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Living in Santa Fe

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

by Karen Meredith on April 22, 2012

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.


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Santa Fe Home inventory down as families stay put

by Karen Meredith on January 19, 2012

By Bruce Krasnow | The New Mexican  This article was syndicated from The New Mexican, click here for a copy of the original article.
Posted: Wednesday, January 18, 2012 -

Lower interest rates have boosted home ownership in Santa Fe, but they also have reduced sales inventory as more families refinance and stay put.

“A lot of times if it’s being refinanced, it comes off the market,” said Victoria Murphy, a broker with Santa Fe Properties who serves as president-elect of the Santa Fe Association of Realtors. “Sometimes it goes back on, other times they decide to wait [to sell].”

And refinance activity isn’t yet over, predicts Jeff Payne, a branch manager at Wells Fargo. He said the federal government will roll out a new program in February that should help those who owe banks more than a home is worth get in on fixed-rate home loans as low as 4 percent.

“We keep pinching ourselves to figure out if it’s real,” said Payne, who spoke to Santa Fe Realtors on Wednesday. “It’s real.”

Sharon Yermal, a Wells Fargo mortgage specialist, has seen many people who may want to sell but instead refinance to take advantage of lower rates. They do so with five-year adjustable-rate mortgages with the idea of lowering monthly payments now but with the intent of selling when the market recovers.

“Five years seems to be the timeline they’re looking at,” she said. “They’re not looking for it to happen in the next year or two.”

Sales figures released by the association Wednesday indicate that the inventory of properties for sale is down 30 percent from two years ago, while new listings are down 18 percent over the past 12 months.

At the same time, residential sales rose 10 percent in the fourth quarter and 2.4 percent in all of 2011 compared with 2010.

The median sales price in the city fell to $289,000 in 2011 from $300,000, a decline of 3.3 percent. In the city and county combined, the median price dropped to $349,000 from $354,000.

Median prices in Santa Fe are now at a seven-year low.

“I am absolutely surprised how many homes I’m seeing on the market for under $200,000,” Murphy said.

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Biscochitos – New Mexico State Cookie is Seasonal Favorite

December 29, 2011

SANTA FE, N.M.  -  In a town known for upscale New Mexican cuisine, the best holiday dishes might be the simplest. By:  Ashley Parrish, World Scene Editor, Tulsa World, published 12/18/11.  This article was syndicated from the Tulsa World, click here for the original article. Tamales are traditional. Cover them in red and green chile and they’re [...]

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Santa Fe 3rd Quarter 2011 MLS property statistics

December 16, 2011

The Santa Fe Association of Realtors’ 3rd quarter MLS real estate statistics are out.  There is good news for both sellers and for buyers. First for sellers, inventory levels are down having shrunk 21.1% to 1,794 units, a positive supply-side improvement.  New listings were down, too, with 687 properties listed in the 3rd quarter of [...]

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The Atlantic names Santa Fe Most Artistic City in America, November 30, 2011

December 13, 2011

Richard Florida, Senior Editor of The Atlantic, posed the question in November, 2011 “which U.S. cities and metros have the most extensive artistic communities?” With the help of Kevin Stolarick from the Martin Prosperity Institute,  he used data from the U.S. Census Bureau’s American Community Survey to rank the leading metros areas for their numbers of artists [...]

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

December 12, 2011

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 [...]

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In Santa Fe, you fall in love with chilies, The Boston Globe, November 16, 2011

December 10, 2011

By Diane Daniel, Globe Correspondent  This article was syndicated from The Boston Globe.  For a copy of the original article, click here. SANTA FE — “Red or green?’’ In New Mexico, those three words make up the official state question. If you want both red and green  chili pepper sauce, you ask for “Christmas.’’ “We [...]

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Santa Fe Neighborhoods – Focus on Villa de la Paz

December 10, 2011

Villa de la Paz means “Peaceful Village”  in Spanish. This tranquil little haven tucked into the southwest side of Santa Fe certainly lives up to its name.  Development began in 1999 – 2000, for this well-established condominium subdivision, which was designed to provide the local community with affordable, quality, urban village housing. The development contains 89 plotted lots on [...]

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Incredible price on Villa de la Paz 3 bedroom/3 bath condo!

December 3, 2011

  3252 La Paz Lane, Santa Fe, New Mexico MLS #210103987, $229,000 3 bedrooms, 3 baths, 1,560 square feet, lot size .07 acres Listing Agents:  Karen Meredith, Keller Williams Realty, (505) 603-3036 and Renee Edwards, Keller Williams Realty, (505) 470-7773.  Call us today to schedule a showing! Incredible price for a newer 3 bedroom home [...]

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Tremendous La Cienega Opportunity – 4 bedroom, 2 bath home on 2.5 acres

November 25, 2011

21 Ceramic Court, Santa Fe, New Mexico  87508 MLS # 201104457 $249,000 4 bedrooms, 2 baths, approx. 1,943 square feet, lot size 2.5 acres Listing agents, Karen Meredith, Kellery Williams Realty, (505) 603-3036 and Renee Edwards, Keller Williams Realty, (505) 470-7773. Attractive Southwestern style adobe home with open concept floor plan, large bedrooms and enclosed outdoor courtyard.  Mature [...]

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