The Santa Fe, NM real estate market is the best I’ve seen in my 25+ years for buyers—whether you are looking to buy a home for your family, or as an investment. Here’s why:

Interest rates are still near 40 year historic lows.

Inventory of homes and investment properties are abundant.

Prices have bottomed out! This is not only my own observation. The Santa Fe Association of Realtors 1st Quarter 2009 report reflects that single family and condo median prices show a modest gain while sales drop in both the city and county. “We are beginning to see a very modest increase in home values compared to last year during the same period for City homes and condos,  but sales remained slow,” stated Mary Schroeder, 2009 President of the Santa Fe Association of REALTORS. “Sales and values in the County appear to be stabilizing with sales off a smaller percentage and values by only 8%. Our March data was the strongest and more on track with 2008 home sales data. I think we’re beginning to see some positive momentum in home sales. …There are real bargains in every area of Santa Fe (sic) with a great selection of homes to choose from”.

Affordability. The National Association of Realtors reports that pending home sales have edged up. “NAR’s Housing Affordability Index rose 0.9% percentage points to a record high of 173.5 in February, 2009 from an upwardly revised index of 172.6 in January, and is 36.3 percentage points higher than a year ago. The HAI, a board measure of housing affordability using consistent values and assumptions over time shows that the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking begain in 1970.”

The economic downturn is temporary. But you can be sure that when it begins to stabilize, the two BIG factors in purchasing a home: prices and interest rates, will increase.

Buying for investment is a little different than buying to live in. If you are investing, make sure you work with a professional Realtor who  knows the local market, and invests in real estate themselves. Then, take the emotion out of the purchase. Worry about the age of the roof, appliances, furnace, water heater, etc. as well as the type of construction to determine what kind of building maintenance would need to be done. Don’t worry about things such as how the the back yard looks from the window above the kitchen sink. Analyzing investment property is much different than for a full-time residence. It more or less boils down to your rate of return, as opposed to what similiar properties have sold for.

In the case of purchasing a home in Santa Fe, you should have your Realtor provide you with comparable sales that have recently sold so that you are aware of values and do not bid or purchase an overpriced home.

Tagged as: Santa Fe pending home sales

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Santa Fe NM

Luxury Homes Sold Feb 2009

Area*     Type    List $     Sold $    SP% LP   SP$/SF  Days   Age  Acre

3               SF       595,000      530,000       89%       $175            237       1975    .47

3               SF       630,000      555,000       88%       $185            125         1966   1.5

3               SF       675,000      622,000       92%       $325                             New

25             SF       599,000      556,000       92%       $210            100       2003   2.5

1               SF       635,000      605,000       95%       $271              69        1984    1

1               SF       1,050,000   920,000      87%       $246            115       2006   0.5

3               SF       895,000      822,913        91%       $242            271                        2.2

25             SF      699,000       699,000     100%       $220             77        2006  2.5

25             SF     795,000        730,000       91%       $202            476        1990   2.5

25             SF      1,150,000    1,005,000    87%       $290              67        New    1.5

26             SF      1,185,000    1,080,000    91%       $308              99        2007   12

1               SF      749,636       749,636        100%                                             New

*Area 1: Santa Fe City Limits Northeast - (Santa Fe River (East Alameda Street) on the South, St. Francis Dr. on the West, City Limits North and East

Area 3: Santa Fe City Limits Southeast - Santa Fe River on the North to I-25 on the South, St. Francis Dr on the West to City Limits on the East

Area 25: Northwest of City Limits - (including but not limited to); Tano Road, Casas de San Juan, Sangre de Cristo Estates, Aldea de Santa Fe, and all subdivisions of Camino La Tierra

Area 26: Southeast of City City Limits - (including but not limited to); Cloudstone, La Vista, Coyote Mountain Rd, Double Arrow Road and east, La Barbaria, and Overlook

Note: Numbers have been provided by the Santa Fe Association of Realtors Multiple Listing Service. There are approximately 25 areas in the by the Multiple Listing Service. The above report covers only homes sold/closed in excess of $500,000.

All information herein has not been verified and is not guaranteed.

To view available luxury homes/condos/townhomes in Santa Fe, click here.

