The Santa Fe Team | Real Estate in Santa Fe» Uncategorized http://santafeteam.com Santa Fe Real Estate Tue, 31 May 2011 21:44:31 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 3rd QUARTER 2010 – STATE OF THE MARKET REPORT http://santafeteam.com/2010/10/1136/ http://santafeteam.com/2010/10/1136/#comments Wed, 27 Oct 2010 22:20:05 +0000 Moo Thorpe, Chris Haynes & Jeff Harakal http://santafeteam.com/?p=1136 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.

]]> http://santafeteam.com/2010/10/1136/feed/ 0 Great Value…Just Reduced $50,000! 628 Avenida Celaya $475,000 http://santafeteam.com/2010/09/just-reduced-50000-628-avenida-celaya-475000/ http://santafeteam.com/2010/09/just-reduced-50000-628-avenida-celaya-475000/#comments Thu, 30 Sep 2010 17:36:50 +0000 Moo Thorpe, Chris Haynes & Jeff Harakal http://santafeteam.com/?p=1126 Rare Dorado floor plan in Zocalo w/ lovely patio looking out onto lovely pinon covered open space w/ a few views of the Sandias. After entering into an entry foyer, there is 1 flight of stairs up to main living area w/ living/dining/kitchen & 3 BR & 3 1/2 BA. Spacious loft is open to the main living area & makes for a spacious office w/ fabulous deck. Contemporary finishes include: Indian sandstone floors, granite tile counters, baths w/ travertine tiles, & custom built entertainment cabinetry & storage.

]]> http://santafeteam.com/2010/09/just-reduced-50000-628-avenida-celaya-475000/feed/ 0 Sante Fe Restaurants and Cuisine http://santafeteam.com/2010/01/1023/ http://santafeteam.com/2010/01/1023/#comments Sat, 02 Jan 2010 18:43:47 +0000 Joyce http://santafeteam.com/uncategorized/1023 localSouthwestern 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.

The food, the restaurants, the cuisine, is one of the great pleasures I have in living here and I will be sharing these with you on this blog along with other great, unique things about Santa Fe. It s a great place to live and a wonderful place for those of you, along with me, who enjoy dining out.

One crucial part of Southwestern cuisine is its Spanish heritage but there is also Menus include traditional New Mexican, Native American, Mexican, vegetarian and contemporary Southwestern cuisine to be found here.

Check back often as I’ll be highlighting recipes and restaurants on my blog.

]]> http://santafeteam.com/2010/01/1023/feed/ 0 Hello world! http://santafeteam.com/2009/06/hello-world/ http://santafeteam.com/2009/06/hello-world/#comments Tue, 23 Jun 2009 16:43:06 +0000 admin http://beta.santafeteam.com/?p=1 Welcome to WordPress. This is your first post. Edit or delete it, then start blogging!

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