It is January 2012 and already there are some new signs of life in our local Santa Fe real estate market. It looks like the answer to if not now, when? to buy, might just be now or very soon. After three years of the average home sale price steady at near $400,000, there does appear to be a trend of balance in play. In the last quarter of 2011, there were 22 home sales of over one million. And there were 3 sales of over three million. These were not new record numbers, but they have been a solid pattern. Home sales in the price range of below $150,000 have been consistently above average.
The stable sales in the high price range tell me confidence has returned to the Santa Fe real estate market. A second factor is always the number of homes sold in each quarter. Here again, there is balance and consistency through 2011 with an average of over 425 sales for each quarter. At the same time, our inventory of homes on the market is the lowest now since early 2006. Given the attraction of Santa Fe has not changed, it appears there is still pent up demand for the Santa Fe lifestyle from retiring baby boomers.
If not now, when is the question on every Santa Fe home buyer’s mind who is still sitting on the fence. As supply and demand come back into play in a more balanced market, the inventory of deals and good buys will be reduced. And over time, prices will change too if this is the start of new upward trend. So, if not now, when? is the question today for Santa Fe real estate buyers to answer.