Las Campanas Through the Looking Glass! First Quarter 2024

There seems to be a lot of confusion about the recent news of the National Association of Realtors settlement with the DOJ. Much of the confusion comes from a lack of understanding by numerous news sources about the terms of the settlement. Here are the facts as presented on the NAR Fact Sheet:

“After the new rule goes into effect, listing brokers and sellers could continue to offer compensation for buyer broker services, but such offers could not be communicated via the MLS. MLS participants acting for buyers would be required to enter into written agreements with their buyers before touring a home. These agreements can help consumers understand exactly what services and value will be provided, and for how much”.

So….discount brokers can continue to offer discounted services. Full service brokers can continue to offer their moderate services and the highest level of services will continue to be offered by brokers wanting to give the best representation that any seller or buyer could want and should expect.

This is a very nuanced settlement, though. Please don’t hesitate to call me or email me if you’d like any more information at all.

Let’s go forward to the news of our community!

In Las Campanas, only 13 homes closed in the first quarter of 2024, compared to 20 in the first quarter of 2023. Average prices, though, rose from $1,723,098 to $1,923,296 quarter over quarter. Average price per square foot in 2023 was $519 and in 2024 it’s $493. The median price in the first quarter 2023 was $1,662,000 and $1,554,500 in 2024. Closing prices ranged from $1.2 to $4.3Million. Since the end of the quarter, 4 additional homes closed with prices ranging from $1,115,776 to $2,960,000. There are currently 4 additional homes under contract ranging in list prices from $1,500,000 to $3,895,000.

Is this significant? Probably not since the sampling is so small and we’re only in the first quarter. What it definitely does mean, though, is that the sky isn’t falling.

Let me know if you’d like a list of the homes that have sold so far this year and their prices.

In Santa Fe overall, prices are somewhat off from the first quarter of 2023 – an average of $739,408 in 2024 compared to $746,712 in 2023. The median price rose, though, from $521,200 to $550,000. The number of sales was down from 489 closed sales in the first quarter of 2023 to 381 in 2024. This decrease most surely is due to the lack of inventory coupled with strain on affordability.

Everyone I talk to wants to know what’s going on in the real estate market! Are prices in free fall? Is the real estate market in a downward spiral? Why are people not buying right this minute? I have so many clients who are buying and selling and here’s what they think:

1. It’s an election year and everyone is always nervous no matter who they support. (This happens every 4 years and rarely effects prices in the long term. Only economic factors do).

2. There’s global unrest (Unfortunately this always seems to be the case).

3. Interest rates are high. (This doesn’t effect our cash buyers, but there’s domino effect from the bottom to the top).

4. People don’t want to relinquish their 3% mortgages. (Who can blame them, but there are plenty of solutions!).

The real fact is that smart buyers are still making commitments to Las Campanas and Santa Fe. They know how unique we are and that prices will outpace mortgage interest rates.

Santa Fe and Las Campanas in particular have a charm that can’t be repeated elsewhere. Let’s welcome all of our friends!

Call me with any questions or input of your own. I’d love to hear from you.