Tag Archives: Santa Fe Home Prices

Home prices finally returning to normal by CNN Wire, 03/05/13, Santa Fe expected to be big gainer and rise 8.1% by year end

Santa Fe photo old doorThis article is syndicated from abc15.com. To read the original article, click here.

CNN Wire reports:  “After years of wild swings, the U.S. housing market is slowly returning to normal.

The latest forecast from Fiserv Case-Shiller predicts home prices will increase by an average of 3.3% annually over the five years ending September, 2017.

“2012 was the first year since 1997 that the housing market has resembled something [close to] normal,” said David Stiff, Fiserv’s chief economist. “For the past 15 years, home price changes and sales volumes have either been boosted by a bubble mentality or crushed by crash psychology.”

From 1998 until the housing bubble peaked in 2006, home prices grew by 5% or more a year. But once the bubble burst, home prices plunged, falling 30.5% through the end of September 2012.

It wasn’t until late 2011 that markets started to stabilize, according to Stiff. Between September 2011 and September 2012, average U.S. home prices rose 3.6%. By then, 62% of the 384 metro areas Fiserv tracks reported rising home prices, up from just 12.5% of all markets during the same period a year earlier.

Many of the metro areas hit hardest by the housing bust recorded the biggest price gains during those 12 months. In Phoenix, for example, prices climbed back by nearly 21%; prices in Detroit rose almost 16%; and homes in San Jose, Calif., gained 12.5%.

Values continued to decline on Long Island, N.Y., however, where prices fell 8.1% and where Stiff said the turnaround in median income lagged the rest of the nation by about a year. Brunswick, Ga., also saw declines, down 7.1%, as did Valdosta, Ga, off 6.9%. Both areas saw jumps in foreclosures.

By the end of this year, Fiserv predicts that home prices will be heading higher in almost every metro area it tracks. Medford, Ore., is expected to gain 9.7% in the 12 months through September, the highest of any city. Other big gainers are expected to be Santa Fe, N.M., up 8.1%, Billings, Mont., 5.5% and Syracuse, N.Y., 5%.

Fiserv expects Miami home prices to sustain a 10.7% loss over the same period, the largest drop of any market. Stiff said a steady stream of foreclosures will keep prices soft in the area during that time.

While Stiff said home price gains will be similar to those experienced back in 1997, he noted the similarities stopped there. Currently, millions of homes are either in foreclosure or on the verge of it.

Otherwise, there are many positive trends in today’s market, he said. Prices are extremely affordable and mortgage rates are at or near historic lows. Overall, Fiserv Case-Shiller expects stronger demand for housing, and the sector should, once again, have a positive impact on the economy.”

Santa Fe area home sales up, while median prices decline

By Chris Quintana | The New Mexican
Posted: Thursday, July 12, 2012, this article was syndicated from The New Mexican, click here for the original article

The median sales price for homes in the Santa Fe area — including both the city and the county — dropped 6.8 percent between the second quarter of 2011 and the second quarter of 2012, the Santa Fe Association of Realtors reported Thursday.

The median sales price in the combined city and county data for the second quarter of 2011 was $359,000 compared to $334,450 for the first quarter of 2012.

Dan Wright, 2012 president of the Santa Fe Association of Realtors, attributed that change to the gradual drop in the market since the peak in 2007, when the median price hit about $420,000.

“We’re at the tail end of the decline in the market,” he said. “Personally, I don’t think it will continue to go down at this point.”

The total number of homes sold in the second quarter rose by 5.6 percent, from 318 units in 2011 to 336 units in 2012.

But the total value of those home sales sank from $151.9 million in 2011’s second quarter to $144.9 million in 2012’s second quarter, which Wright said creates a more advantageous market for buyers.

Second-quarter sales of condos and townhomes also rose, to 74 units from 60 units. The median price rose from $237,188 to $245,000. Wright said low interest rates may have helped boost the market.

“The Santa Fe housing market is picking up with sales modestly over last year,” he said. “The historically low interest rates are helping to get buyers motivated.”

