Tag Archives: Santa Fe Real Estate Prices

2012 Santa Fe homes sales on pace to be best in five years

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

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.


Business Insider reports Santa Fe ranks 11th on list of the Top 15 Housing Markets for the next 5 years, December 8, 2011

Santa Fe after Winter Storm, photo by Renee Edwards

Business Insider recently reported that the latest data from Fiserv Case Shiller shows that national home prices are expected to grow at an annualized rate of 3.2% between 2011 and Q2 2016.

Business Insider combed through Fiserv’s data and picked the 15 best housing markets for the next five years.  Santa Fe ranked number 11 of out of the top 15 on Business Insider’s List of the best housing markets for the next five years.  Business Insider predicted Santa Fe would have “Annualized growth from 2011 – 2016: +9.1%“.

Business Insider further reported “Santa Fe has a low unemployment rate of 5.4% and a median household income of $70,000. Its home prices are only down 17.7% since they peaked in Q4 2007.
Data provided by Fiserv Case Shiller Indexes”
To read more: http://www.businessinsider.com/best-real-estate-markets-2016-2011-12# Original article by Mamta Badkar, December 8, 2011.

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 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 – Santa Fe City Northwest Area

The Northwest 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 Northwest 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 Northwest Area


Active SFAR Listings
All Santa Fe Listings (4/06/11)
Residential: 2172
Residential Land: 1476
Farm & Ranch: 120
Commercial Land: 62
Multi Family: 29
Commercia Buildings: 171
Live/Work: 19


The Santa Fe City Northwest Area Snapshot


 

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


Selling Price: % of List Price
The Santa Fe City Northwest 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 Real Estate News – Santa Fe City Southeast Area

The Southeast city area of Santa Fe includes Canyon Road, one of the most famous roads in the country for its art galleries, the picturesque Historic Eastside with its winding, narrow streets lined with some of Santa Fe’s oldest homes hiding behind adobe walls, South Capitol whose centerpiece is the Round House, Santa Fe’s state capitol building,  and St. Vincent Hospital, Santa Fe’s regional hospital.  The Southeast city area also contains  four world class museums on Museum Hill, which gives its name to the surrounding neighborhood of  larger homes on oversized lots.  Further out and near the boundary where the city of Santa Fe ends and Santa Fe County begins is Quail Run, a gated residential community with a nine hole golf course, health spa and restaurant.

Santa Fe Market Report
Featuring The Santa Fe City Southeast Area

Active SFAR Listings
All Santa Fe Listings (4/14/11)
Residential: 2215
Residential Land: 1486
Farm & Ranch: 122
Commercial Land: 64
Multi Family: 31
Commercia Buildings: 173
Live/Work: 21


The Santa Fe City Southeast Area Snapshot


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


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

If you would like to know more about any of the homes for sale in the Santa Fe City Southeast 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 Southeast Area home is worth, click here.

 Return to view more SANTA FE NEIGHBORHOODS

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

SANTA FE MARKET REPORT
Featuring The OLVH Corridor

Active SFAR Listings
All Santa Fe Listings (3/16/11)
Residential: 2153
Residential Land: 1442
Farm & Ranch: 122
Commercial Land: 63
Multi Family: 32
Commercia Buildings: 168
Live/Work: 19


The OLVH Corridor Snapshot


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


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

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