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!