AN UPWARD TREND
What a pleasure to report that every price group of homes sold in Santa Fe County
(including the City) showed an increase in the number sales in 2016 compared to 2015!
Even sales of properties over $2 Million rose by 1 sale – from 11 in 2015 to 12 in 2016.
That’s still less than half the number sold in both 2006 and 2007 and there’s still a four year
supply based on current inventory, but all upward momentum is truly welcome!
Overall there was an increase of 3% in the number of home sales countywide with an
increase in prices of about the same amount.
Interestingly, in the areas that I track, sales in the downtown area (our areas 1 and 3N)
were static or fell slightly year over year. Combined sales in the Northwest County
(our areas 25N and 25S) on the other hand rose as did prices. Las Campanas posted
noteworthy gains in average and median prices. The number of residential sales in Las
Campanas fell slightly which could certainly be due to the significant number of custom
homes built in 2016. It’s interesting to see so many people choosing to build at far higher
prices than the current market supports for existing homes, but many people want to
build their dream. All over the area, newer existing homes bring a higher price per square
foot than “middle age homes.”