the third quarter of 2013, the Santa Fe real estate market has shown
continued, yet gradual, signs of improvement.Â Most notable is the
highest sale of 2013, which occurred in later October, for just under
$4,000,000.Â Sotheby's represented the seller in that transaction.
Some of the positive signs from the third quarter of 2013 are expressed in â€œA Message from Our Qualifying Broker: Promising Signsâ€.
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The First Three Quarters of 2013 in Review
sales increased by 75 units, or 33.04%, from January through September
2013 compared to the same period in 2012. This upward trend can be
attributed to the corresponding decrease in land prices.
units sold for the first three quarters of 2013 outperformed the same
period last year by 11.05%.Â This improvement was seen in both land and
residential sales, including single family homes, townhouses and
condominiums. Â May 2013 was the best month for land sales with 22 more
parcels sold than in May 2012.Â For residential sales, July through
September 2013 were the high-performing months, with 47 more residential
units sold compared to the same period in 2012.Â Residential sales had
an overall increase of 7.29% for the first three quarters of 2013 over
the same period last year.
- 77.1% of all residential sales in the
first three quarters of 2013 were priced below $500,000; 18.4% of the
sales were in the price range between $500,000 and $1,000,000; and 4.5%
of the sales were priced over $1,000,000.
- Eleven sales occurred
above $2,000,000 inÂ the first three quarters of 2013; the highest sale
through September was $3,395,000. The market above $2,000,000 is just
starting to see promising signs of recovery.
- Where are the buyers coming from (October 2012 through September 10, 2013)?
half (47.8%) of our buyers are from right here in New Mexico. Of the
248 purchases by New Mexicans, 33 of those sales were for properties
that sold for over $750,000.
- Buyers from Texas and California
represent the next largest groups in our market.Â They are essentially
tied with 61 and 60 sales respectively.Â Forty percent of transactions
(24) closed by California buyers were purchases over $750,000.Â For the
Texas group, 18 of the 61 sales (30%) were purchases over $750,000.
and Florida are neck and neck with 16 and 14 sales respectively.Â Two
properties purchased by parties from our northern neighbor, Colorado,
were purchased for over $750,000.Â Of the 14 buyers from Florida, two
transactions involved a property purchased over $750,000.
hope you find this update helpful and informative, with links to
articles and market trends.Â If you are in the market to buy or sell or
know someone who is, please contact me!
May you find time this holiday season to enjoy the things you hold closest to your heart.