Going anywhere fun this summer? How about that plan to look at homes for sale? Rather than split hairs with the crowd that thinks we have a shortage of inventory or those that believe we still have some years of hard work to complete our recovery, I must say that it is all good!
You could describe the market any which way you like and must still admit we are in a healthy place with great trend lines.
Nationally, we had an unofficial contest that ran for years where everyone wanted to be the one that called the end of the crisis and the beginning of the recovery. I made my little call too, buried way back in the archives of this site.
None of that is important now because the market has changed and is improving steadily.
Nobody knows what will happen in the future, I mean besides Ben Bernanke and the Fed. Plus China has still only hinted at the power of their marketplace and how deeply it will affect us. Do you think an excess of housing inventory in China could affect the sale of a home on Canyon Road in Santa Fe, NM? Good or bad we are all connected to the same flow of money and power.
This summer I expect to see continued improvement in home sales and also some improvement in residential lot sales. If I was an idiot, I would put a number to those two categories, so just for fun, lets do this. Expect 2013 Santa Fe residential sales to be 4.5% above 2012 totals, and lot sales to grow year over year by 9%. I also expect many lookers who will not make their buying decision this summer.
We dearly hope they come back this fall, which is historically worth expecting. Our October and sometimes November sales are almost as strong as August and September, when you dig thru the middens.
Lord knows we need precipitation, rain, snow, sleet, hail, drizzle… I ran out of wishes just now. Will we focus on the shortage of water soon and will our governmental bodies put growth limits on new housing right about the time we see new strong demand for same? Likely so because this heavy imbalance of water and humans in the West cannot go on forever. Just sayin’…
Let me know if you need something with dependable water, something with a view, something cute or historic, something walking distance to Trader Jose or the latest jumpin’ java joint. I’ve lived here over 30 years with a long successful track record and know more about real estate than I know about myself. I will admit that. Best, Alan Ball