What is going on in Santa Fe’s estate market right now? Are prices going up or coming down? Should you wait to sell or wait to buy? Right now in Santa Fe County we have 733 active homes for sale. And median home prices in the second quarter rose 5.1 percent over the same period a year ago in the city of Santa Fe, with the countywide median price up 7.4.
Home prices have continually risen over the last 3 years. Meanwhile the number of homes on the market have continued to decrease. In short, Santa Fe’s low inventory problem is what is driving prices up in classic supply and demand.
Construction costs and a shortage of qualified construction workers hamper new construction growth, ensuring that this problem isn’t going away anytime soon. Although there are several new construction neighborhoods hat are selling like hotcakes due to home shortages.
Although not new construction, the Resolana neighborhood has the most sold homes so far this year at 239.
Of the 1099, residences listed in Santa Fe county and City so far this year, 41% have sold in under 30 days for 98.5% of list price.
We know Santa Fe is a sellers market and selling now is AWESOME. But with rents continuing rise year after year, many renters are feeling the squeeze and seeing the need to buy and begin building equity. The good news is interest rates are so low right now and there are many loan packages that can hep you get into a home with less than 20% down.
They say the best time to buy is always 5 years ago and with the likelihood of a national recession right around the corner fading according to many economists, it’s looking like that will still be true 5 years from now.
So there ya go – awesome time to sell, especially if you’re looking to downsize and a really smart time to start building equity with low interest rate if you’re thinking of buying in a town who’s inventory problem isn’t going away anytime soon.