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!