In the third quarter of 2015, residential sales in Santa Fe continued at a relatively steady pace.

• According to the Santa Fe Association of Realtors Multiple Listing Service, recorded sales in all but one price band increased – with a healthy and welcome uptick of 14.29% in the $1 million to $2 million price range.
  

• Average days on market declined slightly in all but one price band.

• Although sales were steady, both average and median prices continued their slight downward trend; a good sign for those buyers wishing to enter the market before prices begin to rise.  This trend may be nearing an end since listing inventory across the board showed double-digit declines in all but one price category – certainly a call to action for those buyers on the sidelines.
  

Sotheby’s International Realty ended the third quarter of 2015 by closing the significant sale of Forked Lightning Ranch, formerly owned by Jane Fonda, which had been listed at $19.5 million.

Click here for the Third Quarter 2015 Market Update Report report.

My hope is that you find this update helpful and informative, with links to articles and market trends.  If you are in the market to buy or sell or know someone who is, please allow me to be of assistance!

Warmest regards,

I am pleased to report that the Santa Fe residential real estate market signaled good news for both buyers and sellers throughout the second quarter of 2015, according to Santa Fe Association of Realtors Multiple Listing Service.

• The good news for sellers was reflected in the fact that sales rose in nearly all price bands while average days on market across all price ranges remained relatively flat in the second quarter of 2015.

• The good news for buyers was revealed in the fact that homes remained affordable in Q2 2015 as both the average sales price and median sales price experienced slight declines.
  

• 78% of residential sales in the Santa Fe area remained under $500,000, highlighting the affordability of the market.  Sales in price ranges from $500,000 and above continued to be relatively stable.
  

In summary, the Santa Fe market remains a supremely attractive and affordable alternative to many other destination markets.

Click here for the 2015 Second Quarter Market Update report.

My hope is that you find this update helpful and informative, with links to articles and market trends.  If you are in the market to buy or sell or know someone who is, please allow me to be of assistance!

Warmest regards,

Annualized expected growth from Q4 2012 – Q4 2017:  9.0%

2. Santa Fe, New Mexico

Read the full article

Daily Real Estate News | Wednesday, December 31, 2014

—By Melissa Dittmann Tracey, REALTOR® Magazine

After a slowdown in the market this year, housing analysts and economists have high hopes for 2015. The real estate market is expected to build momentum across the board nest year, mostly because of a strengthening economy.

Here’s a recap of some of the real estate forecasts for 2015:

1. Millennial force: Younger professionals are having more luck in the job market, which is expected to help more of them jump into home ownership in the new year. Overall, employment is on the rise, but jobs for Millennials — particularly those aged 25 to 29 — has risen by 3 percent. That’s one percentage point above the nationwide rate. According to some forecasts, Millennials are expected to drive two-thirds of household formations over the next five years. The forecasted addition of 2.5 million jobs next year, as well as an increase in household formation, will likely drive more first-time home buyers into home ownership, according to realtor.com® projections.
2. Home prices stabilize: The double-digit price increases seen in 2013 have slowed, and more stable growth was the trend in 2014. As investors have retreated from the market, so have the rapid home prices in many markets. Home prices are expected to continue to edge up in 2015, with realtor.com® predicting a 4.5 percent gain. “After two years of abnormally high levels of home-price appreciation in 2012 and 2013, price increases moderated throughout 2014,” realtor.com® notes in its 2014 Housing Review. “We are now experiencing increases in home prices consistent with long-term historical performance.”
3. Mortgage rates rising: Interest rates the last few months have been dipping below 4 percent, lowering the borrowing costs of home buyers and refinancing home owners. However, don’t expect the low rates to stick around much longer. Mortgage rates are expected to rise next year. Freddie Mac projects mortgage rates will likely average 4.6 percent but inch up to 5 percent by the end of 2015.
4. Return of the 3 percent down payment: New programs are popping up to help more buyers break into home ownership with lower down payments. In early December, Freddie Mac and Fannie Mae announced conventional loan down-payment programs that will allow qualified first-time buyers to secure a fixed-rate mortgage with a 3 percent down

Read the full article.

