Newsletter

February 1, 2010

What an incredible year it was!  We are celebrating the first anniversary of our business partnership and it has been a remarkable year for our clients and us.  There is no question that sales in Santa Fe were depressed in 2009, but take a look below – real estate is still selling and we’re proud that our clients are a major part of this success story. 

In 2009, Santa Fe saw a slide in both the number of city and county wide sales as well as in the median price. The number of home sales in the city and county combined dropped in 2009 by 12.7% from the year before after a drop of 26% from 2007 to 2008.  In the combined area, median price fell 9% from 2008 to 2009 after a drop of 11% from ’07 to ’08. We’re delighted to report that the number of sales for the first three weeks of 2010 has increased by 38%, with Sotheby’s leading the way.

Based on our research in the Case-Schiller Reports, the reports of the chief economists of the National Homebuilders Association and the National Association of Realtors and our study of absorption rates and pending sales in Santa Fe, it appears to us that although we are not out of the woods, we may be working our way to some stability in the local markets if we’re spared another wave of foreclosures or other economic dislocations.

Here’s some good news:  We alone closed over two dozen sales in 2009 and have more under contract right now. Sotheby’s International Realty saw a noticeable increase in closed sales in the fourth quarter of 2009 and a marked increase in closings for the month of January!  Sotheby’s marketing reach is second to none in Santa Fe.  Don’t hesitate to ask us about how we’ve made this an incredible year for so many buyers and sellers!

There’s even more good news:  absorption rates, while not outstanding, improved substantially in the final quarter of 2009.  Homes in the $500,000 to $1,000,000 range showed an inventory that will take 26 months to absorb down from 33 months in the second quarter. Over $1,000,000 there is a 46 month supply of homes on the market compared with a 58 month supply in the third quarter.  It‘s definitely a long time to have property on the market, but the trend is in the right direction. 

Don’t think that any broker who happens to be in the neighborhood is as good as any other.  Our success, Sotheby’s success and the success of our buyers and sellers proves otherwise.  Another myth we’d like to dispel is that no sales are made in the winter. Waiting until spring to sell your property isn’t a proven strategy.  Our sellers have had exceptional success in the first quarter of past years.  Waiting to buy for a few more months will almost assuredly mean higher interest rates.

Call us and let us tell you how we can make you part of this success.

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