Performance in the residential housing market in Santa Fe throughout the third quarter of 2021 was remarkably strong in all price sectors. As a result, according to the Santa Fe MLS, average sales price increased by 19% to $608K from $509K one year ago, while the median sales price increased by 13% to $450K compared to $399K one year ago. The average sales price at our firm ended the third quarter at $962K, an increase from $910K as noted in our second quarter report.
Inventory of existing homes for sale continued a downward trend in all price sectors resulting in an overall 33% decline from one year ago. Average days on market was down 31% overall with the largest decreases impacting homes priced in the following price categories: $750K to $1M, down by 50%, $1M to$2M, down 42%, and $2M+, down 66%. Units sold increased dramatically in the same price bands resulting in a 44% increase in units sold, from $750K to $1M, or 175 units in 2020 compared to 252 units sold in 2022. This noted a 74% increase in units sold, from $1M to $2M, or 164 units in 2020 compared to 286 units through the third quarter of 2021, and an astounding 235% increase in sales above $2M, rising from 23 sales during the same time frame in 2020 to 77 sales in 2021.
In summary, buyer demand for existing housing in Santa Fe remains at or near historic levels as we approach the final quarter of the year.
Click here for the Third Quarter 2021 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.