News & Events

Click here for the SANTAFEstyle Magazine – Winter/Spring 2017/18 Edition

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 home buying 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.

Click here for the Third Quarter 2016 Market Update Report.

Click here for Sotheby’s International Realty Significant Sales Report.

My hope is that 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 allow me to be of assistance!

Warmest regards,

Thanks to its proximity to the Mexican border, Santa Fe is a place that perfectly melds differing cultures. It also happens to be a former Spanish colony and houses many of the oldest sites in all of the United States. These things and more make Santa Fe a really cool place, with tons to see and do. Read our list to discover what a few of those things are!

Read more…

I am pleased to provide you with the Santa Fe real estate market report for the second quarter of 2016. As you will see from the graphs in the link below to the Second Quarter 2016 Market Update, current market conditions remain positive, no doubt supported by the continuation of historically low interest rates combined with the fact that Santa Fe remains a well-priced, attractive destination market for buyers.

• According to The Santa Fe Association of Realtors MLS, both median and average sales prices, while showing modest increases from one year ago, remain, nonetheless, below peak prices achieved in 2007, allowing the Santa Fe market to remain attractive to buyers from a number of other higher priced markets.
  

• Total units sales remained stable while sales in the $250,000 to $499,999 and $1M to $2M price bands increased rather significantly, 17% and 20% respectively.

• Listing inventory, an important indicator of market conditions, declined in all price categories with the exception of $1M and above, which recorded a moderate increase of 3.7%, making the second quarter of 2016 the third consecutive year of gradual quarterly inventory contractions.
  

The market trends achieved in the first two quarters of 2016 appear indicative of a stable, healthy environment for both buyers and sellers. As we enter an exhilarating summer season of world renowned opera performances, art markets, and cultural festivals, we invite those of you who haven’t already made plans for a summer visit to do so now. We are looking forward to welcoming you to all we have to offer in the City Different.

Click here for the Second Quarter 2016 Market Update Report.

My hope is that 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 allow me to be of assistance!

Warmest regards,

According to The Santa Fe Association of Realtors MLS, sales during the first quarter of 2016 for single-family homes, townhouses and condos in Santa Fe continued at a moderately increased pace compared to the first quarter of 2015, with number of closed sales up 1%. Both average and median prices were up slightly – all indicators of the continuation of a steady, healthy market.

• Throughout the first quarter of 2016, 80% of all sales continued to be under $500,000.
  
• On the other end of the scale, sales from $1M-$2M were up significantly with 29 closed sales in the first quarter of 2016 compared to 17 closed sales in the first quarter of 2015 – an impressive increase of 71%.
• Days on market in the $1M-$2M range were down 12% while listing inventory in the above $1M segment actually increased 13%. This segment of the market will continue to be interesting to follow as we enter the summer season.
  

Late spring and summer bring an exciting atmosphere, festivals, cultural attractions and an abundance of tourists to The City Different. As the leading real estate firm in Santa Fe, Sotheby’s International Realty wishes to extend a warm welcome to those visiting and planning a visit to our captivating corner of the world. 

Click here for the First Quarter 2016 Market Update Report.

My hope is that 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 allow me to be of assistance!

Warmest regards,

Results posted during the fourth quarter of 2015 showed a continued pattern of upbeat news for the real estate market in Santa Fe led by an increase in unit sales from one year ago. This was accompanied by a decrease in days on market in all price categories.

• According to The Santa Fe Association of Realtors MLS, of six price bands, four reflected increases in closed sales with only two price bands experiencing a decrease in sales. Sales activity from $750,000 to $999,999 were down by 4%.
  

• For 2015, sales of residential properties resulted in ten months of increased activity. Pending sales increased during each of the two preceding years with 2014 showing a 5% increase over 2013 and 2015 showing a 4% increase over 2014. Closed sales in 2015 resulted in even more positive news with a healthy 10% increase over 2014.

• Months supply of available inventory during the fourth quarter of the 2015 has contracted since 2013 when a year supply was recorded compared to an 11 month supply in 2014 and an eight month supply during the fourth quarter of 2015 – a 24.3% decrease from the year prior. If this trend continues, market forces in Santa Fe could result in gradual upward pressures on prices.
  

