months until late spring (normally) when inventory will become somewhat stable again.
While there have been additional home sales compared to prior periods (see Monthly Sales and the February history), we are at such an early stage of the recovery that it’s foolhardy to draw conclusions. We seem to feel as if the worst is over, yet that does not mean it is going to be all roses and champagne. We did survive the bottom and are now climbing out, but caution to those expecting to see booming sales. Some homes (with the foresight of their wise owners) are priced correctly and are actually sold within a couple months. Those are still the exception as most homes still carry the burden of excessive asking prices and mediocre presentation.
While recently showing homes in a narrow price range and a defined area, I was embarrassed by the condition of most of them. My buyer prospect was not offended, but I would have preferred to show a better product. Almost all needed some cleaning, while some had numerous defects readily visible. Your real estate sales professional has been telling you for years that the home has to be near perfect to sell and that is very true these days with so much competition.
Why then are so many homes unkempt and in need of a good scrubbing? I suspect the owner is weary of keeping it clean for the occasional showing, when it’s possible that home has been on the market for a year or two or more already. But that can be resolved with some elbow grease and taking a sharp pencil to the asking price so the home rises to the top of the buyer’s list. Why heat and insure and clean and maintain a home for year when you can just sell it? That question is one that befuddles many.