Santa Fe, New Mexico Named in Conde Nast Reader Poll

Readers appreciated the “peerless vibe, like nowhere else,” the “spiritual scenery” of the surrounding countryside, and an abundant variety of arts and crafts (“a short drive north you’ll find Chimayo, where families of weavers have been making rugs, blankets, and tapestries since the 19th century and are as lovely the products they produce”). A “world-class foodie scene” and “wonderful Japanese-inspired spa at Ten Thousand Waves” pop the city back on the list once again.

Read more at Conde Nast Traveler…

Santa Fe, New Mexico has been named the Best Small City in America by Condé Nast Traveler’s 26th annual Readers’ Choice Awards, a ranking of the best cities, islands, cruise lines, airlines, hotels and resorts in the world.

Condé Nast Traveler had 79,268 readers participate in the 2013 survey, resulting in 1.3 million votes.

The publication credits the destination’s cultural scene as one of its best assets, noting, “no other place in the country so beautifully reflects the art, architecture, food, and crafts of centuries of Native American, Spanish, and Mexican influence.” Also included was a recommendation to visit the Museum of International Folk Art (MOIFA) on Museum Hill.

“It is an honor to be at the top of this impressive list,” Santa Fe Mayor Javier M. Gonzales says. “We work tirelessly to highlight and expand upon the creative, innovative and diverse attributes of our city; we hope everyone will seize the opportunity to take in one of our many markets, Railyard events or just grab a bite and enjoy some live music on The Plaza.”

The complete ranking of the Best Small Cities in America includes:

1. Santa Fe, NM
2. Carmel-by-the-sea, CA
3. Napa, CA
4. Telluride, CO
5. Newport, RI
6. Santa Barbara, CA
7. Jackson Hole, WY
8. Aspen, CO
9. Sedona, AZ
10. Key West, FL

Read the complete article at LuxuryTravelMagazine.com.

While the first quarter statistics are not all that encouraging, the current activity and momentum in the Santa Fe real estate market makes me extremely optimistic about the remainder of 2015.

• According to the Santa Fe Association of Realtors, city and county home sales declined by 10 percent during the first quarter of 2015 when compared to the first quarter of 2014.

• In addition to a decline in closed sales, the average and median prices also declined slightly. The month of March 2015, however, reflected a slight improvement in the number of closed sales from one year ago which may be a harbinger of things to come as we approach the spring and summer seasons.

• As you will see on page 5 of this report 79 percent of all reported closed sales occurred in price ranges under $500,000 with a corresponding significant decline in available inventories in the same price bands. In fact, inventories in all but one price range have decreased noticeably which may support the possibility of an anticipated upward trend in sales prices throughout the second and third quarters of 2015.

Click here for the 2015 First Quarter Market Update report.

My hope is that you find this update helpful and informative, with links to articles and market trends.  If you are in the market to buy or sell or know someone who is, please allow me to be of assistance!

Warmest regards,

Continued Stability

The Santa Fe real estate market closed out the final quarter of 2014 relatively unchanged— continuing the stability it had experienced during the preceding two quarters.

• According to the Santa Fe Association of Realtors, when compared to one year ago, units sold, average days on market and average sales price remained only slightly changed with a slight increase in number of units sold (99).
• As one examines the breakdown of closed sales, a clearer picture emerges showing double-digit or near double-digit percentage increases in four of six price categories, with healthy increases in the $750,000 to $999,999 ranges (+14.15%) and the all-important ranges of $1M to $2M (+8.88%).
• Average days on the market remains relatively stable in most price categories with an impressive decline in days on market found in residences priced above $2M, a reflection of the fact that sellers in this price category were pricing homes more realistically from the point of view of active buyers.
• Seventy-six percent of all Multiple Listing Service recorded sales were under $500,000, a mere two percent decline in that price category from one year ago.

As we enter the first quarter of 2015, it appears that the stability achieved throughout 2014 will continue to be the trend at least for the not-too-distant future.

