Given the standard evolution of “holidays” into excuses to take off work or celebrate with adult beverages, this one gives people one more reason to smile and raise a toast. The actual day and event that started it is from deep into Old Mexico’s history as the entry from Wikipedia shows: https://en.wikipedia.org/wiki/Cinco_de_Mayo
…not to be confused with Mexico’s Independence Day celebrated in September, the Fifth of May commemorates the Mexican Army’s victory over French troops at a battle dating back to 1862. Meanwhile in retail establishments where liquor is served, plan on tequila specials and cerveza specials and party hats and mariachi bands. And don’t forget to hydrate while you celebrate.
Real Estate? Yes, it is still the primary focus of this blog site and I do have a bit of information to share. We know inventory continues to shrink in our market, after years of slowly improving growth in sales and precious few newly built homes coming available. Today we are finally below a 6 month supply in the under $500K category, while in all price ranges the average is a bit above seven months. You see, most sales are under that level of $500K so that range of activity dominates the overall market picture.
For us to be in the seven plus month range is a wonderful place to be after years of being above 10 months, even climbing as high as 18 months toward the end of 2009. Remember those days? It seemed as if nothing was selling, even though there were sales; just not what we were used to. By comparison, monthly sales in late 2009 were approximately 100 units. Today its above 160 units a month, but still not near the hot and heavy days of 2004 thru 2006 when it was well above 200 units a month.
The Santa Fe residential real estate market is languishing in a fairly steady place; steady sales and steady demand. You could say we are going steady. We are not setting any records or rewriting history with current market performance. Most of the ingredients for continued success are in place: mortgage rates are still quite low, home prices have not begun to rise at all except for the very lowest ranges, property taxes are amazingly low here, our climate is almost perfect and a resourceful person can find so many things to do and see and experience here that it feels like you are always on vacation.
I have previously written about how all the surrounding states are seeing much stronger economic results and higher growth rates. There are many reasons for that. Why is New Mexico in the middle of a dynamic region of the USA and not seeing the same success as AZ, TX, UT and CO? Do we really discourage economic development here? Is our population really so ill-trained as to not appeal to potential corporate relocation executives? Can Santa Fe make its unique style and flavor be more appealing to younger and smarter millennials and channel their energy into a rosy future for the City Different?