News Flash! Buyers have been quietly jumping of the fence in Santa Fe, New Mexico. The numbers which everyone wants these days show an interesting new stability and increase in our median sales price as this new landscape of real estate continues to evolve and change. The latest property statistics released today by the Santa Fe Association of Realtors reveals a new picture of our local real estate market demonstrating some new trends.
First, nearly 50% of all the areas in our local Multiple Listing Service did see an increase in the median SOLD price, including Southeast Area 03, Southeast South 3S in the city of Santa Fe and North 15, 16, Northwest 24,25 and Southeast 06, 11, 12, 27 in Santa Fe County. The Median Sales Price within the City of Santa Fe jumped by +7.3 percent from the 2nd quarter of 2010 to the 2nd quarter of 2011. The total County Median Sales Price jumped modestly upward from $413,750 to $417,500 or 0.8 percent over the 2nd quarter of 2010.
What does this mean for you as a Santa Fe buyer? Other buyers are jumping off the fence to take advantage of the relative new stability in Santa Fe housing prices. Their behavior has shifted prices upward and it is that simple given the historically low interest rates for home mortgages. At the same time, our inventory is 12 percent less than last year at this time. Why? Some sellers are simply not putting their homes on the market or choosing to rent to take advantage of the tight residential rental market given the demand for long term rentals in our destination market. The bottom line is Santa Fe homes are selling as more homes sold in the 2nd quarter of 2011 than the 2nd quarter of 2010. Not everyone is on the fence when it comes to Santa Fe real estate.
If you are considering relocating to Santa Fe from outside New Mexico, it is important to remember that all real esate is local. If you are only following national news media, you may be missing some of the opportunities other buyers are clearly finding in our local real estate market. If you want more information on the statistics or a consultation about new trends in our market, do not hesitate to take a few minutes of my time to discuss our local market or answer your questions. Either call me on my cell at 505-660-4541 or email santafe@emilymedvec.com for a detailed 2nd quarter report or to schedule a consultation. Remember, dreams can be made a reality when you are not on the fence watching them pass on by.
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