For better or for worse, Santa Fe and Las Campanas are following a national trend. We love to think that we’re the true “city different” but the graphs below show that right now, we’re “on trend.” Core Logic Case-Shiller reporting shows the median price of homes sold has risen year to date although the rate of growth has slowed and the number of homes sold has slowed as well, citing high interest rates and escalating prices.
Las Campanas repeats this story. The number of sales in Las Campanas are well below this time last year but prices have risen substantially. Much of this is due to supply being much lower than demand, but much is also due to the high number of just completed new homes being sold in our community. Construction costs have skyrocketed in the past few years and buyers are often preferring brand new move in ready homes with no updating or maintenance required. You can see the large jump in “price per square foot” reported below suggesting two things. One is that construction costs have gone through the roof. The other is that after the 2008 downturn, few new homes were being built, put on the market and sold, even in high end communities. Our middle age homes generally are commanding noticeably lower prices per square foot than new construction. Looking at 3rd quarter only, the story is the same.
Listing prices of homes for sale in Las Campanas range from $995,000 (the only home under $1,000,000 for sale in Las Campanas at this time) to $5,500,000 with prices per square foot ranging from $332.50 to $1,041.67. Sale prices year to date range from $1,050.000 to $4,300,000 with prices per square foot ranging from $316.72 to $914.92. There are 11 sales “pending”, meaning under contract but not closed. They range in list price from $1,049,000 to$5,395,000. The median list price of these properties is $1,995,000. We won’t know the eventual sale prices until these sales close. It’s certainly going to be interesting to see what the end of year statistics show.
Throughout all of Santa Fe, prices have gone up while the number of sales have decreased from where they were last year at this time. When the median price jumps from $400,000 in 2019 to $615,000 this year, it’s not a surprise that some people are priced out of the overall market. If we look at the 3rd quarter alone, we see a slight softening in the median price of homes sold while essentially steady sale prices.