Sales activity for residential housing throughout the fourth quarter of 2021 remained historically strong resulting in a record-breaking year for the Santa Fe residential real estate market as well as another record year for our firm. As a result, according to the Santa Fe MLS, the average selling price increased 16% to $615K, compared to $531K one year ago. Total units sold increased 12 % to 3,721 in 2021 compared to 3,310 in 2020. The average sales price achieved at our firm ended the year at slightly more than $1M, far outperforming the average sales price of all competitors.
Inventory diminished in all price sectors resulting in an overall 47% decline further supporting what has been a very strong sellers’ market, with 359 active listings at the end of 2021, compared to 674 active listings at the end of 2020. Average days on market declined by 33% in all price ranges to 46 days, compared to 69 days one year ago. The largest gains in closed sales occurred in the $750K to $1M price sector, up 44% from 258 in 2020 to 371 in 2021; $1M to $2M, up 62% or 250 in 2020 to 405 in 2021, and in the price range above $2M which saw an increase in sales of 108%, from 49 sales in 2020 to 102 sales in 2021.
As we enter 2022, buyer interest in Santa Fe remains undiminished and is showing early signs of continued growth. The shift in home buyers’ priorities since the pandemic’s onset has led to increased focus on destination markets such as Santa Fe, as buyers search for more space, access to nature, and lifestyle opportunities. Our sales associates are ready to help you navigate this robust market.
2022 brings exciting change for our brokerage as we celebrate Gregg Antonsen’s retirement as Manager and Qualifying Broker and Drew Lamprich stepping into the role.
Click here for the 2021 Fourth Quarter Market Update.
As always, our goal in sharing market data with you is to create a better understanding of the trends affecting our unique housing market. We are committed to providing the highest quality service and will continue to support you with a suite of virtual marketing tools that are proving effective with buyers today. We hope you find this market report to be a valuable resource and 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 Caroline at 505.699.0909 or Jeff at 505.515.9979.