The residential real estate market in Santa Fe recorded mixed results throughout the first quarter of 2019. According to the Santa Fe Association of Realtors MLS, sales of residential properties decreased 18%, from 718 units sold in the first quarter of 2018 compared to 587 units sold during he first quarter of 2019. While units sold decreased, median prices rose 6% from $315K in the first quarter of 2018 to $365K during the first quarter of 2019. The average sales price rose 11% during the same period to $463K in Q1 2019 compared to $415K in Q1 2018.
Average days on market (DOM) decreased in all price sectors with the exception of homes priced from $750K to $1M, which rose 14% from 125 DOM to 145 DOM, and homes priced from $1M+ to $2M, which increased from 157 DOM in Q1 2018 to 173 DOM during the first quarter of this year.
The average selling price at our firm for properties sold during the first quarter of 2019 was $735K vs. $501K for our nearest competitor. As we enter the second quarter of 2019, typically one of our busiest seasons in Santa Fe, we are buoyed by what many industry analysts see as a favorable interest rate environment combined with renewed buyer appeal.
Click here for the First Quarter 2019 Market Update
As always, my goal in sharing this data with you is to create a better understanding of the trends affecting our unique housing market. I hope you find it to be a valuable resource, and I look forward to working with you to meet your real estate needs now and in the future. If you have any questions about the Santa Fe market, please do not hesitate to reach out to me.