Click here for the Fourth Quarter Market Update Report.

My hope is that 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 allow me to be of assistance!

Warmest regards,

WASHINGTON (January 29, 2015) – Despite interest rates being at their lowest level of 2014, pending home sales cooled in December but remained above year-over-year levels for the fourth consecutive month, according to the National Association of Realtors^®. All major regions experienced declines in December.

Lawrence Yun, NAR chief economist, says fewer homes available for sale and a slight acceleration in prices likely led to December’s decline in contract signings. “Total inventory fell in December for the first time in 16 months, resulting in fewer choices for buyers and a modest uptick in price growth in markets throughout the country,” he said. “With interest rates at lows not seen since early 2013, the strength in existing-sales in upcoming months will largely depend on the willingness of current homeowners to realize their equity gains from the past couple years and trade up.”

Adds Yun, “More jobs, increasing consumer confidence, less expensive mortgage insurance and new low down payment programs coming into the marketplace will likely lead to more demand from first-time buyers.”

Total existing-homes sales in 2015 are forecast to be around 5.26 million, an increase of 6.6 percent from 2014. The national median existing-home price for all of this year is expected to increase between 4 and 5 percent. In 2014, existing-home sales declined 3.1 percent and prices rose 5.8 percent.

Read the full article.

Sotheby’s International Realty has announced an exclusive partnership with Apple News. The international real estate company is One of 20 exclusive advertising partners on the Apple News app and will be the only real estate company to advertise with Apple News now through the end of December.

Apple News is a brand new application baked into every Apple device running iOS 9 or newer, allowing Sotheby’s International Realty to potentially reach over 800 million iPhones and iPads.

Read more…

In the third quarter of 2015, residential sales in Santa Fe continued at a relatively steady pace.

• According to the Santa Fe Association of Realtors Multiple Listing Service, recorded sales in all but one price band increased – with a healthy and welcome uptick of 14.29% in the $1 million to $2 million price range.
  

• Average days on market declined slightly in all but one price band.

• Although sales were steady, both average and median prices continued their slight downward trend; a good sign for those buyers wishing to enter the market before prices begin to rise.  This trend may be nearing an end since listing inventory across the board showed double-digit declines in all but one price category – certainly a call to action for those buyers on the sidelines.
  

Sotheby’s International Realty ended the third quarter of 2015 by closing the significant sale of Forked Lightning Ranch, formerly owned by Jane Fonda, which had been listed at $19.5 million.

Click here for the Third Quarter 2015 Market Update Report report.

My hope is that 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 allow me to be of assistance!

Warmest regards,

I am pleased to report that the Santa Fe residential real estate market signaled good news for both buyers and sellers throughout the second quarter of 2015, according to Santa Fe Association of Realtors Multiple Listing Service.

• The good news for sellers was reflected in the fact that sales rose in nearly all price bands while average days on market across all price ranges remained relatively flat in the second quarter of 2015.

• The good news for buyers was revealed in the fact that homes remained affordable in Q2 2015 as both the average sales price and median sales price experienced slight declines.
  

• 78% of residential sales in the Santa Fe area remained under $500,000, highlighting the affordability of the market.  Sales in price ranges from $500,000 and above continued to be relatively stable.
  

In summary, the Santa Fe market remains a supremely attractive and affordable alternative to many other destination markets.

Click here for the 2015 Second Quarter Market Update report.

My hope is that 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 allow me to be of assistance!

Warmest regards,

Annualized expected growth from Q4 2012 – Q4 2017:  9.0%

2. Santa Fe, New Mexico

Read the full article

Daily Real Estate News | Wednesday, December 31, 2014

—By Melissa Dittmann Tracey, REALTOR® Magazine

After a slowdown in the market this year, housing analysts and economists have high hopes for 2015. The real estate market is expected to build momentum across the board nest year, mostly because of a strengthening economy.