The inventory of available homes sank by 15 percent in comparison to the second quarter of last year. Coleen Dearing, vice president of the association, said that can be attributed to people pulling their homes off the market or people who have decided to take advantage of low refinancing rates. Dearing also said the increase in home sales has affected the inventory rate.

Also notable, the number of young homeowners, in the 23 to 25 age range, has risen for the first time in five years, according to Gilbert Garcia, a mortgage professional with Century Bank. He said organizations that can help lower the down payment, such as the New Mexico Mortgage Finance Authority or the Santa Fe Housing Trust, coupled with low mortgage rates, have helped young people get into the housing market.

Garcia added that banks are indeed lending, though the process requires more documentation of financial information than in years past.

“It’s not harder,” he said. “It’s just more.”

Garcia also said banks in the area have seen the foreclosure rate slow down while the refinancing of mortgages and new purchases of homes have been on the rise.

“The number of foreclosures is not leveling off, but it’s slowed down a bit,” he said. “But it’s going to get tougher before it gets easier.”

 

 

First Quarter 2012 – Santa Fe Home Sales Are Up While Inventory Is Down

According to the latest figures from the Santa Fe Association of Realtors, the number of sales is up and the number of properties for sale is down.   During the first three months of 2012, there were 249 sales of single-family homes in the City and County of Santa Fe, up 16.4 percent from 214 sales in the City and County of Santa Fe in first three months of 2011.  The inventory of all available properties for sale during the last quarter was 1,413, down 17.1 percent from the first quarter of 2011, which was down 17.2 percent from the first quarter of 2010.

During a presentation Wednesday, April 11, 2012, association officers said the statistics from the first quarter of 2012 show:

• Santa Fe housing prices remain low, compared to their high point in the second quarter of 2008.

• The upswing in the number of sales is due to low prices, low interest rates and buyer concerns that both prices and rates could  soon go up.

• Fewer properties are on the market which may be due to sellers taking advantage of low interest rate to refinance, allowing them to hold off in hopes that sales prices will improve.

“There’s a substantial uptick in the number of people looking for houses and some increase in the number of sales,” said association President Dan H. Wright.

Association President-elect Victoria Murphy, added that a number of people from out of state who had been looking for a home in Santa Fe recently have decided to go ahead with purchasing because they think both prices and interest rates soon will rise.

The median sales price of a single-family dwelling in both the city and county in the first quater of 2012 was $352,000, which is down less than 1 percent from $355,000 in the first quarter of 2011.  In a press release accompanying the first quater data Mr. Wright observed, “The Santa Fe single family housing market continues to stablize when you look at prices with sales up modestly over last year.”

Santa Fe Realtors Association officers say if the inventory of available housing continues to fall, it will push the median prices up.

The recent figures also show a 8.4% decrease in the number of days properties remain on the market, 247 days, compared to 270 days a year earlier.


Santa Fe Market Report – The Bishops Lodge Road Area


Santa Fe Market Report
Featuring The Bishops Lodge Road Area


Active SFAR Listings
All Santa Fe Listings (7/13/11)
Residential: 2470
Residential Land: 1507
Farm & Ranch: 125
Commercial Land: 60
Multi Family: 30
Commercial Buildings: 169
Live/Work: 18


The Bishops Lodge Road Area Snapshot


Days on Market (DOM)
The Bishops Lodge Road Area – Residential Sold*


Selling Price: % of List Price
The Bishops Lodge Road Area – Residential Sold*

 

If you would like to know more about any of the homes for sale in the Bishops Lodge Road neighborhood, contact me, Karen Meredith, Keller Williams Realty, by e-mail or at (505) 603-3036. For a free market analysis of how much your Bishops Lodge Road neighborhood home is worth, click here.

