REAL NEWS! Many of you know me and know that I’m dedicated to giving you accurate information. I’ve heard several people say that “there are 81 homes under construction in Las Campanas.” This isn’t quite true. According to the Owners Association, in the 4th quarter we had 51 houses under construction and 35 other projects in process. These varied from major additions to re-stuccoing. In addition, 34 homes were in the design review process. I think this is a record for Las Campanas!
In 2019, 71 homes in Las Campanas sold (according to the Multiple Listing Service). These ranged in price from $479,000 to $2,850,000. Five additional homes have closed this month (January 2020) and 8 homes are currently in “pending” status. You can see in the graphs above and below that the average price floated around the same area as 2018, but the median increased. The “sold price per square foot” also increased. In fact, it increased quarter by quarter through 2019 from a low in the first quarter of $263 per square foot to $315 per square foot in the fourth quarter. What you can’t see in the graph is that in 2006, there were many brand-new homes (spec homes) that sold. Brand-new homes have always commanded top prices. Averages and medians are just a snapshot. The especially good news is that new residents are committing to exceptional homes now being built here in LC. What a tribute to our community! A few brand-new homes will filter into our statistics in 2020 and we’ll see the averages go up because of those sales. Homes built in the 90’s and early 2000’s have sold at discounts compared to brand new homes. It’s so important for sellers to have their homes in tip-top shape to take advantage of our strong market and sell at the best possible price. You’ve heard this from me before and I can’t stress it enough. We have the lowest inventory of homes on the market at any time in the 22 years I’ve lived and worked in Las Campanas. If you have any thoughts at all of selling your home, now could be the time!
Lot prices in LC have been stagnant, with the developer taking some of the air out of the resale market with their most recent offering – Tesoro Enclaves. As of earlier this month, here are the statistics for lots:
Active: 87 lot listings ranging in price from $45,000 (a property in Los Santeros) to $700,000 (a 6 acre property in the developer’s new Tesoro Enclaves).
Pending: 21 (of those pending, 19 are located with Tesoro Enclave)
Total Lots Sold: 52 in 2019
Lowest price lot sale: $27,500
Highest price lot sale: $400,000
We all celebrate the fabulous pricing in Tesoro Enclaves, but worry about the lack of increase in prices of existing lots – some of which are exceptional! We were involved in the sale of one of the least expensive lots in Las Campanas last year as well as one of the most expensive. We’re very fortunate to have such a wide variety for newcomers to choose from.
Throughout the city and county in 2019, average and median prices of homes sold surpassed 2006 levels. Two thirds of these homes sold at prices under $500,000. The number of residential lots sold throughout the area increased slightly, although prices fell a very small amount.
All of this seems to be great news for Santa Fe in general and Las Campanas in particular.
To say that all real estate is local is a true understatement. Even Las Campanas has distinct neighborhoods. If I can provide you with any information about your neighborhood or help interpret all of this data, please give me a call or send me an email.
Here’s to a great 2020!
We’re the true Las Campanas experts!