Santa Fe Real Estate Market Report from Sothebys International Realty

Q3 | 2019

Santa Fe

Market Update

5711 STATE HIGHWAY 41, GALISTEO

sothebyshomes.com/0567203 Offered at $1,540,000

at a glance {Q3 | JUL - SEP 2019}

santa fe

10

%

Change in Median Selling Price {2019 v 2018}

-6

%

Change in Units Sold {2019 v 2018}

2,362 Units Sold

475k

$

Average Selling Price

231 washington avenue brokerage

505.988.8088

326 grant avenue brokerage

505.988.2533

318 grant avenue brokerage

505.982.6207

a message from

Ricky Allen and Cathy Griffith Associate Brokers

inquiries@rickyallen.com 505.424.0170 www.rickyallen.com Throughout the third quarter of 2019, Santa Fe’s residential real estate market continued building upon the trend set last year which is indicative of an active, healthy and robust marketplace. According to the Santa Fe Association of Realtors MLS, both median and average sales prices increased 10% from one year ago. While units sold decreased by a modest 6%, the largest increase in sales occurred in the $500K to $750K bands, an increase of 11%, and in units sold above $2M, which increased an impressive 33% from 21 properties sold in 2018 to 28 properties sold in 2019. Recovery in this price sector was a welcome sign for buyers and sellers.

As is typical of a vigorous market, average days on market decreased by 17% overall from 88 days in 2018 to 73 days in 2019. The only sector experiencing an increase in days on market was the sector priced from $1M to $2M, which recorded a modest 5% increase in days on market from 136 days in 2018 to 143 days. Another sign of a brisk market, active listings, was down 13%, with the largest decline seen in the $750K to $1M range, a decrease pf 24%, and in homes priced above $2M, a decrease of 17%.

As always, our goal in sharing this data with you is to create a better understanding of the trends affecting our unique housing market. We hope you find it to be a valuable resource and we look forward to working with you to meet your real estate needs now and in the future. If you have any questions about the Santa Fe market, please do not hesitate to reach out to us.

sothebyshomes.com/santafe Statistics and numbers are obtained from the Santa Fe Association of Realtors Multiple Listing Service and are deemed reliable but are not guaranteed and are subject to change. Data may not reflect all real estate activity in the market area. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc. Equal housing opportunity.

Featured Properties We invite you to explore our exclusive offerings at S OTHEBYS H O ME S.C O M/ SANTAF E

EUROPEAN-INSPIRED HILLTOP ESTATE

39 Yana Drive, Tesuque Offered at $1,395,000 sothebyshomes.com/0566938

1401 & 1407 UPPER CANYON RD

Offered at $2,850,000 sothebyshomes.com/0576494 1054 ENCANTADO DRIVE

Offered at $1,675,000 sothebyshomes.com/0567227 12 VIA ESTANCIA

Offered at $1,595,000 sothebyshomes.com/0567178 5711 STATE HIGHWAY 41

Offered at $1,540,000 sothebyshomes.com/0567203 *in order from left to right, top to bottom

sothebyshomes.com/santafe

{SEP 2019 | LAST 12 MONTHS}

Market Share

Sotheby’s International Realty vs. Local Competitors

Market Share - All Prices

SIR

Keller Williams

Santa Fe Properties

Barker Realty

Market Share - $1M Above

All Other SIR

Market Share All Price Ranges 28 % 13 % 11 % 11% 37 %

Santa Fe Properties

Barker Realty

Keller Williams

All Other

Market Share Over $1 Million

Sotheby’s International Realty | Santa Fe Firm 2 Firm 3 Firm 4 Combination of Additional Companies

By dollar volume in 2018 - 2019. Obtained from the Santa Fe Association of Realtors Multiple Listing Service.

58 % 11 % 9% 7% 15 %

Sotheby’s International Realty | Santa Fe Firm 2 Firm 3 Firm 4 Combination of Additional Companies

{SEP 2019 | LAST 12 MONTHS}

Average Selling Prices by Top 5 Firms Sotheby’s International Realty vs. Local Competitors

ASP by Competitor $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0

SIR SIR

Santa FirmFe2 Properties

Barker Realty Firm 3

Keller Williams Firm 4

REFirm MAX5 First

Average Selling Prices

by Brokerage $

776,070

Sotheby’s International Realty - Santa Fe

$

539,684 Firm 2

$

484,931 Firm 3

$

449,579 Firm 4

Q3 Market Share

$

370,026 Firm 5

/ The Santa Fe Q3 2019 Market Update

Active Listings

by Select Area Listed by Sotheby’s International Realty

SIR Active Listings by Area

$60,000,000

$50,000,000

$40,000,000

$30,000,000

$20,000,000

$10,000,000

$0

Las Campanas

Eastside

Northwest of City Limits

SIR Market Share Percentage By Active Listings Dollar Volume as of September 30, 2019

