Lower prices led to improving single family home sales in New Mexico’s capital city where 143 units closed in the fourth quarter of 2009 compared to 131 in 2008’s fourth quarter, according to the Santa Fe Association of Realtors’ quarterly report.
Sales in Santa Fe County were better, with 131 closings compared to 106 in 2008’s final quarter. Condo sales fell, however, to 45 from 54 a year ago.
Prices dropped dramatically in the city’s northeast quadrant, where its historic adobe homes are located. The median price (half above, half below) is now $700,000 compared to $875,000 a year ago. There were 21 sales there in the fourth quarter compared to 20 a year ago.
The most active market in Santa Fe is the southwest quadrant, where 66 units sold at a median price of $229,200, the lowest in the city.
Active listings are declining as 578 homes were on the market in December compared to 617 in 2008.
With government tax credits, coupled with low interest rates and lower prices, home sales are expected to improve in the first half of 2010.
New Mexico Business Weekly
Friday, January 15, 2010, 1:00pm MST