The New Mexican reported on August 11, 2012 that the summer of 2012 so far represents a rebound for residential sales in Santa Fe County.
The 158 residential sales in June were the highest number of closed transactions in 57 months. July’s sales total of 143 showed the trend continuing. Barring unforeseen circumstances, such as another financial crises, total sales in 2012 are on pace to be the best since 2007.
The total number of sales in the first seven months of 2012, 879, represents a 14 percent increase over 2011 and a 40 percent increase from 2009.
The sales have occurred in all price ranges. There have been 42 residential sales of $1 million or higher so far this year, and 366 sales at $300,000 or below according to statistics complied by Alan Ball, local real estate statistician guru.
The New Mexican observed that “Though the boost is helping the overall economy — with more business for agents, appraisers and inspectors, and increased revenue for local governments that collect gross receipts taxes — it does not necessarily mean jubilant sellers, since prices have not significantly increased from the bottom.
In the second quarter of 2012, the median sales price in the city and county combined had declined 6.8 percent from a year ago. And overall in Santa Fe County, the typical home has lost 30 percent of its value from the top of the market in 2007, according to some estimates.
That has led to a smaller inventory of homes as more owners refinance and stay put, waiting for prices to climb — especially as interest rates have remained low. At the end of June, for instance, there were 1,571 homes on the market countywide — a decrease of 19 percent from a year earlier, according to the Santa Fe Association of Realtors.
For those looking to buy, there is a new database to determine the average closing costs on a $200,000 loan in New Mexico. According to Bankrate.com, which surveyed five to 10 lenders in each state, those average costs total $3,617, including $435 for an appraisal, $495 for processing and $1,058 for the origination fee on the loan. In New Mexico, the average cost of a title search and insurance on a $200,000 loan is $1,434, according to Bankrate.
The 50-state average for closing fees is $3,754, with New York highest at $5,435 and Missouri the lowest at $3,006.”
To view the Bankrate.com website.
Original article by:
Bruce Krasnow | The New Mexican
Posted: Saturday, August 11, 2012