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Caroline Russell's Blog

By Caroline Russell | Broker in Santa Fe, NM
  • 2013 Third Quarter Update - Santa Fe, NM

    Posted Under: Market Conditions in Santa Fe, Home Buying in Santa Fe, Home Selling in Santa Fe  |  January 16, 2014 4:14 PM  |  160 views  |  No comments

    In the third quarter of 2013, the Santa Fe real estate market has shown continued, yet gradual, signs of improvement.  Most notable is the highest sale of 2013, which occurred in later October, for just under $4,000,000.  Sotheby's represented the seller in that transaction.

    Some of the positive signs from the third quarter of 2013 are expressed in “A Message from Our Qualifying Broker: Promising Signs”.

    More Useful Links

    The First Three Quarters of 2013 in Review

    • Land 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.
    • Total units sold for the first three quarters of 2013 outperformed the same period last year by 11.05%.  This improvement was seen in both land and residential sales, including single family homes, townhouses and condominiums.  May 2013 was the best month for land sales with 22 more parcels sold than in May 2012.  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.  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 in  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)?
      • Almost 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.  They are essentially tied with 61 and 60 sales respectively.  Forty percent of transactions (24) closed by California buyers were purchases over $750,000.  For the Texas group, 18 of the 61 sales (30%) were purchases over $750,000.
      • Colorado and Florida are neck and neck with 16 and 14 sales respectively.  Two properties purchased by parties from our northern neighbor, Colorado, were purchased for over $750,000.  Of the 14 buyers from Florida, two transactions involved a property purchased over $750,000.

    I hope you find this update helpful and informative, with links to articles and market trends.  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.

    Warmest regards,

    SigB
 
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