The Santa Fe County residential sales statistics through the second quarter of 2018 are complete and though six months is not really substantial enough to see a trend, there are some interesting indications in the strong market.
The first thing that gets attention is a shortened days on market which on the surface is impressive but is partially driven by the procedures of counting days which is used by the source. For a number of years the days were counted starting with list date and ending with close date or under contract date. The status of under contract was eliminated at some point and now the date is counted starting with list date and ending with the pending date. Though the method of counting may affect the accuracy to some degree, all brokers we speak with will tell us that days on market now are shorter than any time in recent history.
The average and median price has also increased in a percentage somewhat higher than inflation so in general, real estate in Santa Fe County is statistically gaining value. In our experience with residential sales, we are finding more and more sellers willing and sometimes anxious to do what it takes to prepare their homes for sale by freshening paint and landscape and addressing deferred maintenance to put the most positive look for potential buyers. The direction that residential real estate has taken in the first half of 2018 is strong and if it continues through the year we are likely to see strong growth in most geographic areas and price points.
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