Sierra del Norte Area
1st QUARTER 2009 SANTA FE CITY SINGLE FAMILY AND CONDO MEDIAN PRICES SHOW MODEST GAIN WHILE SALES DROP IN BOTH THE CITY AND COUNTY
(Santa Fe, NM - April 8, 2009) The overall median price of a home in the City of Santa Fe showed a modest gain to $308,000 in the 1st Quarter of 2009 compared to similar 2008 home sales data. Sales in the City for the 1st Quarter of 2009 decreased from 138 sold during the 1st Quarter in 2008 to 95 this Quarter - a 31% decrease. Condo sales in the City slowed from 61 in the 1st Quarter of 2008 to 27 in the current 1st Quarter with values again increasing a modest 8%.
In the County of Santa Fe, price reductions occurred in all but one market area resulting in a median price of $440,000 in the 1st Quarter of 2009 compared to $480 in the 1st Quarter of 2008. County home sales also remained slow in the most recent 1st Quarter at 82 compared to 103 in the 1st Quarter of 2008 - only a 20% decrease.
“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.”
“It is a fabulous time to buy a home in Santa Fe. There are real bargains in every area of the City and County with a great selection of homes to choose from,” said Ms. Schroeder. She added, “We believe the newly passed First Time Home Buyer Tax Credit of $8,000 and current low interest loans will certainly help to get buyers back into the housing market.”
The First Time Home Buyer Tax Credit is one of ten key provisions of the American Recovery and Reinvestment Act signed by President Obama into law on February 17, 2009. The bill provides for an $8,000 tax credit that will be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. The credit can be claimed on a tax return to reduce the purchaser’s income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. You should consult with a tax professional to determine how best to take advantage of the Tax Credit relative to your personal situation.
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. A complete chart of the median sales prices for the 1st Quarter of 2009 and accompanying graphs can be found at the Santa Fe Association of REALTORS® website.
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