Tag Archives: Santa Fe real estate trends

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.”

 

 

Housing market still flat in Santa Fe County, Sales on par with last year; home inventory down 14 percent

By Bruce Krasnow| The New Mexican, Posted: Wednesday, April 13, 2011.  This article is syndicated from The New Mexican, for a copy of the original article, click here.T

JoAnne Vigil Coppler has a short refrain for those waiting for the Santa Fe real-estate market to come back before trying to sell a house.

“It’s going to be a very, very long time, if ever,” said Coppler, Santa Fe Association of Realtors board president, who on Wednesday released sales data for the first quarter of 2011.

The data show the market slogging along with about the same number of home sales closed as last year, and a countywide median price of $355,000 for a single-family sale — a 2.7 percent decline from a year ago.

But the biggest surprise is the smaller inventory of homes on the market, a 14 percent drop from 2010. Some of this represents fewer foreclosures, which RealtyTrac reported this morning. It also could indicate the reluctance of longtime owners to sell at today’s market price.

“Sellers may be choosing to rent rather than put their houses up for sale in the competitive market,” Coppler said.

The lower inventory also has to do with a less mobile society, said veteran agent Lois Sury. “People aren’t moving for jobs, and those who need to sell a home to buy another can’t.”

That may be one reason many of the home-mortgage applicants coming into Santa Fe banks are first-time buyers, said Pam Trujillo, a lender with Community Bank in Santa Fe. Though paperwork and underwriting are tougher than ever, new buyers can go forward with a clean offer that is not contingent on a home sale.

“A lot more local people are looking to buy,” Trujillo said. “(For) those without a house to sell, there are less complications.”

With regard to foreclosures, Santa Fe’s lower numbers follow the rest of the U.S., which shows all foreclosure activities from default notices to auctions to bank sales are down from a year ago. The total foreclosure activity in Santa Fe at the end of March was the lowest since the first quarter of 2009 — and down 26 percent from December.

Highlights of the first quarter:

• There were 113 closed single-family home sales in the city, with a median price of $282,000 — a drop of 11.2 percent from a year ago.

• There were 96 closed sales in the unincorporated area, with a median price of $430,000 — an increase of 10.9 percent.

• There were 57 condo and townhouse sales in the quarter, with a median price of $255,000 — an 8.9 percent decline.

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.

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Santa Fe Real Estate News – The Bellamah Neighborhood

Santa Fe Market Report
Featuring The Bellamah Area


Active SFAR Listings
All Santa Fe Listings (3/10/11)
Residential: 2154
Residential Land: 1436
Farm & Ranch: 120
Commercial Land: 68
Multi Family: 31
Commercia Buildings: 164
Live/Work: 19


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.

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Santa Fe Real Estate News – Bishops Lodge Road Neighborhood

Santa Fe Market Report
Featuring The Bishops Lodge Road Area

Active SFAR Listings
All Santa Fe Listings (11/10/10)
Residential: 2558
Residential Land: 1438
Farm & Ranch: 111
Commercia Buildings: 185
Commercial Land: 74
Live/Work: 17
Multi Family: 33

The Bishops Lodge Road Area Snapshot
Residential Listings (11/10/10)
Active: 90
Pending: 6
Sold: 40*
  Average DOM: 231*
  Average Listing Price: $1,121,896*
     Average Listing Price Per Sq.ft: $299*
  Average Selling Price: $1,046,115*
     Average Selling Price Per Sq.ft.: $279*
  % of List Price: 93%*

*Sold (11/10/09-11/10/10)

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

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

MLS Comparison, Sales Year To Date
The Bishops Lodge Road Area – Residential – 2009 v. 2010
(1/1/09-11/10/09) – (1/1/10-11/10/10)
Year to Date Comparison

If you would like to know more about any of the homes for sale in the Bishops Lodge Road neighborhood, contact me, Karen Meredith, 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 – South Capitol Area

Santa Fe Market Report
Featuring The South Capitol Area

Active SFAR Listings
All Santa Fe Listings (10/27/10)
Residential: 2663
Residential Land: 1472
Farm & Ranch: 117
Commercia Buildings: 199
Commercial Land: 73
Live/Work: 17
Multi Family: 36

The South Capitol Area Snapshot
Residential Listings (10/27/10)
Active: 68
Pending: 13
Sold: 59*
  Average DOM: 216*
  Average Listing Price: $523,786*
     Average Listing Price Per Sq.ft: $270*
  Average Selling Price: $487,410*
     Average Selling Price Per Sq.ft.: $252*
  % of List Price: 93%*

*Sold (10/28/09-10/27/10)

Days on Market (DOM)
The South Capitol Area – Residential Sold*
Days on the Market

Selling Price: % of List Price
The South Capitol Area – Residential Sold*
Percentage of asking price

MLS Comparison, Sales Year To Date
The South Capitol Area – Residential – 2009 v. 2010
(1/1/09-10/28/09) – (1/1/10-10/27/10)
Year to Date Comparison

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

Return to view more SANTA FE NEIGHBORHOODS

Housing market still breathing in city as foreclosure freeze sets in

By Bruce Krasnow | The New Mexican
Posted: Wednesday, October 13, 2010  This article was syndicated from The New Mexican, click here for the original article.

