Santa Fe after Winter Storm, photo by Renee Edwards
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 2011 versus 816 new listings in the 3rd quarter of 2010, a 15.8% drop. Days on market decreased 7.9% to 224 days from 3rd quarter 2010 to 3rd quarter 2011. Absorption rates improved as month’s supply of inventory was down 23.4% to 16.8 months.
Now for buyers, the median sales price decreased 3.0% year to date from $330,00 in the 3rd quarter of 2010 to $320,000 in the 3rd quarter of 2011. Even better, Santa Fe’s housing affordability index increased from 92 in the 3rd quarter of 2010 to 107 in the 3rd quarter of 2011. This index measures housing affordability for the region. An index of 107 means that the median household income was 107% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
Different city areas experienced different activity levels in the 3rd quarter, although the total closed sales in the city for single family residences stayed flat with 148 closed sales in the 3rd quarter of 2010 and 148 closed sales in the 3rd quarter of 2011.
Area 3S, the Southeast (South) city limits, saw the greatest percentage increase in closed sales of single family residences in the city, a 133% increase, going from 3 closed sales in the 3rd quarter of 2010 to 7 closed sales in the 3rd quarter of 2011, although median sale prices declined in Area 3S from $650,000 to $359,000. Area 01, the Northeast city limits, experienced the largest percentage decline in closed sales of single family residences, -35.5%, with closed sales dropping from 31 closed sales in the 3rd quarter of 2010 to 20 closed sales in the 3rd quarter of 2011, although median sales price increased from $670,000 to $762,000.
17 Los Ojitos, photo by Renee Edwards
Elsewhere in the city, Area 02, the Northwest city limits, saw closed sales of single family residences increase 22.2% from 9 sales in the 3rd quarter of 2010 to 11 sales in the 3rd quarter of 2011, although prices stayed relatively flat, with the median sales price dropping from $400,000 to $399,000.
Area 3, the Southeast city limits, saw no closed sales of single family residences in 3rd quarter of 2011, down from 2 sales in the 3rd quarter of 2011.
Area 3N, the Southeast (North) city limits, was a bright spot in the marketplace, closed sales of single family residences increased from 32 closed sales in the 3rd quarter of 2010 to 35 closed sales in the 3rd quarter of 2011, up 9.4%, while median sales price increased from $573,500 to $620,000.
Areas 04N, 04S and 13, the Southwest city limits, experienced an increase in closed sales of single family residences, moving from 71 closed sales in the 3rd quarter of 2010 to 75 closed sales in the 3rd quarter of 2011, up 5.6%, but median sale price declined from $220,000 yo $209,900.
Eldorado was another bright spot, closed sales of single family residences increased from 22 closed sales in the 3rd quarter of 2010 to 33 closed sales in the 3rd quarter of 2011, up 50%, although median sales price slipped from $352,000 to $324,000.
The number of closed sales of single family residences elsewhere in the county increased from 111 closed sales in the 3rd quarter of 2010 to 117 closed sales in 2011.
In the Northwest sector of the county, Areas 24 and 25, where popular Las Campanas and Aldea are located, the number of closed sales of single family residences rose from 28 in the 3rd quarter of 2010 to 31 closed sales in the 3rd quarter of 2011, up 10.7%, although the median sales price declined from $742,500 to $699,000.
In the Northeast sector of the county, Areas, 15 and 16,the number of closed sales of single family residences declined from 8 sales in the 3rd quarter of 2010 to 6 sales in the 3rd quarter of 2011, down -25%, and prices declined as well with the median sales price declining from $480,000 to $434,510.
In the Southeast sector of the county, Areas 05, 07, 08, 10, 14 and 26, the number of closed sales of single family residences rose from 43 in the 3rd quarter of 2010 to 55 in the 3rd quarter of 2011, up 27.9%, but the median sales price fell from $389,000 to $336,000.
Finally, in the Southwest sector of the country, Areas, 06, 11, 12 and 27, the number of closed sales of single family residences fell from 32 closed sales in the 3rd quarter of 2010 to 25 closed sales in the 3rd quarter of 2011 and the median sales price also fell from $318,641 to $282,500.
Are you interested in buying or selling real estate in Santa Fe? Contact me, Karen Meredith, Keller Williams Realty, 314 S. Guadalupe Street, Santa Fe, NM 87501 (505) 603-3036.
All data from the Santa Fe Association of REALTORS® Multiple Listing Service. Data maintained by SFAR MLS may not reflect all real estate activity in these areas. SFAR MLS does not guarantee, nor is it in any way responsible for, the accuracy of the data provided in this report.
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