Santa Fe Real Estate Market Report | Third Quarter 2020
As we continue to navigate these unprecedented times, the health and safety of our community is our top priority. We quickly adapted to conduct business and support our clients looking to buy, sell, or rent homes by conducting virtual showings, virtual open houses, and showcasing them on our new, visually rich website, sothebysrealty.com. Residential sales activity in the Santa Fe area gained remarkable momentum throughout the third quarter of this year. As a result of third quarter production, Santa Fe continued to experience a strong sellers’ market both in terms of the number of closed sales as well as average and median sales prices achieved.
I invite you to review a summary of sales activity in the Santa Fe area during the third quarter of 2020, based on closed production from July – September 2020. The Santa Fe Association of Realtors reports the following market data for this quarter, which is compared here for the same period of 2019. Closed sales from the third quarter do not tell a complete story regarding the housing recovery in Santa Fe. Heading into the fourth quarter, we wanted to bring your attention to additional positive indicators:
• Average selling price increased 8%, from $473K in Q3 2019 to $509K in Q3 2020
• Sales in the $1M to $2M price range increased 24%, from 132 properties in Q3 2019 to 164 properties in Q3 2020
• Active listings decreased 33%, from 1,146 properties in Q3 2019 to 770 properties in Q3 2020
• Median selling price increased 8%, from $370K in Q3 2019 to $399K in Q3 2020
As always, my goal in sharing this data with you is to create a better understanding of the trends effecting our unique housing market. I hope you find it to be a valuable resource and I look forward to working with you to meet your real estate needs now and in the future. If you have any questions about the Santa Fe market, please do not hesitate to reach out to me.