Depending upon whom you talk to, the real estate market is either doing great or it’s fairly awful. Why such a varied experience? What we all know about real estate: it’s location, location, location. The 3rd quarter statistics were released on October 2nd by the Santa Fe Association of Realtors and it’s time again to see how we are doing. Across the board, sales in the city were down considerably over this same time last year and many areas saw a decline in median sales prices, as well. Meanwhile, sales in the county increased over 11% from the 3rd quarter of 2013 and the county enjoyed an overall increase in median sales price to $420,393 from $400,000 this same time last year.
In the Northeast city limits, sales from the 3rd quarter were the same from 2013 with 38 properties sold during the 3rd quarter but the median priced slipped 1.5% to $682,500. The Northwest city limits experienced a 50% decline in sales for the 3rd quarter of 2014 but the median price increased 8% to $385,000. The Southeast city limits experienced the largest decline in sales with only 38 homes sold last quarter as compared to 63 from the same quarter in 2013. The Southwest city limits had an 8% decline in sales but a small increase in median sales price to $230,000 over $224,500 from 2013.
The areas of Tesuque and north county had a 50% increase in sales with 12 properties sold in the 3rd quarter of 2014. The median sales price dipped from $562,500 in 2013 to $522,000 for the same quarter. The Northwest quadrant had a boost in sales from 44 for same quarter in 2013 to 50 for 2014 and the median sales price remained relatively unchanged. The Southwest County had a 13% increase in closed sales for the 3rd quarter with an increase in median sale price to $291,988. Eldorado had a boost in homes sold by 17% for the 3rd quarter and the median sales price dropped by 3% to $336,083.
Overall, total sales volume for the city limits is down by almost 23% from 2013. Pending sales for the 3rd quarter are down almost 30% from the same quarter last year while overall year to date pending sales are down 8%. Closed sales are down by 5% from the 3rd quarter of 2013 however closed sales year to date are up by 3%. The days on market until a sale has increased slightly to 170 days this year from 166 days in 2013. The median sales price is down slightly from 2013, from $300,000 to $293,750. The average sales price is up slightly so far this year to $391,180 from $388,008 last year. The percent of original list price received so far this year is roughly the same as last year at 91.5%. New listings for this same quarter are down sharply from 2013 while inventory for the year has remained unchanged with 2315 homes for sale in 2014 versus 2302 at this same time in 2013.
With inventory tight in certain neighborhoods, more and more buyers are electing to build and as such land sales picked up in the county by over 13% with an increase in sales price to $117,500. While Santa Fe remains affordable and interest rates remain relatively low, it is still a great time to purchase a home. While historically the 4th quarter used to be fairly quiet, the last couple of years have seen an increase in buyer traffic and activity. We look forward to the final numbers to see how we fared on this roller coaster ride known as market recovery.