November to November numbers always give me a good indicator as to any market shifts in play before the holidays, especially in Santa Fe real estate. Why? The holidays are when our city appears to just double in size with people. It feels like two months of Indian Market. Given this new landscape of real estate, it is important to step back and look at the numbers to get a handle on if what I see is actually really happening. From experience, it did appear home and land buyers were continuing to jump off the fence. In Santa Fe, this could be a coyote fence (shown here) which is not comfortable to be on in the first place. Here are is the number story for November 2011. If you are a buyer or seller still on the fence it is time to see what happened. Here are some important facts:
- The total home sales volume increase 12% from $38.1 million in Nov 2010 to $42.8 million in Nov 2011.
- The median price of homes in the city and Santa Fe County jumped EIGHT percent from $338,094 in Nov 2010 to $365,000 in Nov 2011.
- The median price of condo and townhome sales jumped 29% from $229, 000 in Nov 2010 to $290,000 in Nov 2011.
- The median price of land sales moved up 27% from $90,000 in Nov 2010 to $127,000 in Nov 2011.
What does this mean? Aside from all real estate everywhere being local, it does appear buyers of Santa Fe real estate are were more confident in the Santa Fe real estate market than 2010. This is good news for Santa Fe. It appears supply and demand is back and a normal market is taking shape. If you are a buyer or seller and now that it is mid-January, you might want to give me a call at 505-660-4541 to discuss your home buying or home selling plans for this new year. As Bob Dylan said, times are a changin!
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