We think it’s safe to say the frenzy of the pandemic real estate boom has come to an end, but many things will remain changed long into the future. Buyer expectations have changed as have sellers–cash is king and being creative with offers and negotiations is now standard practice. Santa Fe has an elevated allure on the national psyche and we continue to see strong demand for well-priced homes as new construction begins to provide some much-needed inventory to our depleted market. While sales and prices are down across the board, they have fallen from a peak we all knew was unsustainable and we’re returning to a healthier, balanced market for 2023.
Despite the national headlines, we feel that 2023 will start a little slow and pick up pace throughout the remainder of the year. Many homeowners and longtime investors are looking to sell as larger building projects come to fruition, giving buyers a much-needed change of pace and options. This will, of course, affect pricing to some degree, but we anticipate relatively flat changes there as inward migration continues.
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