This market report is based on residential sales and residential land sales in Santa Fe County.
Residential - Market Growth
The Median Sales Price continues to grow and Average Days On Market continue to shorten. There was a drop in the number of Properties Sold which may be reflective of an inventory that has decreased.
Residential - Comparable Sales in Price Categories
Sales below $250,000 continue to drop as the availability of homes for sale in that price point diminishes. The strongest price point continues to be homes selling below $500,000.
Residential - Third Quarter Volume Comparison by Month
Steady growth as the year proceeds appears to be the pattern. It will be interesting to see if the trend continues through the Fall months.
Residential - Third Quarter Average & Median Sales Prices
Both Median and Average Sales Prices have been on a steady incline which is an indication of value growth in both the resale and new construction sales. New construction is again a contributor to sales volume with the availability of new homes in all price points except for the most modest.
Residential Land - Market Growth
The Median Sales Price dropped some in the first 3 quarters which is interesting, but it is doubtful this is a sustaining trend. There has been some bank-owned inventory which may have contributed to this, but the number of Properties Sold continues to rise and Average Days On Market has gone down.
Residential Land - Comparable Sales in Price Categories
The first three quarters of 2019 showed a stronger number of closings in the lower price point which may have been affected by some bank-owned inventory at the early part of the year. In general, land sales have been strong with more buyers thinking of building.