Real Estate Market Insights 20%
Homes For Sale Sold
16%
Dollar Volume Months of Inventory
14% 12% 10% 8% 6% 4% 2% 0%
2006 Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4
2011 Q4
2012 Q4 2013 Q4 2014 Q4
2015 Q4
2016 Q3
Luxury Sales Trends: Percentages of total during the 10-Year History
The 10-Year History of Luxury Sales shows we still haven’t returned to our pre-recession levels. Most other real estate markets in the Mountain and Western regions have fully recovered while Santa Fe continues to lag behind, but is improving.
I
t appears pre-election year concerns have not deterred discretionary spending. This demonstrates consumer
confidence in our Country and our local real estate market. Santa Fe County residential luxury sales (over $1M) for the first 9 months of 2016 are up 15% over the same period last year and current showing activity is very strong in this market. DBarker@SantaFeRealEstate.com LBarker@SantaFeRealEstate.com 505 992 3563 505 490 2626
530 S. Guadalupe St., Santa Fe • 505 982 9836 • SantaFeRealEstate.com
The Santa Fe Luxury Real Estate Market 33
32
33 32
$350.00
32
31
$400.00
$300.00
31
$352.00 $296.00
$323.00
$315.00
$305.00
$250.00
30
30
$200.00
29
$150.00 28
$100.00
27
26
$50.00
3Q15
4Q15
1Q16
2Q16
3Q16
$0.00
3Q15
4Q15
1Q16
2Q16
3Q16
Luxury Sales
Luxury Selling Price per Sq. Ft.
There is very little variation quarter to quarter in the number of Luxury sales while the longer term trend is up. Based on current inventory and sales, there is less than two years of inventory for sale. This matches where we were 10 years ago.
The average selling price per square foot is approximately 15% below where it was 10 years ago. With other markets exhibiting a stronger recovery than Santa Fe, it shows how good our values are to buyers and the opportunities that exist here.
250 236 200
Average
226
Median
218 $2,000,000 $1,800,000
150
159
159
$1,677,000
$1,600,000 $1,400,000 $1,352,000 $1,200,000
100
$1,233,000
$1,350,000 $1,250,000
$1,180,000
$1,342,000 $1,240,000
$1,175,000 $1,100,000
$1,000,000 $800,000 $600,000
50
$400,000 $200,000
0
3Q15
4Q15
1Q16
2Q16
3Q16
$0
3Q15
4Q15
1Q16
2Q16
3Q16
Luxury Days on Market
Luxury Average & Median Sales Price
There is a real seasonality to this chart with Luxury homes taking approximately 1/3 less time to sell in the summer time versus the winter season.
Although this chart shows declining average and median sales prices over the past year, this is not a decline in prices or value. Instead it is reflective of the increasing portion of Luxury sales being in the $1M - $1.25M range and fewer sales taking place above $2M.
For real-time neighborhood specific data & statistics, visit SantaFeRealEstate.com/Market-Insights *Data source: All information contained herein is derived from the Santa Fe MLS and is believed to be accurate.
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