The Las Campanas Real Estate News November, 2020

Remember March 18th of 2020 when we had our first “stay home” order in New Mexico? I think everyone held their breath for at least 3 or 4 weeks. None of us knew what would happen next. I don’t think anyone predicted with certainty what would happen to the real estate market. What did happen after two months of “quiet” in March and April was remarkable. Our market bounced back to a degree that should make everyone of us proud of Santa Fe! Santa Fe is resilient. Las Campanas is resilient. Not only have we recovered in numbers of sales, in average and median prices, but also in the trajectory of “price per square foot” which is truly noteworthy. We’re now in another “pause” to help control the spread of the virus. This clearly affects the flow of out of town visitors. Our recent history makes it clear just how resilient our community is though.

As of this date, there are 22 home sales pending in Las Campanas. The listing prices of the “pending” sales range from $945,000 to $2,180,000. Some of these are homes under construction. We won’t know the sale prices until they close. There were 83 home sales closed in Las Campanas in 2020 – very close to a record and up from 71 in 2019. The average price rose from $1,140,000 to almost $1,390,000.

The inventory of homes for sale in Las Campanas remains very low with only 26 homes on the market – very good news for sellers with well priced, well maintained homes. This is an exceptionally good time for sellers. Buyers have become increasingly sophisticated in their search and can easily spot properties that are overpriced compared to their competition. But buyers sitting on the sidelines may be disappointed when the property that they’re considering is sold to someone else who realized a bit sooner the great values available in Santa Fe and Las Campanas compared to many other destination markets.

The small number of homes available to buyers will help sales of homesites. Tesoro Enclaves came close to records set for lot prices seen only in the boom years of 2005 and 2006. Great homesites with views in other areas of Las Campanas should become more and more sought after. There are 63 homesites actively on the market at this time, with 8 sales “pending.” 61 sites sold in 2020 up from 52 in 2019. Of the sites sold in 2020, roughly 1/3 were developer properties in Tesoro Enclaves.

Santa Fe in general recovered very well from a Spring season with little activity. The City and County held their own with a total of 16 more sales than 2019, but a noteworthy increase in average price from $522,000 to $594,000. The downside of these price increases of course, is the strain on affordability. This was mitigated to some degree by record low-interest rates that appear to be on the stage for 2021 as well.

Here are our listings that we marketed and closed for our sellers in 2020. We’re so pleased to be able to help our clients even in such uncertain times.

What a year! We’re looking forward to another record-breaking year in 2021. We’d be please to share specific data with you. Just call or email.