Click here for the 2014 Fourth Quarter Market Update report.

My hope is that you find this update helpful and informative, with links to articles and market trends.  If you are in the market to buy or sell or know someone who is, please allow me to be of assistance!

Warmest regards,

WASHINGTON (January 29, 2015) – Despite interest rates being at their lowest level of 2014, pending home sales cooled in December but remained above year-over-year levels for the fourth consecutive month, according to the National Association of Realtors^®. All major regions experienced declines in December.

Lawrence Yun, NAR chief economist, says fewer homes available for sale and a slight acceleration in prices likely led to December’s decline in contract signings. “Total inventory fell in December for the first time in 16 months, resulting in fewer choices for buyers and a modest uptick in price growth in markets throughout the country,” he said. “With interest rates at lows not seen since early 2013, the strength in existing-sales in upcoming months will largely depend on the willingness of current homeowners to realize their equity gains from the past couple years and trade up.”

Adds Yun, “More jobs, increasing consumer confidence, less expensive mortgage insurance and new low down payment programs coming into the marketplace will likely lead to more demand from first-time buyers.”

Total existing-homes sales in 2015 are forecast to be around 5.26 million, an increase of 6.6 percent from 2014. The national median existing-home price for all of this year is expected to increase between 4 and 5 percent. In 2014, existing-home sales declined 3.1 percent and prices rose 5.8 percent.

Read the full article.

Stable Market – A Welcome Sign

During the third quarter of 2014, the real estate market in Santa Fe positioned itself as relatively stable with median prices showing a slight decline and average prices reflecting an ever-so-slight increase, according to the Santa Fe Association of Realtors.

• 77 percent of sales in the market remain under $500,000 while sales at or above that mark remain static as well.

• Average days on market in the upper end of the market ($1M and above) declined rather dramatically even as inventory in the same price ranges increased by more than 12 percent from one year ago.

As the final quarter of 2014 approaches, the catch word to describe the current local real estate market appears to be “stable,” a welcome sign as we prepare to enter the final stretch of the year.

Click here for the 2014 Third Quarter Market Update report.

My hope is that you find this update helpful and informative, with links to articles and market trends.  If you are in the market to buy or sell or know someone who is, please allow me to be of assistance!

Warmest regards,

by Kristin Butcher, TheActiveTimes.com

Sante Fe has plenty in its favor. It’s an artsy town with beautiful views of the Sangre de Cristo Mountains and it’s more than 400 years old, which is flat-out cool. Riding past adobe architecture and galleries, riders can pedal to more than 50 miles of trail and choose whether to get lost in the 30-mile spaghetti bowl of twisty Dale Ball trails, head out for more technical adventures on the Whoops, or treat themselves to 8 miles of giggle-inducing downhill on the Windsor Trail.

Read the full article

The Santa Fe Convention and Visitors Bureau website offers loads of information about upcoming events, where to stay, where to eat – and even where to find services for your pet.

Visit SantaFe.org – a great resource for planning your next trip to Santa Fe.

DeMarco Williams, Contributor

You’ve seen blue skies before, but you haven’t seen them quite like this. Santa Fe’s blue looks almost Photoshopped it’s so crisp. Combine that piercing hue with the earth-toned adobe buildings the area is synonymous with, and you have the kind of breathtaking scene a writer would go on and on about in a sonnet. And wouldn’t you know it? Many have. A muse if there ever was one, The City Different, as Santa Fe is lovingly referred, has inspired the words of Willa Cather, the brushstrokes of Georgia O’Keeffe and the design sketches of Tom Ford. After 48 hours in the New Mexico capital city, a similar feeling will resonate in you. You won’t necessarily be sparked to create a work of art all your own, but you’ll certainly have a better understanding as to why others were motivated to do so.

Read more…

Santa Fe’s 10 Best Cultural Restaurants

Famous for being the oldest capital in the United States, the beautiful desert town of Santa Fe provides a melting pot of cultural cuisines. From traditional New Mexican bean and chilli-based dishes to contemporary fusions influenced by South-western, Mexican, Mediterranean, Asian and African cuisine, Santa Fe’s culinary scene is generous, full of flavour and based on the freshest locally produced ingredients as the following restaurants reveal.

