Santa Fe County Real Estate

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Emily Summers
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1 Santa Fe County Real Estate

Santa Fe County Real Estate 2000-2014 Barker Realty is pleased to present the most comprehensive Santa Fe real estate market report available, a compilation of fourteen years of data.

2 Santa Fe County Real Estate Barker Realty is pleased to present the most comprehensive Santa Fe real estate market report available, a compilation of fourteen years of data. More than 36,132 verified sales are included, a number of which were recorded after our quarterly market reports were released. We have also provided a summary of relevant economic indicators for the past decade, including employment data and interest rates. Report highlights indicate that: Real estate sales have increased for five consecutive years. Condominium sales have stabilized Luxury sales ($1M+) surpassed 100 sales for the second time since Land sales have stabilized. The average sales price per SqFt increased in 2014, while median sale price per SqFt decreased for the seventh straight year. Santa Fe s average sale price per SqFt, by price point, shows vitality in each segment. David Barker President, Barker Realty, Inc. Prepared by Warren R. Sacks, Barker Realty by Barker Realty, Inc. All Rights Reserved. This information may not be copied, used, or distributed without Barker Realty s consent. While information is believed to be true, no guaranty is made of accuracy Year Market Report

3 Average SFC Employment Economic Indicators 77,000 76,000 76,087 75,432 75,000 74,479 74,000 73,000 72,000 71,000 70,000 70,573 71,636 73,147 71,848 70,986 70,621 71,540 70, Employment has remained fairly consistent over the last fourteen years. It peaked in 2007 with 76,087 jobs and bottomed in 2011 with 70,621 jobs. The 2014 number is not final and will be updated when released by the Bureau of Labor Statistics. 69,000 68,000 67, Average SFC Unemployment Rate 7.00% 6.50% 6.00% 5.90% 6.00% 5.00% 4.00% 3.00% 2.00% 4.40% 4.40% 4.10% 3.30% 2.80% 3.80% 5.50% 5.46% 4.90% The unemployment rate in Santa Fe has traditionally been lower than the national average and has less impact on the Santa Fe real estate market than unemployment rates have in other markets. The unemployment rates impact has been limited because the Santa Fe community isn t a large employer. 1.00% 0.00% Average 30-Year Conforming Rate 7.00% 6.41% 6.34% 6.00% 5.83% 5.84% 5.87% 6.03% 5.00% 4.00% 3.00% 2.00% 5.04% 4.69% 4.45% 3.66% 3.98% 3.87% Interest rates remain near record lows increasing housing affordability. As of January 1, 2014 interest rates averaged 3.73%. Many economists think rates will increase into the 4% s, and some predict it could go as high as the 5% s. 1.00% 0.00% Year Marketing Report 3

4 Number Of Sales Number of Sales Year # of Sales Sales increased for the 5th consecutive year to 1,843 sales in Santa Fe County. This reflects a 4% gain from 2013 and a 34% gain from the bottom in % of sales were cash and 66% were financed. 3% were Shortsales, 12% were foreclosures, and the remaining 85% were equity sales. In % were Shortsales, 12% were foreclosures, and the remaining 83% were equity sales, reflecting a 2% decrease in distressed sales from We see consistent progress and expect the same in 2015, but one should note that total sales remain 20% below the 2005 peak of 2, Year Market Report

5 Number of Sales by Price Point $100, $300, $501, $750, $1,001, $1,500, $301, $500, $751, $1,000, $1,501, $10,000, Number of Sales by Price Point Year Price Point Graph 2 $100K-$300K $301K-$500K $501K-$750K $751K-$1M $1+-$1.5M $1.5M $100K-$300K sales increased 6% to 801 sales, which represents 44% of the market. $301K-$500K sales decreased 5% to 481 sales, which represents 27% of the market. $501K-$750K sales remained flat with 251 sales, which represents 14% of the market. $751K-$1M sales increased 22% to 129 and represents 7% of the market. $1M-$1.5M sales increased 18% to 80 sales and represents 4% of the market. $1.5M+ sales remained flat with 31 and represents 2% of the market. 71% of all sales remain under $500K. We expect slight increases in all price points above $500K in Year Marketing Report 5

