Santa Fe Area Home Sales Down From 2013

From The Santa Fe New Mexican: The summer home-buying season was sluggish in Santa Fe, while outlying county neighborhoods posted higher sales, according to data released Thursday.

The number of closed sales in the third quarter of 2014 — the months of July, August and September — stood at 615 this year, down almost 5 percent from 2013 for the combined city and county, according to the Santa Fe Association of Realtors. The total dollar volume was also down some 7 percent from 2013 — from $192 million to $178.6 million this year.

“The real estate market is stable. We’re not seeing any more decline in numbers and there’s still a tight inventory,” said Coleen Dearing, president of the Santa Fe association and a broker with Coldwell Banker Trails West Realty.

But within the numbers for the most recent quarter actually were two markets. Sales inside the city tumbled 20 percent to 190 closed sales during the quarter, down from 239 a year ago. Sales in the county increased to 186, from 167, a jump of 11 percent. All quadrants of the unincorporated area posted increases in the number of homes sold for the quarter.

The median price of a sold home in the city declined 6.5 percent to $322,500 at the end of the quarter. The price in the county climbed 5.1 percent to $420,393.

Part of the increase in the unincorporated county area is due to more new construction of homes in Rancho Viejo, La Pradera and in the Homewise project of Tessera, adjacent to Aldea off N.M. 599.

The median price of a sold home in the city declined 6.5 percent to $322,500 at the end of the quarter. The price in the county climbed 5.1 percent to $420,393.

In Eldorado, sales climbed 17 percent from last summer with 41 closed sales, up from 35 in 2013. The median sales price in Eldorado declined 3 percent to $336,083.

Dearing said the Eldorado market has returned to normal with buyers and sellers on relatively equal footing.

“The most normal market right now is Eldorado,” she said. “The values are stable and houses are selling in a normal increment of time.”

Countywide, she said, September saw its usual drop-off in sales and there is still concern about rising interest rates, though that has not happened yet and borrowing is still cheap. But lenders are still very selective in what is required for documentation and income and there have been more deals lost due to financing than appraisal issues. “It’s just that the bank has no flexibility any more,” she said.

Additionally, many sellers have already dropped their price and that makes negotiations even tougher. “Sellers are kind of digging their feet in a little bit,” she said.

Contact Bruce Krasnow at

Market Overview

Year to date 2013 2014

New listings- 3,249, 3,100 -4.6 percent

Closed sales – 1,598, 1,646 +3.2 percent

Days on market – 166, 170 +2.6 percent

Median price – $300,000, 293,750 -2.1 percent

Sold price/original price – 91.9 percent, 91.5 percent