Housing Prices 1st Qtr 2012 Compared to 2011 (Santa Fe, Rio Rancho: for sale, new home, buying)

[GreatSantaFe]

Many posters often ask about Santa Fe housing prices, so I thought I'd give information on the most recent stats comparing the first quarter of 2012 with the same period for 2011. These figures were released last week by the Santa Fe Association of Realtors, and the excerpts below are from the Santa Fe New Mexican.
The median sales price of a single-family dwelling in both the city and county -- was $352,000. That's down less than 1 percent from $355,000 in the first quarter of 2011.

Within the city limits, the median price was $290,000 -- up 4.5 percent from $277,500. The biggest jump -- 51.7 percent to $442,500 -- was in the northwest part of the city. The only decrease -- 4.5 percent to $195,700 -- was in the southwest.

Outside the city limits, it was $385,000 -- down 8.8 percent from $422,000. But in the moderately priced community of Eldorado, the median price fell nearly 13 percent -- to $298,000 from $342,000. [My personal observation: Buying activity in Eldorado has really picked up. Inventories are down and I think this area is poised for the average price increasing a tad this year. Today there are a total of only 48 homes for sale in Eldorado - and the median price is $382,000 - with 11 priced under $300K, 17 priced between $300-400K, and 20 listed for over $400K]

[sanmiguelena]

Thanks for the info. Any predictions on Rancho Viejo - both resale and new construction?

[GreatSantaFe]

The numbers for Rio Rancho are encouraging. For the 1st Q of 2012 compared to the same quarter of 2011 sales are up by 50%. The average list price is down 11.3%, and the average sold price is up 18.5%. The number of homes for sale is down from 55 to 36, or 24.5%. And the months of inventory was 14 during that period last year, but is only 4.4 months for 2012. That bodes well for the future.
I don't have the breakdown for new construction vs. re-sales. I do know that the new homes being built out there are primarily in the developer's latest phase called La Entrada, and that those homes are built on smaller lots and have a lower price point than those homes in the prior phases. That may be why the average list price is down - but more of the re-sale homes may be being sold and that would account for the higher average sold price.
I hope this answers your question. If not, fire back....

[sanmiguelena]

It does. Thanks very much!