Flat may be the new up for the Santa Fe home market, as increased sales in the city were offset in the third quarter by sharply lower volume in the unincorporated area, according to data released Wednesday.

In the third quarter of 2010, sales in the city of Santa Fe increased slightly to 145 single-family units from 135 as the median sales price rose 11 percent to $318,000. Single-family transactions in the unincorporated area fell 61 percent to 87. The median price in the county fell slightly to $389,000 from a year ago, according to the Santa Fe Association of Realtors.

Donna Reynolds, executive director of the association, said the county decline is likely because of more expensive housing in outlying areas, while the price points now selling are largely in city neighborhoods. “Even with the tax break expiring, it’s amazing to see we’re holding steady,” she said.

More telling might be the dollar volume of transactions, which fell 17 percent from 2009. That number, about $118 million for the recent quarter, represents dollars that ripple through the economy to brokers, title agents, surveyors, appraisers, loan officers and inspectors.

Still, as the expiration of the homebuyer tax credit has pushed prices and sales down nationally, the Santa Fe data shows the market here is still breathing — especially for buyers who can tap into record-low interest rates.

“With record-low interest rates and a growing inventory of homes in all price ranges, buyers are still in the driver’s seat,” added JoAnne Vigil Coppler, president-elect of the Santa Fe Association of Realtors.

But it may also be that inventory — and what some call the “shadow inventory” of distressed and foreclosed homes still to enter the market — will be the biggest headwind for sellers in the coming year. And it is also affecting those looking to refinance properties, said one broker, as appraisals may not sustain an expected value.

September saw more than 1,700 active listings — up 5 percent from a year ago and 25 percent from June, when people ready their homes for the busy summer season, according to the association.

And in the $1 million-plus price range, just seven homes on average are selling a month, with 330 listed for sale, according to Alan Ball, who blogs on the Santa Fe real-estate market.

And no one can rightly assess the continuing foreclosure issues, which now have many lenders freezing repossessions because of disputed paperwork.

“There are many homeowners that lenders are just now beginning foreclosure activity against. Some may be going into default now for the first time, while others may have been past due for many months already. Since the number of ‘problem’ loans (however you define the word) is increasing, it is difficult to expect overall improvement,” Ball said in a blog post last month.

“Sales, slightly improved over last year, are not keeping pace. Bottom line: We are only marginally better off than at the worst of the downturn around the summer of 2009,” Ball added.

A new report this morning from RealtyTrac indicates several surrounding states are still reeling from foreclosures, with Nevada, Arizona and California at the top nationally. New Mexico is ranked 29, with more than 3,000 properties having seen some foreclosure activity — that’s down 8.1 percent from the second quarter of 2010, but up 48 percent from a year ago.

And some of the foreclosure snafus are hitting Santa Fe, said Steve Riemann, area manager for Fidelity National Title, who attended the Association of Realtors briefing.

Riemann said he is seeing 10 percent of all sales having some foreclosure action, and one closing last week was canceled while in progress by a bank that could not guarantee a deed.

“It was right in my closing room,” he said. “This is a legal battle that consumers need to be aware of.”

Still, for those who can borrow money, it is and will remain a buyer’s market, said Riemann, who has a home under contract himself. One indication of the market instability, he said, is that for the first time he can remember about 20 percent of the sales contracts never go to closing. He speculated that might be because of credit problems, home-appraisal or pricing disputes, and the large inventory that could lead buyers elsewhere.

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

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 around many of those properties.  You can find a beautiful home with privacy and views here.  Neighborhoods here include Arroyo Hondo Vistas, Double Arrow, Overlook, 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 ranchettes.  Arroyo Hondo, in particular, is known for its superior horse properties.

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, 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.

Santa Fe Market Report
Featuring The Old Las Vegas Highway Corridor (OLVH)

Active SFAR Listings
All Santa Fe Listings (8/20/10)
Residential: 2868
Residential Land: 1543
Farm & Ranch: 111
Commercia Buildings: 204
Commercial Land: 78
Live/Work: 23
Multi Family: 36

OLVH Corridor Snapshot
Residential Listings (8/20/10)
Active: 60
Pending: 4
Sold: 32*
  Average DOM: 286*
  Average Listing Price: $679,785*
     Average Listing Price Per Sq.ft: $227*
  Average Selling Price: $625,635*
     Average Selling Price Per Sq.ft.: $209*
  % of List Price: 92%*

*Sold (8/19/09-8/20/10)

Days on Market (DOM)
OLVH – Residential Sold*
Days on the Market

Selling Price: % of List Price
OLVH – Residential Sold*
Percentage of asking price

MLS Comparison, Sales Year To Date
OLVH – Residential – 2009 v. 2010

(1/1/09-8/19/09) – (1/1/10-8/20/10)
Year to Date Comparison

If you would to know more about any of the homes for sale in the Old Las Vegas Highway Corridor neighborhood, contact me, Karen Meredith, 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