Santa Fe Real Estate Market Reports

 

State of the Market Report

2nd Quarter, 2010

 July 2010

Dear Friends,

                 Having just passed through the first two quarters of 2010, you may be curious about how Santa Fe’s real estate market has fared so far this year.  With national news reports at times being positive and at other times being negative, it is challenging to sort through the noise and to gain an understanding of what is real.  The task is quite humbling for those of us who work in Santa Fe’s real estate market each day although it is clear the Buyer’s Market is still intact and prices have continued to slip.

              From January through April there was a definite trend of increasing showings, pending sales, and sales each month as compared with 2009.  This activity led to the most closings in four years in May.  The counter balance to this, however, has been that showing activity has slowed since May which may result in the previous trend line of sales flattening or dropping.  This phenomenon mirrors the general national trend which some attribute to the expiration of tax credits.  With summer and fall being traditionally the strongest selling season, we are optimistic, however, that sales will show their traditional pick-up in July – October.  Given this background, let’s look at what the data shows:

 

 Residential Home Inventory and Sales

Santa Fe City / County  –  2nd Quarter 2010

 

Price Range 

# Current Listings

Total Units Sold

Pending

Average DOM**

List/Sale

Ask $/sqft

Sold Av $/sqft

Under $250,000

404

200

53

177/226

94.25%

$168

$162

$250,000 – $500,000

715

275

60

166/244

94.50%

$202

$193

$500,001 – $750,000

415

85

27

213/309

93.00%

$258

$243

$750,000 – $1,000,000

248

38

12

290/369

93.00%

$292

$274

$1,000,001 – $2,000,000

250

35

7

312/426

90.00%

$346

$320

$2,000,001  and Above

82

2

2

293/265

92.00%

$392

$362

TOTAL OF  ALL RANGES

2114

635

161

 

92.79%

$276

$259

 

 Curiously, it is interesting that the overall inventory is close to the number of units available a year ago.  The main divergence is that the Days on the Market  (DOM) have grown while the sales price/sqft have dropped.  Last year the average Days on the Market was 212 days while this year it hovers close to 300 days.  The average price/sqft was $261/sqft last year while this year it’s been $259. Of course, these are the averages and there are differences within individual price ranges as demonstrated in the chart above.

                     On an upbeat note, the total number of units sold through June 30, 2010 was close to the number of units sold in the same time period for 2008 – a nice increase over 2009.  Note that sales in the lower end of the market increased the most while sales above $2,000,000 stayed static.            

 

                                        Year over Year Comparisons

 

Price Range 

Total Units Sold thru 2nd Qtr ’08

Total Units Sold thru 2nd Qtr ’09 Total Units Sold thru 2nd Qtr ’10
Under $250,000

167

124

200

$250,000 – $500,000

290

177

275

$500,001 – $750,000

112

82

85

$750,000 – $1,000,000

49

38

38

$1,000,001 – $2,000,000

44

19

35

$2,000,001  and Above

10

2

2

TOTAL OF  ALL RANGES

672

442

635

 

                     The absorption chart below shows modest improvement in all price ranges over the same time period last year with the notable exception of $2,000,000 and above.   With 82 properties listed over $2,000,000 and only 2 sales year to date, there is a mountain of inventory to work through!

 

                                                    Absorption Rates

                                                     2nd Quarter 2010

 

Price Range

# Sold Past 12 Mo

# Sold/Month

Mo. Inventory

Under $250,000

445

37.08

10.89

$250,000 – $500,000

566

47.17

15.16

$500,001 – $750,000

185

15.42

26.92

$750,000 – $1,000,000

94

7.83

31.66

$1,000,001 – $2,000,000

89

7.42

33.71

$2,000,001  and Above

7

0.58

140.57

Average of all Ranges

1386

19.25

43.15

 

                Up to this point, we have discussed the overall averages in the market.  As discussed in previous issues, you know that statistics vary according to neighborhoods.  Here are the updates on the two popular areas of Las Campanas and the Historic Eastside. You’ll see from the charts that Las Campanas has taken a bit of a lesser hit in value than the Eastside with its average price/sqft in 2008 falling 28% from $363 to $260/sqft now.   In comparison, the eastside has fallen an average of 34% from $504 to $336.

*   All information in this report comes from the Santa Fe Association of Realtors and is deemed to be reliable although Sotheby’s International Realty and The Santa Fe Team do not take responsibility for any inaccuracies.

 

Quarter 2010 Neighborhood Comparisons – ’08 – ‘10

Las Campanas

 

Year

Units Available

Total Units Sold

Pending

Average List Price

Sales Price

Average DOM**

List/Sale

Ask $/sqft

Sold Av $/sqft

2010

141

12

3

$1,244,712

$1,029,441

304/450

89.00%

$324

$260

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

8

12

$1,330,470

$708,375

238/303

96.5

$458

$336

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

 

                   As has been the case for several issues now, the land market continues to be excruciatingly slow.  With over 800 land listings, there have only been 32 sales as of June 30, 2010.   While the inventory is down somewhat over last year, the number of sales year to date is down by half.

 

Residential Land Inventory and Sales

Santa Fe City / County – 2nd Quarter 2010

 

Price Range

Current Listings

Total Units Sold

Pending

Average DOM**

% List/Sold

Average DOM**

% List/Sold

Under $100,000

120

15

5

300/359

96.50%

300/359

96.50%

$100,001 – $199,999

375

25

7

300

84.50%

300

84.50%

$200,000 – $299,999

264

2

10

400

89.00%

400

89.00%

$300,000 – $399,999

89

4

1

480

89.00%

480

89.00%

$400,000 – $499,999

45

0

0

400

82.88%

400

82.88%

$500,000 – $749,999

44

0

 

400

0.00%

400

0.00%

$750,00 – $999,000

17

1

1

549

100.00%

549

100.00%

$1,000,000 and Above

18

0

 

 

0.00%

 

0.00%

TOTAL OF  ALL RANGES

852

32

19

373

86.35%

373

86.35%

 

       Despite all this uncertain news, there are some things we are sure of as we now enter the heart of Santa Fe summer. Our skies remain as blue, crisp, and clear as ever and the cooling afternoon thunder showers have arrived.  While we look out each day across the valley to the Jemez or Sangre de Cristos, it is not hard to understand why Santa Fe has weathered the financial storm in better stead than many other locations.  While painful for many sellers, buyers are still attracted to our special town and providing a detectable pulse to our market.

                    We hope this report is helpful to you.  As always we invite you to contact us if we can assist you with any real estate questions or needs!

 

                                                                                    Sincerely,

 

Moo                                                      Chris                                                     Jennifer

Moo Thorpe (505) 780-0310  •  Chris Haynes (505) 660-6121  •  Jennifer Gallagher (505) 660-8793  •  SantaFeTeam@SothebysHomes.com
Sotheby's International Realty 326 Grant Ave, Santa Fe, New Mexico 87501
Santa Fe Real Estate | Listings updated every 15 minutes

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