Here’s a recap of some of the real estate forecasts for 2015:

1. Millennial force: Younger professionals are having more luck in the job market, which is expected to help more of them jump into home ownership in the new year. Overall, employment is on the rise, but jobs for Millennials — particularly those aged 25 to 29 — has risen by 3 percent. That’s one percentage point above the nationwide rate. According to some forecasts, Millennials are expected to drive two-thirds of household formations over the next five years. The forecasted addition of 2.5 million jobs next year, as well as an increase in household formation, will likely drive more first-time home buyers into home ownership, according to realtor.com® projections.
2. Home prices stabilize: The double-digit price increases seen in 2013 have slowed, and more stable growth was the trend in 2014. As investors have retreated from the market, so have the rapid home prices in many markets. Home prices are expected to continue to edge up in 2015, with realtor.com® predicting a 4.5 percent gain. “After two years of abnormally high levels of home-price appreciation in 2012 and 2013, price increases moderated throughout 2014,” realtor.com® notes in its 2014 Housing Review. “We are now experiencing increases in home prices consistent with long-term historical performance.”
3. Mortgage rates rising: Interest rates the last few months have been dipping below 4 percent, lowering the borrowing costs of home buyers and refinancing home owners. However, don’t expect the low rates to stick around much longer. Mortgage rates are expected to rise next year. Freddie Mac projects mortgage rates will likely average 4.6 percent but inch up to 5 percent by the end of 2015.
4. Return of the 3 percent down payment: New programs are popping up to help more buyers break into home ownership with lower down payments. In early December, Freddie Mac and Fannie Mae announced conventional loan down-payment programs that will allow qualified first-time buyers to secure a fixed-rate mortgage with a 3 percent down

Read the full article.

Santa Fe, New Mexico Named in Conde Nast Reader Poll

Readers appreciated the “peerless vibe, like nowhere else,” the “spiritual scenery” of the surrounding countryside, and an abundant variety of arts and crafts (“a short drive north you’ll find Chimayo, where families of weavers have been making rugs, blankets, and tapestries since the 19th century and are as lovely the products they produce”). A “world-class foodie scene” and “wonderful Japanese-inspired spa at Ten Thousand Waves” pop the city back on the list once again.

Read more at Conde Nast Traveler…

Santa Fe, New Mexico has been named the Best Small City in America by Condé Nast Traveler’s 26th annual Readers’ Choice Awards, a ranking of the best cities, islands, cruise lines, airlines, hotels and resorts in the world.

Condé Nast Traveler had 79,268 readers participate in the 2013 survey, resulting in 1.3 million votes.

The publication credits the destination’s cultural scene as one of its best assets, noting, “no other place in the country so beautifully reflects the art, architecture, food, and crafts of centuries of Native American, Spanish, and Mexican influence.” Also included was a recommendation to visit the Museum of International Folk Art (MOIFA) on Museum Hill.

“It is an honor to be at the top of this impressive list,” Santa Fe Mayor Javier M. Gonzales says. “We work tirelessly to highlight and expand upon the creative, innovative and diverse attributes of our city; we hope everyone will seize the opportunity to take in one of our many markets, Railyard events or just grab a bite and enjoy some live music on The Plaza.”

The complete ranking of the Best Small Cities in America includes:

1. Santa Fe, NM
2. Carmel-by-the-sea, CA
3. Napa, CA
4. Telluride, CO
5. Newport, RI
6. Santa Barbara, CA
7. Jackson Hole, WY
8. Aspen, CO
9. Sedona, AZ
10. Key West, FL

Read the complete article at LuxuryTravelMagazine.com.

While the first quarter statistics are not all that encouraging, the current activity and momentum in the Santa Fe real estate market makes me extremely optimistic about the remainder of 2015.

• According to the Santa Fe Association of Realtors, city and county home sales declined by 10 percent during the first quarter of 2015 when compared to the first quarter of 2014.

• In addition to a decline in closed sales, the average and median prices also declined slightly. The month of March 2015, however, reflected a slight improvement in the number of closed sales from one year ago which may be a harbinger of things to come as we approach the spring and summer seasons.

