July, 2008
The real estate beat goes on!
Despite the economy, despite the uncertain credit markets, despite oil prices, despite the stock market, real
estate in Santa Fe continues to sell! I donÕt want in any way to minimize the plight of many sellers who are seeing
longer times on the market, more competition, and in some cases declining values, but the fact remains that
680 homes in Santa Fe have sold this year. This is a marked decrease from last year in all price categories, but
once again, the realistically priced homes in the best condition continue to sell while over priced and under
maintained homes languish on the market. Just to give you a wonderful example, I listed a middle aged home
in the northwest area (Las Campanas) at what the owners agreed was fair market value in April. The owners
had completely re-stuccoed and re-roofed the home before we put it on the market. Within weeks it was under
contract and ready to close later this month. What it takes is a team effort to make this happen.
To illustrate that all real estate is local, compare these two locations; in Rancho Viejo, 31 homes have sold this year with an average price of $394,001 compared to 74 last year. In Las Campanas 23 homes have sold this year with an average price of $1,452,083, compared with 26 last year with an average price of $1,286,828. More generally in the city of Santa Fe, the average price of a home has decreased to $450,852 or 7.7% from the first half of last year. In the county, the average price has increased by 14% to $612,276.
One trend that seems to persist throughout the area is that sales of vacant land have stagnated. Sales in the city and county have fallen by 37.9%. I believe that this reflects not only general market conditions, but also the fact that many spec builders have elected to sit on the side lines until the economy sorts itself out and inventories start to decline.
On a very positive note, we are seeing the return of buyers who know that there is more inventory to choose from and who know that there is no fool proof way to time the bottom of any market. I hear time after time ÒWeÕre not getting any younger and weÕre going to live where weÕve always wanted to!Ó So Ð at the risk of sounding like a broken record, be sure your home is best in class if youÕre a seller. This is a challenging market, but with outstanding marketing and a team effort, yours can be the home that sells. If you are a buyer, enjoy all of the choices you have and take advantage of the still very low interest rates while we have them!
Some things can't be controlled by us, but the ones that can be controlled, should be in this market! Please call me or e-mail me if I can be of help to you or your friends in answering any of your real estate questions.
HOME SALES SANTA FE CITY AND COUNTY -JANUARY 1 TO JUNE 30, 2008
As reported to the Multiple Listing Service
| SALES | 2008 | 2007 |
| Total number of sales | 680 | 1018 |
| Number of sales under $499,999 | 454 | 637 |
| Sales from $500,000 to $749,999 | 118 | 214 |
| Sales from $750,000 to $999,999 | 51 | 83 |
| Number of sales over 1 million | 57 | 84 |
| Average sales price | $527,291 | $511,779 |
| Total dollar volume | $358,558,162 | $520,991,348 |
HOME SALES SANTA FE CITY ONLY - JANUARY 1 TO JUNE 30, 2008
As reported to the Multiple Listing Service
| SALES | 2008 | 2007 |
| Total number of sales | 358 | 528 |
| Number of sales under $499,999 | 252 | 341 |
| Sales from $500,000 to $749,999 | 64 | 111 |
| Sales from $750,000 to $999,999 | 22 | 38 |
| Number of sales over 1 million | 20 | 38 |
| Average sales price | $450,852 | $488,347 |
| Total dollar volume | $161,405,652 | $257,847,438 |
HOME SALES SANTA FE COUNTY ONLY - JANUARY 1 TO JUNE 30, 2008
As reported to the Multiple Listing Service
| SALES | 2008 | 2007 |
| Total number of sales | 322 | 490 |
| Number of sales under $499,999 | 202 | 296 |
| Sales from $500,000 to $749,999 | 54 | 103 |
| Sales from $750,000 to $999,999 | 29 | 45 |
| Number of sales over 1 million | 37 | 46 |
| Average sales price | $612,276 | $537,029 |
| Total dollar volume | $197,152,510 | $263,143,910 |
LAS CAMPANAS REPORTED LOT SALES - JANUARY 1 JUNE 30, 2008
As reported to the Multiple Listing Service
Individual Lots Sold:
| Total | Average Price | Median Price |
| 15 | $195,833 | $199,000 |
| Bulk Sale | Sold Price | |
| 1 | $1,625,000 | Bulk Sale of Parcels B & H (24 Lots) |
LAS CAMPANAS HOME SALES - JANUARY 1 TO JUNE 30, 2008
As reported to the Multiple Listing Service
| Total | Average Price | Median Price |
| 23 | $1,452,083 | $1,250,000 |
Homes Completed in Las Campanas: 604
Homes Under Construction: 82
Homes in Design Review: 62
LAS CAMPANAS MEMBERSHIPS STATISTICS
As reported to the Membership by Las Campanas
| Equity Golf Memberships allowed | 980 |
| Equity Golf and Unlimited Memberships issued | 828 |
| (includes "reserved" Equity Golf Memberships) | |
| Remaining available to be issued | 152 |
| Equity Social Memberships allowed | 437 |
| Equity Social Memberships issued | 254 |
| (includes "reserved" Equity Social Memberships) | |
| Remaining available to be issued | 183 |
| Equity Club Memberships allowed | 300 |
| Equity Club Memberships issued | 43 |
| (includes "reserved" Equity Club Memberships) | |
| Remaining to be issued by Developer | 257 |
| Additional Memberships "Reserved" category (Equity Golf, Equity Social, etc... unspecified) |
16 |
| Equestrian Residency Priveleges | 43 |