Living in Santa Fe Blog - Market Reports

2024 Q3 Market Report

The real estate market is expected to strengthen in the final quarter of 2024, driven by improved conditions for both buyers and sellers. With interest rates stabilizing at more favorable levels, many buyers are finding it easier to secure financing, making homeownership more attainable. Additionally, there has been an increase in the number of homes on the market, providing buyers with more options and reducing the intensity of bidding wars. This greater supply has also led to more neutral negotiations between buyers and sellers, shifting away from the extreme seller’s market of previous years. As a result, buyers are gaining more leverage in discussions over price and terms, while sellers still benefit from healthy demand. Overall, these factors…

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2024 Q2 Market Report

At the halfway point of 2024, we are seeing the first signs of market stabilization: inventory is up, price reductions are more common, and the buyer pool can negotiate further than before. Looking at other markets like Austin, TX, and Denver, CO, we’re seeing a significant rise in inventory and Santa Fe is not lagging far behind. Sellers may not welcome that news as buyers have more options and leverage and the market becomes more balanced, however, the appreciation in home prices over the past few years has provided lots of padding. 

There are hints that the Federal Reserve may finally lower interest rates, just as prices begin to plateau. This, coupled with strong inventory, could provide more ‘normal’ market conditions for buyers and sellers.…

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2024 Q1 Market Report

It’s no secret that real estate has been in the news quite a bit recently so we thought it would be best to cover the major topics to keep you informed. While how we conduct a transaction might change due to these requirements, having a highly qualified broker to help you navigate potential challenges when buying or selling real estate in Santa Fe has never been more important.

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2023 Q4 Market Report

2023 will be the year remembered as the year our housing market started to find a new equilibrium. With interest rates peaking and cooling demand, many expected prices to correct more aggressively, however, that still wasn’t the big elephant in the room. Our inventory woes continued into 2023 and that propped up pricing, with the Santa Fe market still showing a modest 2.6% increase in median prices.

Overall demand did slow down, relieving buyers from the pressure of making fast decisions and sometimes frustrating sellers, who otherwise were expecting a frenzy of activity of years past. Our days on the market have returned to a healthy 60-day cycle, indicating we should see pricing stay relatively stable for the time being.

With many new…

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2023 Q3 Market Report

If you’re feeling like there are a lot of mixed signals out there, you are absolutely right. We simultaneously have more homes for sale with higher costs of ownership and increased uncertainty, yet our prices and demand are holding strong. We believe this boils down to Santa Fe continuing to be a highly sought-after destination–both for the second home buyer and also the young professional working remotely or for the National Labs.

Given the huge success of our summer markets, concerts, and local events, it is clear Santa Fe has regained its former national spotlight and continues to be a strong city for real estate. And while city leaders and the voting public wrestle with the challenges this brings, we remain optimistic that timely changes…

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2023 Q2 Market Report

Earlier this year all signs pointed to a significant slowdown, especially after multiple record setting years in 2021 and 2022. Yet somehow the second quarter of 2023 came back with a roar and we’re now seeing a similar scenario across the board: near record high prices, multiple offers, and still plenty of cash purchases. Where we differ is which part of the market is the strongest? The comparatively slower middle segment of the price range suggests that the interest rates are indeed having a large impact, especially for those who would typically move up market. Leaving a lower interest rate behind in search of a nicer home is a real debate being had within many households.

Across the country the story can be much different depending on your…

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2023 Q1 Market Report

Spring is here and just like the flowers sprouting from the ground, new listings have begun to steadily emerge in our market. Year over year we have experienced a substantial increase in inventory and prices have dropped some since their peak in the summer of ‘22. Sellers should not be concerned, however – we’re still seeing multiple offer situations and well-priced homes that are not testing the market are moving at a healthy pace. For buyers, there are more options available and sellers are finally back at the negotiation table. While interest rates may be a hurdle, there are clever options available via savvy lenders. Do your research and your time will be well spent.

As we head into the busy season we expect to see more listings, increased…

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2022 Q4 Market Report

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…

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2022 Q3 Market Report

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…

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2022 Q2 Market Report

A Shift In the Market // It’s not your imagination; the real estate market is going through a transition. Like our dramatic swing from a hot and smokey June to a cloudy and wet July, we are seeing signs that the market is leveling off and recalibrating to the current economic climate. We are in unprecedented waters, however, and while we admit it is impossible to predict the future we can look at key indicators, historic data, and our brokerage’s shared knowledge to try and make sense of the current market conditions. One could argue this shift is long overdue and will help bring needed balance to our market.

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