Read more…

The holiday season is upon us!  I wish you and your family all the blessings of the season.

In the third quarter of 2013, the Santa Fe real estate market has shown continued, yet gradual, signs of improvement.  Most notable is the highest sale of 2013, which occurred in later October, for just under $4,000,000.  Sotheby’s represented the seller in that transaction.

Some of the positive signs from the third quarter of 2013 are expressed in “A Message from Our Qualifying Broker: Promising Signs”.

More Useful Links

• Dr. Lawrence Yun, Chief Economist, National Association of Realtors:  Real Estate and Economic Outlook
• Market Performance:    Residential Sales;  Single Family Homes, Condos & Townhomes
• National Association of Realtors:   Recovery to Continue in 2014
• Business Insider.com:    Best Housing Markets in the Next 5 Years
• USA Today Travel:    Canyon Road – Iconic American Street
• Santa Fe Style Magazine:  Summer 2013 Edition

The First Three Quarters of 2013 in Review

• Land sales increased by 75 units, or 33.04%, from January through September 2013 compared to the same period in 2012. This upward trend can be attributed to the corresponding decrease in land prices.
• Total units sold for the first three quarters of 2013 outperformed the same period last year by 11.05%.  This improvement was seen in both land and residential sales, including single family homes, townhouses and condominiums.  May 2013 was the best month for land sales with 22 more parcels sold than in May 2012.  For residential sales, July through September 2013 were the high-performing months, with 47 more residential units sold compared to the same period in 2012.  Residential sales had an overall increase of 7.29% for the first three quarters of 2013 over the same period last year.
• 77.1% of all residential sales in the first three quarters of 2013 were priced below $500,000; 18.4% of the sales were in the price range between $500,000 and $1,000,000; and 4.5% of the sales were priced over $1,000,000.
• Eleven sales occurred above $2,000,000 in  the first three quarters of 2013; the highest sale through September was $3,395,000. The market above $2,000,000 is just starting to see promising signs of recovery.
• Where are the buyers coming from (October 2012 through September 10, 2013)?
  • Almost half (47.8%) of our buyers are from right here in New Mexico. Of the 248 purchases by New Mexicans, 33 of those sales were for properties that sold for over $750,000.
  • Buyers from Texas and California represent the next largest groups in our market.  They are essentially tied with 61 and 60 sales respectively.  Forty percent of transactions (24) closed by California buyers were purchases over $750,000.  For the Texas group, 18 of the 61 sales (30%) were purchases over $750,000.
  • Colorado and Florida are neck and neck with 16 and 14 sales respectively.  Two properties purchased by parties from our northern neighbor, Colorado, were purchased for over $750,000.  Of the 14 buyers from Florida, two transactions involved a property purchased over $750,000.

I hope you find this update helpful and informative, with links to articles and market trends.  If you are in the market to buy or sell or know someone who is, please contact me!

May you find time this holiday season to enjoy the things you hold closest to your heart.

Warmest regards,

Rates and Home Prices Predicted to Rise

By Nick Caruso, RISMedia.com

The real estate market will continue its road to recovery in 2014, with home prices rising 6 percent and mortgage rates
hitting 5.4 percent. In addition, demand is predicted to plateau, all according to Lawrence Yun, chief economist and senior vice president of Research for the National Association of REALTORS®, who presented his 2014 market forecast during last week’s REALTORS® Conference and Expo.

Other factors aim to set the market back on the right path.  Although there could be a possible negative impact due to rising
mortgage rates, job creation and loosening underwriting standards should balance out 2014’s sales volume.

“There were two million jobs created in the past few months and we’ll see the same next year,” says Yun.  “These people could potentially enter the market.”  Yun does not see, however, an increase in unit sales nationwide, as inventory levels remain an issue to keep an eye on.  Currently, the nation is under one million and this number needs to increase 50-60 percent in order to get back to normal numbers.