• As you will see on page 5 of this report 79 percent of all reported closed sales occurred in price ranges under $500,000 with a corresponding significant decline in available inventories in the same price bands. In fact, inventories in all but one price range have decreased noticeably which may support the possibility of an anticipated upward trend in sales prices throughout the second and third quarters of 2015.

Click here for the 2015 First Quarter Market Update report.

My hope is that 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 allow me to be of assistance!

Warmest regards,

Continued Stability

The Santa Fe real estate market closed out the final quarter of 2014 relatively unchanged— continuing the stability it had experienced during the preceding two quarters.

• According to the Santa Fe Association of Realtors, when compared to one year ago, units sold, average days on market and average sales price remained only slightly changed with a slight increase in number of units sold (99).
• As one examines the breakdown of closed sales, a clearer picture emerges showing double-digit or near double-digit percentage increases in four of six price categories, with healthy increases in the $750,000 to $999,999 ranges (+14.15%) and the all-important ranges of $1M to $2M (+8.88%).
• Average days on the market remains relatively stable in most price categories with an impressive decline in days on market found in residences priced above $2M, a reflection of the fact that sellers in this price category were pricing homes more realistically from the point of view of active buyers.
• Seventy-six percent of all Multiple Listing Service recorded sales were under $500,000, a mere two percent decline in that price category from one year ago.

As we enter the first quarter of 2015, it appears that the stability achieved throughout 2014 will continue to be the trend at least for the not-too-distant future.

Click here for the 2014 Fourth Quarter Market Update report.

My hope is that 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 allow me to be of assistance!

Warmest regards,

WASHINGTON (January 29, 2015) – Despite interest rates being at their lowest level of 2014, pending home sales cooled in December but remained above year-over-year levels for the fourth consecutive month, according to the National Association of Realtors^®. All major regions experienced declines in December.

Lawrence Yun, NAR chief economist, says fewer homes available for sale and a slight acceleration in prices likely led to December’s decline in contract signings. “Total inventory fell in December for the first time in 16 months, resulting in fewer choices for buyers and a modest uptick in price growth in markets throughout the country,” he said. “With interest rates at lows not seen since early 2013, the strength in existing-sales in upcoming months will largely depend on the willingness of current homeowners to realize their equity gains from the past couple years and trade up.”

Adds Yun, “More jobs, increasing consumer confidence, less expensive mortgage insurance and new low down payment programs coming into the marketplace will likely lead to more demand from first-time buyers.”

Total existing-homes sales in 2015 are forecast to be around 5.26 million, an increase of 6.6 percent from 2014. The national median existing-home price for all of this year is expected to increase between 4 and 5 percent. In 2014, existing-home sales declined 3.1 percent and prices rose 5.8 percent.

Read the full article.

Stable Market – A Welcome Sign

During the third quarter of 2014, the real estate market in Santa Fe positioned itself as relatively stable with median prices showing a slight decline and average prices reflecting an ever-so-slight increase, according to the Santa Fe Association of Realtors.

• 77 percent of sales in the market remain under $500,000 while sales at or above that mark remain static as well.

• Average days on market in the upper end of the market ($1M and above) declined rather dramatically even as inventory in the same price ranges increased by more than 12 percent from one year ago.

As the final quarter of 2014 approaches, the catch word to describe the current local real estate market appears to be “stable,” a welcome sign as we prepare to enter the final stretch of the year.

Click here for the 2014 Third Quarter Market Update report.

My hope is that 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 allow me to be of assistance!

Warmest regards,

by Kristin Butcher, TheActiveTimes.com

Sante Fe has plenty in its favor. It’s an artsy town with beautiful views of the Sangre de Cristo Mountains and it’s more than 400 years old, which is flat-out cool. Riding past adobe architecture and galleries, riders can pedal to more than 50 miles of trail and choose whether to get lost in the 30-mile spaghetti bowl of twisty Dale Ball trails, head out for more technical adventures on the Whoops, or treat themselves to 8 miles of giggle-inducing downhill on the Windsor Trail.

Read the full article