Our turning point

Today might be the one day of the year we have exactly as many solds as we have new listings. As reported to the Santa Fe Realtors Association MLS database (a wonderful product named Paragon). as I fired up the tubes in my computer to look at the numbers, there were 18 solds reported and 18 new listings.

Just a coincidence, you say? Well, maybe it is. but this is the time of year we usually turn the corner on the balance between solds and inventory. From the beginning of the year until about now, inventory grows steadily. For example, in all price ranges of residential listings here, we have currently more than 400 more listings now than we had in February this year. Yes, many homes were sold and came off the list, but the new listings exceeded the sold count by that much.

From this point on, we are likely to see a slowly increasing build up of solds combined with a slightly decreasing count of listings for sale. And so the cycle continues as it does every year. The low ebb of inventory and sales is about January and the peak of inventory is about August while the peak of sales is about October. Who cares, right? It doesn’t matter if you take the long view and don’t get too worked up about one month of data or what is going on this exact minute.

Over the last year, we have built an upward trending line of sales reported. We continue to improve year over year and that’s about all a guy can ask for. See the previous post for some thoughts about the quality of the inventory. But this writer will maintain still that we have too much inventory of homes listed for a balanced market, and therefore we still have a buyer’s market. Witness the final sales prices that are put into the database for homes that started out much higher in price. Does that sound like a balanced or seller’s market, when the buyer can still realize a large price reduction over original asking price?

If you are looking for the year-to-date statistics thru the end of July, please plan to return around the 10th of August. It is about on the 10th of each month that I post and update the figures for our market behavior. And if you are looking for an expert in the real estate industry with an honest and hard working ethic, look no further than the author, Alan Ball, who can be reached at 505-470-7153 or by replying with a comment on this blog/site OR what the heck; send an email and describe what you are looking to accomplish.

Proudly answering questions and solving problems since about 1974… Thanks!

Posted in Posts & Updates, Santa Fe area real estate, Statistical Data - Santa Fe real estate market and tagged , , , , .

The writer is a 68 year-old young man engaged as an active REALTOR (associate broker) with Keller Williams, in real estate sales and management in the Santa Fe NM market area. My career has been in and around the real estate industry for more than 35 years, ranging from mortgage lending (interim, commercial, residential); residential property management and leasing; shopping center development and leasing; real estate sales; sales training; title insurance as an executive and an escrow officer; various management positions; consulting and other related activities. That plus a bunch of banking experience including our family-owned Bank of Santa Fe in the 1980s. Where has the time gone?
My background means you have my working knowledge of the entire transaction process at your disposal. That comes with honesty and no bullshit.