Santa Fe 4th Quater stats-2008
(Santa Fe, NM - January 14, 2009)
The overall median price of a home in the City of Santa Fe held steady at $350,000 in the 4th Quarter of 2008. In the County of Santa Fe, price reductions occurred in all by one market area resulting in a median price of $427,500 in the 4th Quarter of 2008 compared to $549,125 in the 4th Quarter of 2007. County home sales also remained sluggish in the most recent 4th Quarter at 106 compared to 132 in the 4th Quarter of 2007."Home values are remaining steady compared to last year during the same period for City homes and condos with sales off only modestly," stated Lois Sury, 2009 President-Elect of the Santa Fe Association of REALTORS®. "However, the County is still experiencing slower sales and more price adjustments during this same period. The current national economic slowdown may be depressing sales in certain markets," she added.
"Overall inventories are dropping as buyers are snapping up bargains as well as some sellers deciding to take homes off the market due to the economic uncertainty. Yet, inventories remain higher at the end of 2008 than reported at the end of 2007," shared Ms. Sury.
The median sales price is determined from only those sales listed on the Santa FeAssociation of REALTORS® Multiple Listing Service, which does not include every sale in the area but has been used historically to track trends in the home buying market.