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Lack of inventory is again the theme for the third quarter. The market continues to roar as buyers jump on everything that hits the market forcing prices further and further up. Median home prices in the City of Santa Fe grew by 16% from $396,500 in the 3rd Quarter of 2019 to $461,500 this quarter. Santa Fe County home prices as a whole rose as the median home prices increased by 10% from $545,000 in 2019 to $600,000 this quarter. With the pandemic still raging and many homeowners reluctant to sell during these dangerous times, inventory of existing homes for sale continues to decline. As of August 2020, the absorption rate for all homes in Santa Fe was 2.55, roughly 2 ½ months of inventory. This same time last year it was 3.96 and it was 4.5 in 2018. So almost a 50% drop in two years. Looking at Santa Fe’s luxury market, homes priced $1million and above, the August rate was 8.88 compared to 21.28 two years ago. The upper-end market between $1 million and $2 million has an absorption rate of 6.54 marking it one of the best times ever to sell a home in that segment of the market. Click on the full third quarter reports for more information.
