Santa Fe real estate market

The Santa Fe real estate market continues to remain in a situation with mixed signals and conflicted information. As long ago as February, Santa Fe was in a negative but stable situation, a conundrum that continues to the present day. According to a February 23, 2010 article in the New Mexican, “For the last quarter of 2008, the number of homes sold in the county fell from 132 to 106 and the median price dropped from nearly $550,000 to $427,500. And that’s after some discouraged sellers took their homes off the market. Most everything is taking longer to sell, especially higher-priced properties.” The article, written by Anne Constable, continued to say that “The good news is that there are relatively few foreclosures in Northern New Mexico compared to other parts of the country, and few people are under water – owing more on their houses then they are worth…New Mexico escaped the worst for various reasons…”

Another article in the New Mexican emphasized the muted effect of foreclosures on New Mexico homes for sale as compared to the rest of the country. The article found that “The number of U.S. households facing foreclosure in January increased 15 percent from the same month last year, and a surge in cash-strapped homeowners who’ve fallen behind on mortgages could be on the way.” The piece, also released by the Associated Press, went on to note that “There were 107 foreclosures in Santa Fe County in January, according to RealtyTrac…In New Mexico there were 1,281 new foreclosure filings and nine foreclosure sales, according to RealtyTrac…The rate of foreclosures in New Mexico remains low. In his most recent newsletter, Santa Fe title company executive Alan Ball said foreclosures in states such as California and Florida exceeded 400,000 last year. In New Mexico, by contrast, there were just over 7,000 foreclosures.”

Similar news for Santa Fe real estate was reported in an April 14, 2010 article in the New Mexican, which said that “Home sales bounced a bit in the first quarter of 2010, with sale volumes increasing across all sectors of the Santa Fe market, according to several measures. The Santa Fe Association of Realtors reported Wednesday that the total volume of city-county detached home sales increased 16 percent from a year ago to 205.”