On July 12, 2024, the Santa Fe Association of Realtors reported this news about our local Santa Fe housing market.
County home sales dropped by 18.2% in the 2nd Quarter from 176 units sold in 2023 compared to 144 units in the same quarter of 2024. County median home prices rose by less 2% from $800,000 in 2023 to $812,078 this quarter. Yes, sales dropped and prices increased!
Yes, sales dropped and prices increased. Today Santa Fe inventory has increased by 19.4% as of June 30, 2024 giving buyers more choice as our market trends toward a buyers market.
- During this same period, City of Santa Fe median home prices rose by less than 1% from $605,000 in the 2nd Quarter of 2023 to $608,000 this quarter. City home sales increased by 5.3% with 218 units sold this quarter compared to 207 in the 2nd Quarter of 2023.
- The overall volume of home sales dropped from $263.8M in 2023 to $333.6M in the 2nd Quarter of 2024 or by 8.3%.
- Condo and townhome sales fell again this quarter with a total of 113 units sold compared to 118 units in the 1st Quarter of 2023. The median price of condo/townhomes increased by 6.4% or from $426,500 in the 2nd Quarter of 2023 to $454,000 in 2024.
- Overall land sales dropped by a whopping 47.3% from 74 in the 2nd Quarter of 2023 to 39 this quarter. Overall median land prices jumped by 25% from $140,000 in 2nd Quarter of 2023 to $175,000 this quarter. The volume of land sales fell by 31.5% or from $16.4M in the 2nd Quarter of 2023 to $11.2M in this 2nd quarter of 2024. Yes, median land prices increase and land sales fall.
- Looking at the data, the association finds that the inventory of single family homes for sale in the City and County of Santa Fe increased modestly by 19.4% from a total of 360 in the 2nd Quarter of 2023 to 430 this quarter with a 3.9 month’s supply of inventory.
- Days on Market until Sale tracked at 41 days for single family homes and 41 days for condos/townhomes this quarter.
Today our Santa Fe real estate market data continues to be unprecedented following the pandemic boom and nearly a 40% in home prices, our changing age demographics, the lack of affordable housing for our local workforce, surging consumer prices and credit card debt due to inflation, unpredictable interest rates and the major changes coming soon (August 17th 2024) in the home buying Realtor representation process due to the NAR (National Association of Realtors) settlement for recent litigation. Stay tuned for impact on buyer representation if you are planning to purchase or sell a Santa Fe property in the near future.
This is why knowing current value of your property is critical. Our local Santa Fe real estate market is adjusting after the pandemic housing boom to more changes in our economy with surging consumer debt and unpredictable mortgage interest rates. So knowing YOUR property value is the best way to monitor and maintain your FINANCIAL HEATH. At the same time, improving and monitoring your credit score is important. Are you wondering where to begin?
Like many of my peers, I can provide you with a comparative market analysis. In my experience, most people on the move want more. If you are a Seller, I am partnered with eXp Realty to offer you an instant home value at no cost. By clicking this instant home value link, you will receive a detailed home price estimate…and what your neighbors homes are selling for! If you are a Buyer who wants more CURRENT details, I can give you more leverage with market information such as average listing price, price drops, new listings, etc. instantly by clicking on this my Market Report link.
What’s my take or the rest of the story and trends behind the numbers? It depends if you are selling or buying. In both cases, it is critical to be looking through the front windshield and not the rear view mirror. It is important to know if inventory is increasing or falling. By clicking on this link, you can see that the current supply of single family homes and condos and townhomes has increased substantially. More inventory typically means more choice for qualified buyers. Yet, longer days on market does put downward pressure on prices. As we enter the Summer 2024 selling season, increasing inventory is a positive trend for qualified buyers and investors. What is challenging is how mortgage interest rates just under 7% will continue to impact future buyer demand. The data from the 2024 3rd Quarter, available in September, will provide a better clue on our local market trends.
However, in my twenty plus years of experience, it is not possible for sellers or buyers to “time” the market. Yes, we have more information available at our finger tips which at times can be confusing especially if you ONLY read the headlines. Every market is local and within each market there are neighborhood and subdivision mini-markets. What is happening in those markets depends not only on the supply and demand of properties, but how future property taxes, increasing homeowner insurance costs, new HOA assessments and fees, the rising shadow new construction inventory and more. If you are on the move, do not let only mortgage interest rates (now hovering just below 7%) determine your selling or buying decisions.
Bottom Line: Take the time now to begin to evaluate your real estate needs and dreams, your current housing situation and begin to explore your options to plan ahead. Why? Our Santa Fe market always has opportunities! I am available for a consultation to help you outthink the shifts in our market. Click here to schedule a consult or email me your questions here. I hope you found this information valuable today. Thank you for reading, Emily Medvec. Now let’s connect soon!