6 600 Condominium Sales Condominium Sales Year # of Sales Condo sales increased for the 3rd straight year to 268, which represents a 5% increase from % were cash sales and 45% were financed. 3% were shortsales, 11% were foreclosures, and the remaining 86% were equity sales. In 2013, 5% of listings were shortsales, 12% were foreclosures, and the remaining 83% were equity sales. Our condo market boomed from 2004 through 2006 as many apartments were converted to condos, new projects were brought to the market, and financing was easily obtainable. Since then, the difficulty in obtaining financing has been the single largest factor preventing a recovery. Sales remain 52% below the 2005 peak of 558. With the exception of historic Eastside condos, condominium financing will continue to be challenging, making recovery in this market sluggish Year Market Report

7 180 Luxury Sales ($1m+) Luxury Sales ($1m+) Year # of Sales Graph luxury sales increased to 111 sales, the highest number of sales since 2008 this was an 11% increase from Sales between $1M to $1.5M continue to be the strongest part of the luxury market. Sales above $1.5M have remained flat since Sales remain 30% below the 2005 peak of 160. We expect slow but steady 2015 luxury market gains after a very strong 4th quarter with 38 sales. 14 Year Marketing Report 7

8 Land Sales Land Sales Year aph 5 # of Sales Land sales stabilized in 2014 with % were cash sales and 22% were financed. 12% of land listings were foreclosures and the remaining 88% were equity sales. In 2013, 11% were foreclosures and the remaining 89% were equity. Sales from 2000 to 2006 were extremely strong with over 600 per year. This was fueled by new development and speculation. As the market struggled in 2007 and financing disappeared, sales dried up quickly. In 2013, of the 180 sales, only 38 were sold for $200K+. Sales remain 72% below the 2005 peak of 658. We expect slow and steady gains, especially for those buyers wanting to build their dream home Year Market Report

9 Average & Median Selling Price per SqFt $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $50.00 $- Average & Median Selling Price per SqFt Year Average Median 2000 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ The median price per SqFt declined for the 7th straight year to $ We believe this is due to over 74% of residential sales being under $500K. This is the single largest factor in the decline. The average price per SqFt increased for the 2nd time in four years to $ In 2015, we re projecting a modest increase of 1-3% of home values. That being said, Santa Fe has many markets and an analysis of each micro market is essential to determining fair market value. 14 Year Marketing Report 9

10 Average Selling Price per SqFt by Price Point $ $ $ $100, $300, $501, $750, $1,001, $1,500, $301, $500, $751, $1,000, $1,501, $10,000, $ $ $ $ $ $ $ $ $ $ $ $ $50.00 $- $100K-$300K price per SqFT remained flat at $ due to the diminishing number of shortsales and foreclosures. $301K-$500K price per SqFt increased 3% to $ $501K-$750K price per SqFt increased 2.0% to $ We believe this occurred because buyers were willing to pay more for what they wanted in this segment. $751K-$1M price per SqFt stayed flat at $ $1M-$1.5M price per SqFt increased 1.0% to $ $1.5M+ price per SqFt increased 28% to $ per SqFt Year Market Report Average Selling Price per SqFt by Price Point $100K-$300K $301K-$500K $501K-$750K $751K-$1M $1+-$1.5M $1.5M $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $408.00

11 530 South Guadalupe St. Santa Fe, NM USA tel SantaFeRealEstate.com SantaFeEstates.com ChristiesRealEstate.com

HOUSING RECOVERY. 2017: Strongest Year for Housing Recovery. Charles C. Shinn, Jr., Ph.D. President, The Shinn Group / Builder Partnerships

HOUSING RECOVERY. 2017: Strongest Year for Housing Recovery. Charles C. Shinn, Jr., Ph.D. President, The Shinn Group / Builder Partnerships HOUSING RECOVERY 2017: Strongest Year for Housing Recovery Presented by: Charles C. Shinn, Jr., Ph.D. President, The Shinn Group / Builder Partnerships January 28, 2018 U. S. Economy Recession ended 3rd