Santa Fe County Residential Market Report / Fourth Quarter 2020

What a year we had in real estate for 2020! We’re entering 2021 with record low inventories and our December average sales price was up a whopping 25% over where we started in January of last year. Construction costs have been increasing the past several years nationally by about 5% per year but local contractors will tell you it’s certainly more than that in Santa Fe. With little inventory of resale homes, we’re finally seeing a marked increase in new construction in both housing and apartments. That’s good because we need more options for buyers. Transactions of vacant residential land sales increased 77% between the 1st and 4th Quarters while the average price was up only 5.5% to $154,000.

There will be no diminishment of out of state buyers coming into Santa Fe; we’re seeing a younger demographic moving here and a higher percentage of them making Santa Fe their permanent residence as opposed to a 2nd or 3rd home. All this bodes quite well for owners of a residential property but makes it more challenging for the first time home buyer.

Posted by Barker Realty LLC on
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