Santa Fe, NM | mls: 201604342
Santa Fe Market Update Third Quarter 2016 SANTA FE BROKERAGES Washington Avenue Brokerage | t. 505.988.8088 Grant Avenue Brokerage | t. 505.988.2533 East Palace Brokerage | t. 500.982.6207
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.
A MESSAGE FROM OUR QUALIFYING BROKER: Gregg Antonsen, t: 505.988.2533 | gregg.antonsen@sothebyshomes.com I am pleased to report that the momentum achieved in the first two quarters of 2016 continued at a robust pace throughout the third quarter of the year. According to the Santa Fe Association of Realtors MLS, both average and median sales prices made healthy gains and the number of units sold increased while days on market declined as compared to one year ago. Overall closed sales were up 3.3% through the third quarter of 2016 compared to same time period in 2015 according to the MLS. The bright spots of the Santa Fe residential market included activity in the $500,000 to $749,999 price band which saw a 9% increase in units sold as well as the $1M-$2M price band which reported a 23.6% increase in unit sales from one year ago. Days on market throughout the quarter contracted in all price sectors with the exception of the high end of the market ($2M+). That particular sector of the market saw an 18.6% increase from one year ago. Closed sales in the high end of the market have remained flat year over year. A number of factors may positively impact the final quarter of the year. This includes a growing number of boomers who are currently looking for retirement homes in the Southwest and a growing number of millennials who are reaching homebuying age, and in addition, there may be the continuation of historically low interest rates. A recent article in the Financial Analysis and Commentary section of the Wall Street Journal concluded that current market factors don’t preclude the Fed from raising interest rates later this year, further rate increases will come only gradually. That bodes well for real estate sales and purchases. “The era of low U.S. interest rates isn’t close to ending,” concluded Justin Lahart of the Wall Street Journal. (page B-12, October 8-9, 2016, WSJ). That conclusion, if it remains true, is good news for the real estate industry, in general, and for Santa Fe in particular. SANTA FE BROKERAGES | sothebyshomes.com/santafe 417 East Palace Avenue Santa Fe, NM 87501 t: 505.982.6207
326 Grant Avenue Santa Fe, NM 87501 t: 505.988.2533
231 Washington Avenue Santa Fe, NM 87501 t: 505.988.8088
THIRD QUARTER ACTIVITY Number of Units Sold, Average DOM, and Average Sales Price for Residential Listings Sold in All Areas for All Third Quarters of 2006 through 2016 3000
Units Sold
Average Days On Market
$600,000
Average Sales Price
2800 $485,272
2600
$479,889
$500,000
2400 2200
$417,589
$446,617
2000 $400,377
1800
$391,329
$399,522 $389,150 $389,548 $387,010
1600
$300,000
1951
1889
1665
1593
$200,000
143
170
179
$100,000 178
1441 219
205
1241
1274 195
1137
190
200
157
400
160
600
180
800
1325
1761
1200
2424
1400 1000
$400,000
$401,019
Number of Units Sold, Average Days on Market (DOM), and Average Sales Price for Residential Listings Sold (Single $0Family, 0 2006 2007 2008 2010 2006, 2011 2012 2009, 2013 20142012, 2015 Condos, and Townhouses) for the First2009 Half of 2005, 2007, 2008, 2010, 2011, 2013, and2016 2014
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. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. 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.
FEATURED LISTINGS
EL CIELO GRANDE DE TAOS MLS 201603124 | $2,899,000 This beautifully crafted, 15,000 sq ft estate home on over 12, irrigated acres has 8 bedrooms and 9 baths plus a recreational retreat with indoor pool and spa facing stunning views of Taos mountain. Santa Fe Real Estate Consultants 505.231.4046
1056 SIERRA DEL NORTE MLS 201604005 | $3,500,000 Unique contemporary styling distinguishes this glorious Sierra del Norte home, which boasts four bedrooms, a Bulthaup kitchen, and a west-facing patio with an infinity-edge pool and outdoor kitchen. Ray Rush & Tim Van Camp 505.984.5117
3 INDIAN PONY MLS 201603592 | $4,295,000 Stunning architectural design, impeccable construction, and a gated 10.823-acre homesite with seemingly endless mountain views are among the many highlights of this extraordinary Las Campanas estate. Team Blankenship & Moore | Johnnie Gillespie 505.412.9566 | 505.954.0731
