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We cannot just roll along but must push uphill in order to get into a home or to help a purchaser buy. The lack of inventory is scary and sales would see even higher numbers if more product were available to buy. New highs were set again last month: most sales above $1 million in any 12 month time frame, most sales between $500K and $1 million in any 12 month time frame, fastest average absorption rate for under $500K in our 15 plus years of tracking, etc.
The spreadsheets and charts here tell the story. We have a red hot market here and that is saying something after more than 10 years of recovery from the cliff we all sailed over in 2007 and 2008. Some markets recovered more quickly, mostly those with strong employment trends or legal marijuana such as areas of Colorado. Santa Fe does not have either of those factors (I cannot include service industry jobs at below living wage pay rates), but we do have Meow Wolf. It has been responsible for more economic growth than any single other thing that has taken place in the last 10 years. What can compare? The expansion of St. Vincent Hospital? New casino buildings?
The fact that Santa Fe was always a major art center helped a new venture like Meow Wolf succeed, we suppose. but maybe it was unique and original enough that it would have taken off no matter where it was located. But not Los Alamos or Las Vegas NM. And not Taos or Raton. Look at the value of Meow Wolf stock since it was first issued. Nothing like that exists in Santa Fe New Mexico.
Should we lament the crazy hot market conditions? Maybe yes if you are looking to buy as your options are severely limited. Sellers should be happy. If they are not happy they might have the wrong Realtor because if anything is true to day in the residential real estate market in Santa Fe, there is certainly a buyer for every house listed for sale. Personally a more balanced market can favor more people overall, providing a level ground for all to stand on. But markets are constantly changing. There is no perfect real estate market as it turns out.
Thank you for following along with my reporting about the City Different. We may lack some road crews fixing our potholes and repainting stripes, but we have plenty of people wanting to live here. We may lack transparency in government and social services, but if you can afford it, you can get almost anything you want here. We might not have enough opportunity for our young people to stay here after leaving school, but we have plenty of old folks that need medical attention and help with their computers. Can’t find a job? There are jobs; food service, retail, personal assistance to those in need. Sad though they might not be what you want.
