3rd QUARTER 2010 – STATE OF THE MARKET REPORT
SANTA FE TEAM santafeteam.com
Fall 2010
Dear Friends-
Driving home on a recent (and rare) gray day, my eyes were drawn to vibrant splashes of orange and yellow aspen trees here and there between dark evergreens and gray sky. Somewhat like those glowing aspens, Santa Fe’s real estate market at the end of the 3rd quarter shows a few bright spots while a fair amount of gray remains.
On the bright side:
There has been a 17% increase in sales year-to-date over 2009.
The bulk of the increase has been in properties priced $500,000 and below due to the first-time home buyer credit as well as record low interest rates.
- The number of units sold in the North West sector as well as the Historic Eastside is close to surpassing the number sold for all of 2009.
- Activity in showings and sales activity has picked-up nicely since Labor Day after a sluggish summer.
- Motivated sellers and low interest rates have produced an incredible buying opportunity. As is typical for this time of year, serious buyers are in town and have been jumping on fantastic values.
Year Over Year Sold Comparison
Average Sales Prices vs. Units Sold
Unfortunately for sellers, the dark and gray continues to prevail. Across all price ranges, prices are still soft, especially above the $500,000 mark where values continue to fall. Inventory remains high with absorption rates falling only in the lower price ranges.
In the chart below, you can see that the lower price ranges have received the strongest activity relative to the number of listings on the market.
Active vs. Sold Listings Through 3rd Quarter 2010
For those who like more detail, here is a more complete breakdown of market statistics by price range:
Residential Home Inventory and Sales
Santa Fe City/County – 3rd Quarter 2010
| Price Range | # Current Listings | Total Units Sold/year to date | Pending | Average DOM** | List/Sale | Ask $/sqft | Sold Av $/sqft |
| Under $250,000 | 380 | 309 | 61 | 179/217 | 94.50% | $171 | $155 |
| $250,000 – $500,000 | 682 | 408 | 69 | 173/271 | 95.30% | $211 | $211 |
| $500,001 – $750,000 | 383 | 143 | 26 | 248/309 | 92.70% | $278 | $218 |
| $750,000 – $1,000,000 | 225 | 55 | 17 | 237/356 | 92.50% | $298 | $279 |
| $1,000,001 – $2,000,000 | 243 | 20 | 13 | 285/445 | 88.23% | $367 | $378 |
| $2,000,001 and Above | 85 | 7 | 2 | 344/373 | 90.91% | $549 | $452 |
| TOTAL OF ALL RANGES | 1998 | 942 | 188 | 92.36% | $312 | $282 |
The following table reflects how long it will take to sell current inventory in different price ranges at the current pace of sales. See that in the $2,000,000 and above price range, there is over a nine year supply of properties at today’s rate!
Absorption Rates
3rd Quarter 2010
| Price Range | # Sold Past 12 Mo | # Sold/Month | Mo. Inventory |
| Under $250,000 | 420 | 35.00 | 10.86 |
| $250,000 – $500,000 | 527 | 43.92 | 15.53 |
| $500,001 – $750,000 | 175 | 14.58 | 26.26 |
| $750,000 – $1,000,000 | 92 | 7.67 | 29.35 |
| $1,000,001 – $2,000,000 | 77 | 6.42 | 37.87 |
| $2,000,001 and Above | 9 | 0.75 | 113.33 |
| Average of all Ranges | 1300 | 18.06 | 38.87 |
Perhaps we are seeing a new, brighter spot in that for both Las Campanas and the Historic Eastside, the average selling price/square foot for the 3rd quarter was slightly higher in both neighborhoods. It may be, however, that the higher prices/square foot simply reflect that higher quality homes are selling for less when compared to the same priced homes in the first two quarters.
Quarter 2010 Neighborhood Comparisons
2008 Through 2010
Las Campanas
| Year | Units Available | Total Units Sold | Pending | Average List Price | Sales Price | Average DOM** | List/Sale | Ask $/sqft | Sold Av $/sqft |
| 2010 | 140 | 18 | 5 | $1,293,791 | $1,222,238 | 1 | 88.50% | $325 | $283 |
| 2009 | 148 | 20 | 5 | $1,345,000 | $1,008,845 | 173 | 96.00% | $356 | $296 |
| 2008 | Unknown | 22 | $1,487,000 | $1,438,510 | 298 | 97.30% | 366 | $363 |
Historic Eastside
| Year | Units Available | Total Units Sold | Pending | Average List Price | Sales Price | Average DOM** | List/Sale | Ask $/sqft | Sold Av $/sqft |
| 2010 | 67 | 16 | 10 | $1,314,000 | $834,000 | 271/311 | 93.5 | $449 | $406 |
| 2009 | 67 | 6 | 2 | $1,444,000 | $1,091,003 | 220 | 88.40% | $475 | $346 |
| 2008 | Unknown | 15 | $1,917,000 | $991,000 | 217 | 90.50% | $562 | $504 |
After months of a more than anemic land market, we are beginning to see a bit more activity in this area. Again, the bulk of the activity is occurring in the lower end of the market. A bit of a bright spot for sellers, but a much brighter spot for buyers looking for great values.
Residential Land Inventory and Sales
Santa Fe City/County – 3rd Quarter 2010
| Price Range | Current Listings | Total Units Sold | Pending | Average DOM** | % List/Sold |
| Under $100,000 | 125 | 27 | 8 | 265/322 | 85.00% |
| $100,001 – $199,999 | 396 | 38 | 6 | 342/453 | 85.50% |
| $200,000 – $299,999 | 232 | 16 | 2 | 370/499 | 91.00% |
| $300,000 – $399,999 | 92 | 6 | 1 | 450/544 | 89.00% |
| $400,000 – $499,999 | 29 | 1 | 0 | 1 | 90.10% |
| $500,000 – $749,999 | 39 | 1 | 0 | 460 | 83.40% |
| $750,00 – $999,000 | 11 | 1 | 0 | 533/619 | 100.00% |
| $1,000,000 and Above | 10 | 0 | 0 | 340/341 | 0.00% |
| TOTAL OF ALL RANGES | 809 | 63 | 9 | 373 | 88.90% |
As we move through this season of change, we are pleased that some things remain constant.
Once again Santa Fe was voted by Conde Naste as their readers 3rd most popular destination.
This is certainly a bright spot for our community. We believe that over time, Santa Fe’s amazing climate, history, and charm is always a winner.
We wish you well as we move into winter and we will update you again at the beginning of the coming year. In the interim, please let us know if we can help you with any real estate needs or concerns!
Sincerely,
Moo Chris Jennifer
* All information provided in this report comes from the Santa Fe Association of Realtors and is deemed to be reliable although Sotheby’s International Real Estate and The Santa Fe Team do not take responsibilities for inaccuracies.

Southwestern food is one of the pleasures of living in New Mexico. Santa Fe is full of restaurants, from haute cuisine to hole-in-the-wall, each of which it seems have made it their mission to maintain or develop this wonderful heart-warming and sometimes tongue-burning food.

Subscribe via RSS
LinkedIn
Facebook