“I don’t foresee that next year, but maybe we can at least make up half the needed gain to steadily reduce the inventory pressure,” he says.  While existing home sales are expected to remain flat at roughly 5.1 million units, new homes could rise by 25 percent from 430,000 to 510,000 next year.  This part of the market is still in recovery due to the difficulties for smaller builders to obtain financing.  This should continue easing throughout the next year.

When prompted further about how the rising mortgage rate will affect sales and the market, Yun responded, “Assuming nothing changes further, I believe it takes about 10 percent right off the top in terms of people who qualified this year versus the same people who would qualify next year. If need be, NAR will be pushing for new legislation to clarify what QM and QRM are so that we don’t get hit by that 10 percent.”

With the housing market is recovering for most Americans, homeowners will be more concerned than ever about their home values in 2014.  Actual price increases for 2013 was 11 percent, which is now expected to be a six percent rise next year.  The way to relieve home price pressure is for more inventory to come into the market, says Yun.  “We were surprised by how fast inventory would decline, but there was always a fresh set of inventory trickling in as it went out,” he says.

Overall in 2013, investor activity has been normal, but numbers slightly declined.  Though, more small-time investors entered the market, staying one step ahead of the population, consistently punching numbers to see what transactions made the most sense for them.  “If investors remain active, it implies that housing is a good buy,” says Yun.  Despite some cautionary areas, the real estate market has its beacons of potential.  The industry may not be back to its best numbers yet, but we are still heading in the right direction and making our way down that road to recovery.  “We’ve had a decent year this year and next year will be roughly the same.”

2nd Place Winner:  Canyon Road in Santa Fe, New Mexico

Santa Fe uniquely captures the spirit of the American Southwest, while offering visitors 400 years of history and amazing art . . . all along historic Canyon Road. The half-mile stretch of adobe buildings in Santa Fe’s arts district has more than 100 galleries – many specializing in Native American arts and handicrafts – and restaurants serving Southwestern cuisine.

Read more…

10 Great Places to Live, 2013

by the Editors of Kiplinger’s Personal Finance magazine

What makes a city a great place to live? By our definition, good jobs, reasonably priced homes, decent schools, great health care and manageable size are all essential parts of the mix.  We started with metro areas that have a population of 1 million or less and came up with a list of cities that met those criteria.

Then we whittled the list to ten cities and sent Kiplinger’s reporters to each one to find the extra ingredients that make them special: say, a gorgeous setting, a green sensibility, a brainiac population or a rah-rah sports culture.  Want to see a moose on your daily walk?  They’re a common sight in our #9 city.  Rub elbows with celebrities?  A surprising number of them call our #4 city home.

#4 – Santa Fe, New Mexico

Population:  144,170 (metro area)

Unemployment rate: 5.0%

Cost-of-living index:  NA

Median household income:  $53,698

Median home value:  $379,000

What the locals love:  The diversity, the climate and the free “Music on the Hill” jazz concert series in the summer.

Wander among the pueblo-style structures of Santa Fe’s downtown on a sunny day and you’ll see craftspeople spread their wares outside the 400-year-old Palace of the Governors, now part of the New Mexico History Museum.  Or you can stop in at restaurants such as The Shed, which serves dishes reflecting Spanish and Native American influences.  Art galleries line Canyon Road.

Locals enjoy free outdoor concerts at the central plaza bandstand, and six miles from the heart of town, the outdoor amphitheater enthralls opera-goers.  Outdoor enthusiasts can hit nearby hiking and biking trails or head to the ski slopes at the Sangre de Cristo Mountains, about a half-hour drive from downtown.  Getting around on foot can be a challenge, but efforts are under way to improve sidewalks and clean up sections between popular attractions.

Tourism, government (Santa Fe is the state capital of the Land of Enchantment) and the Los Alamos National Laboratory dominate the local economy; and the health care sector is set to grow.  The city also fosters programs to encourage entrepreneurship in areas such as green technology and new media, to diversify the economy and to encourage young people to stick around.  Santa Fe’s cost of living is a little higher than in other parts of the state.  Many of the public schools are underperformers, so some families choose to live in districts with better schools or send kids to one of 43 private schools in Santa Fe County.  But the setting truly is enchanting.