51 % 65 % 54 % 75 %

Las Campanas Eastside Northwest of City Limits Tesuque

Tesuque

{SEP 2019 | LAST 12 MONTHS}

Sold Dollar Volume

by Select Area Sold by Sotheby’s International Realty

SIR Sold Volume by Area $105,000,000 $90,000,000 $75,000,000 $60,000,000 $45,000,000 $30,000,000 $15,000,000 $0

Las Campanas

Eastside

Northwest of City Limits

Tesuque

SIR Market Share Percentage

By Sold Dollar Volume October 1, 2018 - September 30, 2019

58 % 61 % 46 % 46 %

Las Campanas Eastside Northwest of City Limits Tesuque

Area Highlights

/ The Santa Fe Q3 2019 Market Update

Sales & Price Comparison Q3 | All Santa Fe | Five Years

|

|

Average Selling Price Median Median Selling Price Total Units Sold vs ASP vs units $480,000

2600 2350

$440,000

2100

$400,000

1850 1600

$360,000

1350 $320,000

1100 850

$280,000

600 $240,000

350

$200,000

100

2015

2016

Average Selling Price

2017

2018

2019

Median Selling Price

Total Units Sold

Average Selling Price

Median Selling Price

Total Units Sold

10%

10%

-6%

2019

$475,396

$370,000

2361

2018

$433,209

$336,000

2504

2017

$420,195

$320,000

2248

2016

$389,432

$301,550

2044

2015

$375,065

$278,750

1980

Q3 {2019 v 2018}

Change

Units Sold Comparison Q3 | All Santa Fe | Five Years

units sold by price points 2,600 2,275 1,950 1,625 1,300 975 650 325 0

2015

2016

2017

2018

2019 Up to $250K $250K-$500K $500K0-$750K $750K-$1M $1M-$2M Above $2M

Total Units Sold

By Price Point {Units | Percent}

Up to $250K

$250K $500K

$500K $750K

$750K $1M

$1M $2M

Above $2M

Total

-29%

2%

11%

6%

2%

33%

-6%

2019

528 | 22%

1117 | 47%

406 | 17%

150 | 6%

132 | 6%

28 | 1%

2361

2018

745 | 30%

1100 | 44%

367 | 15%

142 | 6%

129 | 5%

21 | 1%

2504

2017

748 | 33%

932 | 41%

308 | 14%

138 | 6%

102 | 5%

20 | 1%

2248

2016

742 | 36%

858 | 42%

257 | 13%

92 | 5%

87 | 4%

8 | 0%

2044

2015

828 | 42%

4741 | 37%

233 | 12%

95 | 5%

72 | 4%

11 | 1%

1980

Q3 {2019 v 2018}

Change

Market Snapshot

/ The Santa Fe Q3 2019 Market Update

Listing Inventory

All Santa Fe

Active Listings - Historic 450 400 350 300 250 200 150 100 50 0

Up to $250K

$250K - $500K

$500K - $750K 2017

2017

2018

$750K - $1M

$1M - $2M

$2M and Up

2019

2018

2019

Active Listings for all of Santa Fe County as of September 30, 2019

Up to $250K

$250K $500K

$500K $750K

$750K $1M

$1M $2M

Above $2M

Total

-15%

-11%

-14%

-24%

-4%

-17%

-13%

2019

223

350

185

124

164

74

1120

2018

263

393

214

163

171

89

1293

2017

333

422

225

156

179

79

1394

Q3 {2019 v 2018}

Change

Days On Market Q3 | All Santa Fe | Five Years

Days on Market - 5 Years 350 300 250 200 150 100 50 0

2015

2016

2017

2018

2019

Up to $250K $250K-$500K $500K-$750K $750K-$1M $1M-$2M Above $2M

Average Days on Market Up to $250K

$250K $500K

$500K $750K

$750K $1M

$1M $2M

Above $2M

Total

-18%

-14%

-9%

-14%

5%

-6%

-17%

2019

69

48

71

103

143

254

73

2018

84

56

78

120

136

269

88

2017

120

94

122

166

184

281

140

2016

143

128

166

209

193

261

154

2015

176

161

169

220

197

242

181

Q3 {2019 v 2018}

Change

Market Snapshot

/ The Santa Fe Q3 2019 Market Update

Extraordinary Results We celebrate the notable success of our associates and clients

528 CALLE LUCERO

South Capitol Mid-Century Last asking $649,000

1000 CAMINO PINONES

Adjacent to Museum Hill Last asking $3,375,000 6 ESTATES DRIVE

Santa Fe Contemporary Last asking $2,995,000 101 TANO NORTE

European-Inspired Country Retreat Last asking $2,900,000 12 TANO ALTO

Lavish Living Last asking $2,495,000 *in order from left to right, top to bottom

sothebyshomes.com/santa fe

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