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Quick study of the most recent statistics for Santa Fe residential real estate shows improvement in many segments. Comparing February 2013 with February 2014: unit sales of homes went from 98 to 129, an increase of 31, and also a percentage increase of around 31%. The wise ones reading this know that one month does not make a trend, but could 2014 blossom into the year that many people actually feel the recovery?
In the 1 million plus range, for the last full 12 months (thru February 28, 2014), unit sales exceeded 100 for the first time since 2007. As we have about 24 months of supply in that range, an increase in sales is excellent news for hopeful sellers. Yet still buyers generally have the upper hand in negotiations due to that amount of inventory.
Also of note, of the 1790 unit sales over the last 12 months, one half of those sales were for sales prices below $321,000. While our average sales price is much higher, the median price tells the tale of where the activity is (below $500,000).
Santa Fe rarely tracks the national trend lines and we are often thought to either lag behind or be running a completely different course. Pick your poison, but please don’t assume our local market is behaving in the same manner as Denver, Dallas or Phoenix. They are, after all 25 to 50 times larger than we are. And they don’t seem to mind the constant boom and bust cycles. In fact they define them.
When you get ready to select a real estate professional for Santa Fe, look for someone who is honest and hard-working. Choose a Realtor that has local expertise and a global reach. You know, someone like me; Alan Ball = 505-470-7153 phone or text, or email me at alanball2@gmail.com
Springtime is just around the corner! What allergies??
