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The Santa Fe real estate market is showing positive signs, although the median price for a home is down year-to-year, according to the latest quarterly report by the Santa Fe Association of Realtors.
“The Santa Fe housing market is picking up with sales up modestly over last year and pending sales showing an uptick,” Dan Wright, the association’s president, said. “The historically low interest rates are helping to get buyers motivated.”
Home sales within the city limits and in nearby county territory rose from 318 in the second quarter of 2011 to 336 for the same period this year. Pending sales were up just a bit, from 351 for the April-to-June period last year to 355 this year.
The overall median price of homes in the Santa Fe area for the quarter was $334,450, a drop from $359,000 for the same period in 2011.
Also, the dollar volume of home sales fell by 4.5 percent, from $151.9 million over the three-month period last year to $144.9 million this past quarter.
But days on the market for homes for sale also dropped, by 9.4 percent, to 238. The inventory of homes for sale is down nearly 15 percent, to 1,571. The percent of original list price received by sellers was up roughly 2 percent, to 89.2 percent.
Here is how the Realtors association summed up the quarterly indicators in its written analysis:
“Residential real estate has finally taken some meaningful strides toward recovery, and they’ve all been self-powered without divine (or governmental) intervention. Yes, there have been some head fakes in the past, but there’s real reason to believe that market turnaround awaits us.”
Also in the Realtors quarterly report:
♦ Condo and townhome sales for the past quarter totaled 74, up from 60 in the second quarter of 2011. The median price of condos and townhomes increased from $237,188 last year to $245,000 for the most recent quarter.
♦ Quarterly new listings were down about 4 percent, to 812.
