2020 was an extraordinary year for residential sales in the Santa Fe area. The sellers’ market continued a trend of robust momentum throughout the fourth quarter of 2020 to end the year on a very positive note. According to the Santa Fe MLS, the average selling price at our firm was $819K, while our nearest competitors had average selling prices at or below $600K. Total units sold throughout Santa Fe increased in all price bands from $500K+ with the strongest gains shown in the sale of homes priced from $1M -$2M, an increase of 33%, from 188 units in 2019 to 250 units in 2020.
Sales of homes above $2M reflected an increase of 48%, from 33 units sold in 2019 to 49 units sold in 2020. Other positive indicators included the following:
- The average selling price increased 13%, from $470,457 in 2019 to $531,150 in 2020
- The median selling price increased 13%, from $365,350 in 2019 to $412,719 in 2020
- Active listings decreased in all price bands by 34%, with the exception of homes priced at $2M+, which was up 6%
- Average days on market for homes $750,000 to $1M declined a remarkable 24%, and 16% for homes priced from $1M-$2M
While 2020 certainly presented its challenges, the real estate market in Santa Fe reflected the trends seen nationally, with many buyers opting for part or full-time residences in small cities with wide open spaces and access to everything from hiking trails, skiing, biking, hunting and fishing – all of which are abundant in our breathtaking corner of the world. Our firm and our experienced brokers are proud to carry on the tradition of being the undisputed market leader in all price ranges throughout the Santa Fe area.
Click here for the Fourth Quarter 2020 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.