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Santa Fe Real Estate News – The Santa Fe City South East Area

Santa Fe Market Report
Featuring The Santa Fe City South East Area


Active SFAR Listings
All Santa Fe Listings (6/22/11)
Residential: 2434
Residential Land: 1519
Farm & Ranch: 127
Commercial Land: 57
Multi Family: 37
Commercial Buildings: 174
Live/Work: 18


The Santa Fe City South East Area Snapshot


Days on Market (DOM)
The Santa Fe City South East Area – Residential Sold*


Selling Price: % of List Price
The Santa Fe City South East Area – Residential Sold*

Santa Fe Market Report – The Santa Fe City North West Area

The North West city area of Santa Fe includes the popular and affordable neighborhood of Casa Solana.  Built in the 1950s and 1960s by the well known and locally beloved developer Allen Stamm, Casa Solana has beautiful mature trees, sidewalks and paved streets.  Residents enjoy a neighborhood pool and convenient shopping at the Solana Center.  Homes here have the Stamm traditional features of vigas, hardwood floors, fireplaces and solid construction.

As you travel down West Alameda, newly constructed homes appear on larger, more open tracts.  Homes begin to spread out a bit and horse farms emerge to dot the landscape.  Some lots in the hills offer 360 degree views, while others have a beautiful view of the Santa Fe city lights.

Along US Hwy 84/285 at the exit for the world renowned Santa Fe Opera is Monte Sereno, one of Santa Fe’s newer neighborhoods.  Homes here enjoy breathtaking views of the majestic Sangre de Cristo and Jemez Mountain ranges on lots averaging 1.7 acres.

The North West city area also includes Zocolo, a residential condominium community of casita-style homes centered around small plazas.

SANTA FE MARKET REPORT 
Featuring The Santa Fe City North West Area


Active SFAR Listings
All Santa Fe Listings (6/15/11)
Residential: 2429
Residential Land: 1503
Farm & Ranch: 125
Commercial Land: 59
Multi Family: 38
Commercial Buildings: 171
Live/Work: 17


The Santa Fe City North West Area Snapshot


Days on Market (DOM)
The Santa Fe City North West Area – Residential Sold*


Selling Price: % of List Price
The Santa Fe City North West Area – Residential Sold*

If you would like to know more about any of the homes for sale in the Santa Fe City Northwest Area, contact me, Karen Meredith, Prudential Santa Fe Real Estate, by e-mail or at (505) 603-3036. For a free market analysis of how much your Santa Fe City Northwest Area home is worth, click here.

Return to view more SANTA FE NEIGHBORHOODS

Santa Fe Neighborhoods – Focus on the Old Las Vegas Highway Corridor

The Old Las Vegas Highway Corridor is located southeast of the Plaza on Old Las Vegas Highway and extends to Highway 285 South.  It is near the main hospital, St. Vincent Regional Medical Center, and many retail services.

Lots in this area, nestled in the foothills of the Sangre de Cristo Mountains, average between two and a half to approximately five acres depending on the community.  Although this area is only minutes from town, its feel is decidedly rural, and its views to the south and west are more expansive. Many horse properties are in this area and horse trails weave in and around many of those properties.  You can find a beautiful home with privacy and views here.  Neighborhoods  include Arroyo Hondo, Double Arrow, Overlook, Hondo Hills, Sunlit Hills, La Barberia, and Seton Village.  Housing is not uniform or cookie-cutter and the styles range from modest homes to elegant territorial and pueblo ranchs.  Arroyo Hondo, in particular, is known for its superior horse properties.

BROWSE HERE FOR HOMES FOR SALE ALONG THE OLD LAS VEGAS HIGHWAY CORRIDOR

If you would like to know more about any of the homes for sale in the Old Las Vegas Highway Corridor neighborhoods, contact me, Karen Meredith, Prudential Santa Fe Real Estate, by e-mail or at (505) 603-3036.  For a free market analysis of how much your Old Las Vegas Highway Corridor neighborhood home is worth, click here.

