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Real estate market slows in Santa Fe area

Copyright © 2020 Albuquerque Journal

SANTA FE – Many key indicators of real estate market growth in the Santa Fe area moderated in the fourth quarter of 2019, after a record-setting third quarter, according to a report released Friday by the Santa Fe Association of Realtors.

The median sales price for single-family homes in Santa Fe and Santa Fe County combined was flat in the October-to-December period, at $460,000, while prices for townhouses/condos fell 1.4% from the 2018 fourth quarter, to $280,000.

In Eldorado, east of town, the average home price fell year-to-year by 11.2%, to $407,500.

By contrast, in the superheated third quarter of July to September, the price of a single-family home for the city-county area rose 7.8% year to year, to $451,625, while prices for townhouses and condos soared 25.2% over the same period, to $324,950.

The median sales price for single-family homes in the Santa Fe city limits fell 5.2% compared with the year-earlier quarter, to $384,000, and the median sales price rose 11.7% in the county, to $565,000.

According to the report, “Buyer demand continues to be strong but with low seller activity still in many locations, total sales are lower than what they would normally be in a more balanced market.”

“The Santa Fe housing market is experiencing historically record low inventories, putting pressure on housing prices, moving some buyers into the condo/townhome market,” Susan Orth, 2020 president of the Realtors Association, said in a statement. “But with low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy as we enter the new year.”

In many ways, it was a tale of two housing markets. New listings for townhouses and condos in the city and county climbed 21.7%, while new listings for single-family homes declined 22.0%.

Total volume of Santa Fe-area single-family home sales dropped from $266.6 million in the fourth quarter of 2018 to $237.1 million from October through December 2019, a decrease of 11 percent.