SALES
SINGLE FAMILY HOMES, TOWNHOUSES, CONDOMINIUMS
THIRD QUARTER CLOSED SALES PRICE RANGE
2014
2015
2016
% Change (2015 v 2016)
UP TO $249,999
675
742
663
-10.65%
$250,000-$499,999
614
736
848
15.22%
$500,000-$749,999
208
233
254
9.01%
900 Up to $249,999
800
$250,000-$499,999
700
$500,000-$749,999 $750,000-$999,999
600
$1-$2M
500
Above $2M
400
$750,000-$999,999
94
95
91
-4.21%
$1-$2 MILLION
63
72
89
23.61%
ABOVE $2 MILLION
11
11
6
-45.45%
300 200 100 0 2014
2015
2016
THIRD QUARTER AVERAGE DAYS ON MARKET PRICE RANGE UP TO $249,999
2014
2015
2016
% Change (2015 v 2016)
171
168
137
-18.45%
350
Up to $249,999 $250,000-$499,999
300
$500,000-$749,999 $750,000-$999,999
250
$250,000-$499,999
168
161
128
-20.50%
$500,000-$749,999
194
169
163
-3.55%
150
$750,000-$999,999
252
220
210
-4.55%
100
$1-$2 MILLION
195
197
194
-1.52%
50
ABOVE $2 MILLION
292
242
287
18.60%
$1-$2M
200
Above $2M
0 2014
2015
2016
THIRD QUARTER AVERAGE & MEDIAN SALES PRICES YEAR 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
AVERAGE SALE PRICE
MEDIAN SALE PRICE
$446,617 $485,272 $479,889 $400,377 $401,019 $417,589 $391,329 $389,150 $389,548 $387,010 $399,522
$345,000 $375,000 $330,000 $297,000 $305,000 $299,578 $285,500 $300,000 $291,500 $290,000 $312,500
sothebyshomes.com/santafe
$600,000
$500,000
Average Sales Price Median
$400,000
$300,000
$200,000
$100,000
$0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
SALES
SINGLE FAMILY HOMES, TOWNHOUSES, CONDOMINIUMS
LISTING INVENTORY AS OF 9/30: SANTA FE COUNTY 2014
2015
2016
% Change (2015 v 2016)
600
UP TO $249,999
249
154
182
18.18%
500
$250,000-$499,999
524
405
383
-5.43%
400
$500,000-$749,999
264
232
211
-9.05%
300
$750,000-$999,999
157
129
166
28.68%
200
$1M AND ABOVE
254
248
251
1.21%
100
PRICE RANGE
Up to $249,999 $250,000-$499,999 $500,000-$749,999 $750,000-$999,999 $1M and Above
0 2014
THIRD QUARTER SALES BY PRICE RANGE PRICE RANGE
2015
2016
39%
34%
UP TO $249,999 $250,000-$499,999
39%
43%
$500,000-$749,999
12%
13%
$750,000-$999,999
5%
5%
$1-$2 MILLION
4%
5%
ABOVE $2 MILLION
1%
0%
2015
2016
2015
2016
4% 1%
5%
5%
12%
5%
13%
34%
39%
39%
43%
Up to $249,999
$500,000-$749,999
$1-$2 Million
$250,000-$499,999
$750,000-$999,999
Above $2 Million
RESIDENTIAL SOLDS BY MONTH - ALL PROPERTY TYPES 2011
2012
2013
2014
2015
2016
350
178 185 184 201 155
151
174 187
144
137
179 176 194 182
205 216
209 219 231
235
263 249 182
169
222 214 230
225
252 155
162
185
196 182 210
217 225
233 216 190 172 161
173 160 187
195
155 169
160 138
146
131 126
149 130 138 108
100
109 117
150
168
166
199
200
222 213
223
257
250
272 261
306
300
50
0 January
February
March
April
May
June
July
August
September
Values for residential solds by month are for all property types including single family homes, townhouses, condominiums, duplexes, manufactured homes, mobile homes, modular homes, and x-plexes. All 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.
October
November
December
ON THE MARKET
left to right from top to bottom:
METROPOLITAN MARKETS NEW YORK, NY | Web: 00110341 | $1,499,000 HOUSTON, TX | Web: 1234994 | $1,199,999 PASADENA, CA | Web: 0278049 | $1,150,000 RESORT MARKETS GLEN ELLEN, CA | Web: 0244201 | $1,495,000 EAST HAMPTON, NY | Web: 0038372 | $1,495,000 SANTA FE, NM | Web: 0575641 | $1,297,000 FOREIGN MARKETS COSTA RICA | Web: S34T2S | $1,200,000 ITALY | Web: LV25XV | 1.100.000 € EUR TURKS AND CAICOS | Web: 2SZDM9 | $975,000 sothebysrealty.com
The Personal Art Collection of David Bowie Auctions in London 10 & 11 November 2016, Viewing 1 – 10 November Enquiries +44 (0)20 7293 5519 bowie@sothebys.com 34–35 New Bond Street, London W1A 2AA sothebys.com/BowieCollector
© GAVIN EVANS
SIGNIFICANT SALES | Q3 2016
171 HEADQUARTERS TRAIL | MLS 201600015 | $3,195,000 list Team Lehrer & Earley | 505.660.1734 (listing brokers) David Woodard | 505.920.2000 (selling broker)
479 CAMINO DE LAS ANIMAS | MLS 201602394 | $1,960,000 list Neil Lyon, CRB, CRS, GRI | 505.954.5505
1438-C BISHOPS LODGE ROAD | MLS 201502542 | $1,800,000 list Roxanne Apple & Johnnie Gillespie | 505.954.0723 (listing brokers) Ashley Margetson | 505.920.2300 (selling broker)
3304 MONTE SERENO DRIVE | MLS 201601874 | $1,795,000 list Paul McDonald | 505.984.5111
41 DAYFLOWER | MLS 201603277 | $1,085,000 list Team Burbic Yoder | 505.670.9399
10 CAMINO MONTE FELIZ | MLS 201601568 | $850,000 list Emily Garcia | 505.955.7963 (listing broker) Katherine Blagden | 505.490.2400 (selling broker)