The desire to own property in and around Santa Fe continues to create a dynamic market across all price ranges. It is not uncommon in this strong sellers’ market to experience multiple offers on a property shortly after appearing on the MLS. Buyers are encouraged to come prepared to make well-informed decisions and to move quickly once they find the property that most appeals to their goals.
2021’s fast-paced market continued through the first quarter of 2022 and according to our local MLS, Q1 2022 resulted in a 16% increase in average sales price, to $670K, and a 13% decrease in total units sold. Available inventory decreased 39% from one year ago, compounding the previous 48% decrease in Q1 2021 compared to Q1 2020 for a two-year Q1 decrease of 68%.
Sales in the $1M-$2M price category have remained strong, from 80 homes in Q1 2021 to 79 homes in Q1 2022. In addition, sales of homes $2M+ increased by 41%, from 17 in Q1 2021 to 24 in Q1 2022. Overall days on market dropped 44% compared to a year ago, an average of 68 days in Q1 2021 down to 38 days average on market in Q1 2022. While our brisk market shows continued signs of buyer demand, Santa Fe remains one of the best priced luxury markets in the Southwest.
Click here for the 2022 First Quarter Market Update.
As always, we are committed to providing the highest quality service and will continue to support you with a suite of traditional and virtual marketing tools that are proving effective for both buyers and sellers today. Our goal in sharing market data with you is to create a better understanding of the trends affecting our unique housing market. 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.