The first quarter sales of 2018 revealed a solid and healthy trend upwards. This is welcoming news for new opportunities for growth in new construction. Like the image, the doors are opening more towards a seller’s market in residential housing, yet still depending upon property location and asking price. The Santa Fe Association of Realtors reported total residential sales of single family homes, townhomes and condos in Santa Fe County increased by 16% over the same period in 2017. Median prices of residential sales jumped by 7% while the average selling price increased by 5% to $421,700. This first quarter activity created a significant decrease in days on market for nearly all properties other than those priced above $2,000,000.
At the same time, this continued trend reduced the inventory of existing residential properties to the lowest level in the last three years except high end luxury properties two million and above.
If you have any questions about this update, please do not hesitate to contact me for more details.