Condo and townhome sales rose in sales from last year with 60 sales in the 4th Quarter of 2009 and 76 in the same Quarter of 2010; however, the median price dipped from $250,000 in the 4th Quarter of 2009 to $232,500 or an 8% drop in the same Quarter of 2010. Land sales slowed from 43 in the 4th Quarter of 2009 to 32 in the most recent 2010 Quarter with prices down from a median of $160,000 in 2009 to a median of $134,500 in 2010. “While Santa Fe City and County single family home sales slowed in the 4th Quarter, condo and townhome sales showed a modest increase perhaps the first signs of the return of the second home market,” stated JoAnne Vigil Coppler, 2011 President of the Santa Fe Association of REALTORS®. “Sluggish sales in the 4th Quarter generally reflected the mood of the country as we settled in for the national Election results. More recently the market has shown an upswing of activity and buyer interest especially when interest rates began to inch up,” she added.
“With a seasonal drop in inventory, single family home sales have slowed with values holding steady in our housing market,” said Ms. Coppler. “Buyers who are watching the market closely; particularly the increase in interest rates and stabilization of several federal tax policies, are beginning to move off the fence,” she noted.