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"The median sales price for homes in Santa Fe NM for Jul 09 to Sep 09 was $353,000 based on 6 home sales. Compared to the same period one year ago, the median home sales price increased 41.9%, or $104,152, and the number of home sales decreased 14.3%. There are currently 2,557 resale and new homes in Santa Fe on Trulia, including 1 open house, as well as 361 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process."
Here's a link to the SF Realtors' release about Q3. There were 135 sales in the City in the quarter, a drop of 29% over the year before, although in the County as a whole sales were up 22% (probably due to increased activity in the Airport Road area, which is in the County)
Inventory is up, though, because even as days'on'market increases new houses are coming on the market every day. It continues to be a buyer's market in Santa Fe...
As an aside, Altos Research is an excellent primary source for home data. Trulia does not do primary research, just scrapes the information from other sites. I do like Trulia for its listings, its iPhone app and its maps - just not its data!
Here's a link to the SF Realtors' release about Q3. There were 135 sales in the City in the quarter, a drop of 29% over the year before, although in the County as a whole sales were up 22% (probably due to increased activity in the Airport Road area, which is in the County)
Inventory is up, though, because even as days'on'market increases new houses are coming on the market every day. It continues to be a buyer's market in Santa Fe...
Thanks. All of a sudden all this information is coming out on the internet and much of it seems wrong for one reason or another.
What about Zillow? They claim to be able to tell you the value of your home, but as I examine details, their data seems a little flaky. In my neighborhood, they miss some homes entirely. The ones they find are all mixed up with most of us put the same spot in an arroyo. There is one lot for sale, but they seem to think it has a house on it and say that the lot is a little more than a billion square feet.
Maybe I should note that US News and WR projects the Santa Fe metro area as one of the top ten (number 8 specifically) in housing appreciation over the next ten years.
Maybe I should note that US News and WR projects the Santa Fe metro area as one of the top ten (number 8 specifically) in housing appreciation over the next ten years.
So this may be not only a buyer's market, but also the time to buy before things turn around.
Well I'm a realtor so you know I won't give you unbiased comment on that! The facts today show, however, that our inventory is too high, our days on market are too long and interest rates are at a historic low (though on the uptick) - that would seem to me to be a great time to buy wisely and carefully if you believe, as I do, that Santa Fe will continue to be an attractive destination for at least the next 10/20 years.
Re Zillow - it just doesn't work in New Mexico in terms of valuation, because buyers are not obligated to disclose the purchase price to the public. So its graphs make nice eye candy, but not much more than that.
Zillow also seems to think that 87506 is on the northside of Albuquerque. I guess anybody who tries to crunch real estate data on a national basis is going to make some mistakes. It is just that theirs are very visible.
In some areas of Albuquerque, Zwillow's estimates are as much as 50% below
the sale price (not asking price, SALE price) of some homes I'm aware of including
my own.
FWIW, I recently had my house appraised at almost twice the Zwillow website's
price so I think it's pretty damn near useless, at least in this area..
Any good local realtor can answer that question for you, but I wouldn't be surprised. Don't pay any attention to national statistics. All real estate is local. Santa Fe is a resort community, and a retirement spot and an art center....just not anything like the average town in the midwest or wherever. Santa Fe real estate has been so grossly overpriced for the last ten or fifteen years that it doesn't surprise me that nothing is selling, in this economy. Not much is selling anywhere else either, so in a place where real estate has been just insanely over the top, sales will be less. Of course there are houses in foreclosure....jobs closing, peoples' retirement income plummeting, the bottom dropping out of the real estate market....that's what happens. It's a good thing for buyers, though. Houses were grotesquely overpriced to begin with. If you are looking to buy... I'd say make any offer....no matter what they're asking. People will usually deal. Otherwise, wait another year or two.
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Turn around in Santa Fe
. I guess anybody who tries to crunch real estate data on a national basis is going to make some mistakes. It is just that theirs are very visible.
