Santa Fe Median Sales Prices For Homes Reach $600K!

The Santa Fe Association of Realtors released their quarterly report earlier this month and found the median price for a single family home reached $600,000. The report shows quarterly trends in the market dating back to the first quarter of 2005. The $600,000 mark in the second quarter of 2021 is the highest mark during that time.

The report shows housing activity in both Santa Fe County and the city of Santa Fe.

Santa Fe Association of Realtors reported $378 million in volume of closed sales in the second quarter — a 106.6% increase from the second quarter of 2020. That volume was spread over 470 closed sales, which accounts for a 41.1% year-over-year increase. Santa Fe is experiencing decreasing days on the market (35 days) and housing inventory (227 homes for sale) — a 31.4% and 51% year-over-year fall, respectively.

“Sellers are motivated with pending sales up in 2021 for both single-family and condo and townhomes. Buyer demand remains strong and with historically low inventory, multiple offers are the norm with the percent of original asking price inching over 100% for single family offerings this quarter,” said Roger Carson, 2021 president of the Santa Fe Association of Realtors:  “As the quarter ended, lumber prices fell by more than half but still about double from their pre-pandemic levels. Lower lumber prices are a positive trend for both new construction builders and potential homebuyers.”

Among other benchmarks contained in the June report:

  • Monthly supply of inventory decreased 57.6% — to 1.4 months — when compared to the previous year.
  • New listings increased 17.4% — to 633 — when compared to the previous year.
  • The percent of list price received in the Santa Fe residential market increased 4.2% — to 100.1%.

The percent of list is calculated by dividing a property’s sales price by its most recent list price, then taking the average for all properties sold in a given month. The figure does not take into account seller concessions.

Earlier this month, Business First spoke with Garret Price of Price Land Development on the company’s big plans to end 2021. Those plans include developing 116 lots for the first phase of the Colibri community. Colibri will be located off Frontage Road near the Santa Fe Municipal Airport. The first lots are expected to be delivered by October.

According to the St. Louis Federal Reserve, in the Santa Fe MSA, there were 25 single-family permits pulled in May, compared to 28 a year ago.