Santa Fe Housing Market: A Year of Adjustments and Opportunities
The Santa Fe, NM metro area housing market in November 2024 presents a complex landscape characterized by declining prices and increased activity. The Median Sales Price has decreased by 10.7% year-over-year, settling at $580,259. This decline is mirrored in the Median List Price, which has fallen by 8.3% to $609,000. Despite these reductions, the market shows resilience in other areas.
Interestingly, the median Price Per Square Foot has remained relatively stable, with a slight increase of 0.2% year-over-year, reaching $330.83. This stability suggests that while overall prices are dropping, the value per square foot is holding steady, indicating a potential floor in pricing adjustments. Conversely, the Median List Price per square foot has seen a minor decrease of 0.9%, now at $355.40.
Sales activity has shown positive momentum, with the number of Homes Sold increasing by 7.4% year-over-year to 146 units. Pending Sales have also risen by 3.7%, totaling 169. This uptick in sales activity is supported by a significant increase in New Listings, which have grown by 11.3% to 157. The inventory has expanded by 19.0%, reaching 694 homes, providing buyers with more options in the market.
The Months of Supply, a critical indicator of market balance, has surged by 50.0% year-over-year to 4.8 months. This increase suggests a shift towards a more balanced market, potentially easing the competitive pressures seen in previous years. However, the Median Days on Market have increased by 14.0% to 62 days, indicating that homes are taking longer to sell.
The average sale to list ratio has decreased slightly by 1.1%, now at 96.7%, reflecting a narrowing gap between asking and selling prices. The percentage of Homes Sold above list price has dropped by 5.9% to 10.3%, further indicating a cooling in competitive bidding. Price Drops have become more common, with a 3.6% increase, now affecting 22.3% of listings.
Additionally, the percentage of homes going off the market within two weeks has decreased by 11.3%, now at 24.3%. This decline suggests that buyers are taking more time to make purchasing decisions, possibly due to the increased inventory and longer market times.
Overall, the Santa Fe housing market in November 2024 is characterized by declining prices and increased inventory, offering more opportunities for buyers. While the market is adjusting from the highs of previous years, the stability in Price Per Square Foot and increased sales activity indicate a resilient market poised for potential growth in the coming months.
