Real Estate Market Insights The Santa Fe Luxury Real Estate Market
Luxury Sales up 12% over 2015 $400.00 32
32
31
THE MARKET HAS SHIFTED INTO
HIGH GEAR
W
hile sales of luxury homes over $1 Million are softening across the United States, we’ve seen a 12% increase in year to date transactions compared to 2015. The real question for the balance of the year is whether the upcoming elections will result in discretionary money sitting on the sidelines and slowing this market down. Real estate markets are primarily driven by growth in population and salaries. While those factors continue to elude Santa Fe, the majority of our luxury sales come from our feeder markets who’s economies are robust… and continuing to grow busy and hectic. Santa Fe offers a compelling quality of life at very reasonable prices which fuels this market.
Low inventory is fueling a fast-paced market. Let one of our Expert Brokers steer you in the right direction.
$323.00
$332.00
$339.00
3Q15
4Q15
$340.00
$250.00
30
30
$200.00
29
$150.00 28
28
$100.00
27
26
$50.00
2Q15
3Q15
4Q15
1Q16
2Q16
$0.00
2Q15
1Q16
2Q16
Luxury Sales
Luxury Selling Price per Sq. Ft.
The First and Second Quarters are traditionally the slowest of the year in terms of closings. We have seen a significant increase this Quarter in pending sales.
The average selling price per square foot has continued to remain fairly flat over the past several years. However, we are witnessing significant increases in this number in the sale of new homes.
95.00%
300
94.00% 274
250 242
248
94.00%
94.11%
1Q16
2Q16
93.00% 92.00%
219
200
92.00%
91.00%
202
89.00%
88.00%
87.00%
Dollar Volume
86.00%
50
Months of Inventory
89.00%
88.00%
100
Sold
14%
85.00% 0
12% 10% 8% 6% 4%
2Q15
3Q15
4Q15
1Q16
2Q16
84.00%
2Q15
3Q15
2006 Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4 2011 Q4
2012 Q4 2013 Q4 2014 Q4
2015 Q4 2016 Q2
DBarker@SantaFeRealEstate.com LBarker@SantaFeRealEstate.com 505 992 3563 505 490 2626
530 S. Guadalupe St., Santa Fe • 505 982 9836 • SantaFeRealEstate.com
4Q15
Luxury Homes for Sale
Luxury Original Price vs. Selling Price
One-third of the luxury homes for sale are larger than 5,000 square feet yet account for twenty five percent of the sales. Many luxury buyers are shying away from larger homes compared to years past.
The luxury market is even more price sensitive than the balance of the market. Under $1M, homes are selling for 96% of the original asking price compared to 95% over $1M.
For real-time neighborhood specific data & statistics, visit SantaFeRealEstate.com/Market-Insights
2% 0%
31
150
Homes For Sale
16%
$300.00
90.00%
Luxury Sales Trends: 10-Year History 20%
$392.00
$350.00
32
*Data source: All information contained herein is derived from the Santa Fe MLS and is believed to be accurate.
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