RETURN TO VIEW MORE SANTA FE NEIGHBORHOODS 

Santa Fe Market Report
Featuring The OLVH Corridor Area


Active SFAR Listings
All Santa Fe Listings (5/25/11)
Residential: 2350
Residential Land: 1506
Farm & Ranch: 124
Commercial Land: 59
Multi Family: 36
Commercial Buildings: 173
Live/Work: 19


The OLVH Corridor Area Snapshot


Days on Market (DOM)
The OLVH Corridor Area – Residential Sold*


Selling Price: % of List Price
The OLVH Corridor Area – Residential Sold*

Santa Fe Market Report – The Bellamah Area

Santa Fe Market Report
Featuring The Bellamah Area


Active SFAR Listings
All Santa Fe Listings (5/18/11)
Residential: 2313
Residential Land: 1482
Farm & Ranch: 124
Commercial Land: 60
Multi Family: 37
Commercial Buildings: 176
Live/Work: 20


The Bellamah Area Snapshot


Days on Market (DOM)
The Bellamah Area – Residential Sold*


Selling Price: % of List Price
The Bellamah Area – Residential Sold*

BROWSE FOR BELLAMAH HOMES FOR SALE HERE

If you would like to know more about any of the homes for sale in the Bellamah neighborhood, contact me, Karen Meredith, Prudential Santa Fe Real Estate, by e-mail or at (505) 603-3036. For a free market analysis of how much your Bellamah neighborhood home is worth, click here.

RETURN TO VISIT MORE SANTA FE NEIGHBORHOODS

Santa Fe Real Estate News – The Bishops Lodge Road Neighborhood

Santa Fe Market Report
Featuring The Bishops Lodge Road Area


Active SFAR Listings
All Santa Fe Listings (5/04/11)
Residential: 2266
Residential Land: 1476
Farm & Ranch: 122
Commercial Land: 63
Multi Family: 32
Commercia Buildings: 170
Live/Work: 19


The Bishops Lodge Road Area Snapshot


Days on Market (DOM)
The Bishops Lodge Road Area – Residential Sold*


Selling Price: % of List Price
The Bishops Lodge Road Area – Residential Sold*

BROWSE HOMES FOR SALE ON BISHOPS LODGE ROAD

If you would like to know more about any of the homes for sale in the Bishops Lodge Road neighborhood, contact me, Karen Meredith, Prudential Santa Fe Real Estate, by e-mail or at (505) 603-3036. For a free market analysis of how much your Bishops Lodge Road neighborhood home is worth, click here.

Return to view more  SANTA FE NEIGHBORHOODS

Santa Fe Real Estate News – The Airport Road Area Neighborhood

The Airport Road neighborhood is located in the Southwest section of Santa Fe.  Airport Road was once a semi-rural road leading out to the Santa Fe Municipal Airport.  It is now an area of condos, town homes and single-family dwellings that looks more like other U.S. cities than any other part of Santa Fe.  Airport Road is also a commercial corridor through the Southwestern end of the city.  Roads along Airport Road are paved, most streets have sidewalks and most houses have garages. Prices for homes in the Southwest section of Santa Fe, including in the Airport Road neighborhood, tend to be somewhat lower than the rest of Santa Fe.

Santa Fe Market Report
Featuring The Airport Road Area


Active SFAR Listings
All Santa Fe Listings (4/27/11)
Residential: 2265
Residential Land: 1507
Farm & Ranch: 123
Commercial Land: 63
Multi Family: 31
Commercia Buildings: 168
Live/Work: 18


The Airport Road Area SnapshotThe Airport Road Area – Residential Sold*


Days on Market (DOM)


Selling Price: % of List Price
The Airport Road Area – Residential Sold*

BROWSE AIRPORT ROAD NEIGHBORHOOD HOMES FOR SALE HERE.

If you would like to know more about any of the homes for sale in the Airport Road neighborhood, contact me, Karen Meredith, Prudential Santa Fe Real Estate, by e-mail or at (505) 603-3036.  For a free market analysis of how much your Airport Road neighborhood home is worth, click here.

RETURN TO VIEW MORE SANTA FE NEIGHBORHOODS