Rebound Report Shows All Top 100 Markets Improve, Positive Equity Returns

 Monday, July 1, 2013 – RISMedia

In the latest round of positive housing news this week,  Homes.com is reporting gains for single- family properties in all top 100 markets for the first time, improving from 96 and 91 markets in the two previous reporting periods. This, according to its latest Local Market Index, a price performance summary on repeat sales of properties in the U.S. based on home pricing data for the period ending April 2013.

As a complement to the Local Market Index, Homes.com released an exclusive Rebound

Report, highlighting how the housing recovery process is unfolding across the country. Rebound data for April 2013 revealed that 14 markets across the U.S. are fully recovered – up from the previous month’s nine markets.

Additionally, 35 U.S. markets now show a rebound of 50 percent or more.

“The latest round of report findings supports a growing confidence in the housing market,” says Brock MacLean, executive vice president of Homes.com. “With home prices posting the strongest gains in seven years, the Rebound Report is another indicator of a positive turn. In one month alone, we have seen five new markets reach recovery. Adding to that momentum, all top 100 markets recorded gains for the first time, indicating the recovery continues to build across the country.”

This news comes following a wave of positive housing recovery news we reported last week including a significant jump in April home prices – posting record monthly growth and the fastest year-over-year growth in seven years; and both new-home sales and consumer confidence each reaching five-year highs.

Several Great Markets and Music Festivals

INDIAN MARKET WEEK™ – August 12th through August 18th

SWAIA will celebrate its 92nd annual Santa Fe Indian Market the week of August 12-18, 2013. This spectacular festival brings over 150,000 people to Santa Fe every August with its unique, exciting and inspiring events. From families with young children to avid art collectors, Santa Fe Indian Market attracts international visitors from all walks of life. For many visitors, this is a rare opportunity to meet the artists and learn about contemporary Indian arts and cultures. Most events are free and open to the public. Join us! It will be an experience of a lifetime.

Indian Market Week

62^nd ANNUAL TRADITIONAL SPANISH MARKET – July 27th & 28th

The rich Hispanic culture of New Mexico will be celebrated at the 62^nd Annual Traditional Spanish Market, Saturday and Sunday, July 27th & 28^th, 2013 on the Santa Fe Plaza.  A popular event for residents and visitors alike, Spanish Market features handmade traditional art from hundreds of local Hispanic artists, as well as on-going live music and dance, art demonstrations, and regional foods throughout each day.  Come meet the artists and their families as they share the experience of their living Hispanic heritage as it has existed in New Mexico for more than 400 years!
Spanish Market

SANTA FE OPERA – June 28th through August 24th

There are plenty of treats at this prestigious festival, which includes Stephen Lord conducting Joyce DiDonato and Lawrence Brownlee in Rossini’s “Donna del Lago.”  Emmanuel Villaume leads Offenbach’s comic “Grand Duchess of Gerolstein,” with Susan Graham in the title role; Lisette Oropesa, Susanna Phillips and Daniel Okulitch star in Mozart’s “Marriage of Figaro”; Laurent Pelly directs Verdi’s “Traviata.”  The lineup also includes the premiere of Theodore Morrison’s “Oscar,” based on the life of Oscar Wilde and featuring the countertenor David Daniels in the title role.
The Santa Fe Opera, (505) 986-5900

SANTA FE CHAMBER MUSIC FESTIVAL – July 14th through August 19th

A host of distinguished visiting artists including Jeremy Denk, Daniel Hope, and the Orion and Shanghai String Quartets will perform at this festival nestled in the Sangre de Cristo Mountains, where Garrick Ohlsson is artist in residence.  A workshop for young composers will culminate in three world premieres presented alongside Marc Neikrug’s String Quartet No. 4.
Santa Fe Music Festival, (888) 221-9836