Tagged as: Luxury Homes Sold, santa fe nm

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4th Quarter 2008 Santa Fe City Overall Median Price Remains Steady at $350,000 While Sales Drop in Both the City and County

(Santa Fe, NM - January 14, 2009) The overall median price of a home in the City of Santa Fe held steady at $350,000 in the 4th Quarter of 2008 compared to similar 2007 home sales data. Sales in the City for the 4th Quarter 2008 decreased from 141 sold during the 4th Quarter in 2007 to 131 this Quarter - a 7% decrease. Condo sales in the City closed from 89 in the 4th Quarter of 2007 to 75 in the current 4th Quarter, but values also remained strong.

In the County of Santa Fe, price reductions occurred in all but one market area, resulting in a median price of $427,000 in the 4th Quarter of 2008 compared to $549,125 in the 4th Quarter of 2007. County home sales also remained sluggish in the most recent 4th Quarter at 106 compared to 132 in the 4th Quarter of 2007.

“Home values are remaining steady compared to last year during the same period for City homes and condos with sales off only modestly,” stated Lois Sury, 2009 President-Elect of the Santa Fe Association of REALTORS®, “However, the County is still experiencing slower sales and more price adjustments during this same period. The current national economic slowdown may be depressing sales in certain markets,” she added.

“Overall inventories are dropping as buyers are snapping up bargains as well as some buyers deciding to take homes off the market due to the economic uncertainty. Yet, inventories remain higher at the end of 2008 than reported at the end of 2007,” shared Ms. Sury.

A complete chart of the median sales prices for the 4th Quarter of 2008 and accompanying graphs are attached.

“One of the first keys to truly resolving the housing crisis - eliminating the repayment provision for the first time home buyer tax credit - is now in the hands of Congress,” she added. The National Association of REALTORS® is urging Congress to amend the current first time buyer tax credit by eliminating the repayment requirement to provide a more beneficial stimulus. In addition, the credit should be available for all purchases of a principal residence and not restricted solely to first-time homebuyers. It should also be extended through December 31, 2009.

If you are interested in purchasing a Santa Fe NM luxury home, condo or townhome, this winter is the time to make your purchase. It would be my pleasure to assist you. Visit my web site to view available luxury homes, or contact me directly at 888.300.5580.

The median sales price is determined from only those sales listed on the Santa Fe Association of REALTORS® Multiple Listing Service, which does not include every sale in the area but has been used historically to track trends in the home buying market.

Tagged as: nm market report, santa fe, santa fe nm market report, santa fe nm real estate market conditions 4th quarter 2008

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3rd QUARTER 2008 SANTA FE OVERALL MEDIAN PRICE INCREASES IN CITY WITH SALES STEADY AS SALES REMAIN SLUGGISH IN COUNTY

“There is a good news message in the 3rd Quarter housing statistics in that City sales have picked up and are now on track with 2007 sales for the same Quarter. Also, the median price has increased, clearly showing that many homes in Santa Fe are maintaining their value in this market, ” stated Baro Shalizi, 2008 President of the Santa Fe Association of REALTORS®. “At the same time, the County is showing some modest price reductions with properties generally holding value but fewer sales this Quarter, ” he added.

The overall median price of a home in the city of Santa Fe increased by 16% in the 3rd Quarter of 2008 compared to similar 2007 home sales data. On a bright note, sales in the City for the 3rd Quarter 2008 are on par with sales from the 3rd Quarter in 2007. While condo sales in the city and County combined remained at nearly the same level in the 3rd Quarter 2008 to the 3rd Quarter of 2007, prices were down by approximately 15%.

In the County of Santa Fe, price reductions occurred in all but one market area, resulting in a median price of $425,000 in the 3rd Quarter of 2008 compared to $450,000 in the 3rd Quarter of 2007.

A complete chart of the median sales prices for the 3rd Quarter of 2008 and accompanying graphs are attached.

Santa Fe, NM real estate is home to the southwest’s most incredible real estate investments. Set in central New Mexico, we enjoy moderate temperatures year round, sweet mountain and sunset views, and a relaxed atmosphere. With our purchase prices so reasonable and phenomenally low interest rates , is it any wonder snowbirds are flocking here?

If you are interested in purchasing a Santa Fe, NM luxury home, condo or townhome, this winter is the time to make your purchase. It would be my pleasure to assist you. Visit my web site to view available luxury homes, or contact me directly at 888.300.5580.

Tagged as: Santa Fe NM Real Estate Market Conditions

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