Santa Fe realty stats
Fourth quarter real estate sales in Santa Fe, New Mexico increased by 16% compared to a year ago. The sales increase has something to do with the fact that median sales price for Santa Fe homes declined around 9% to $335,000 compared to a year ago.
The federal tax credit also helped sales in the lower end of the marketplace. This tax credit is still in place until April 30, 2010. Up to $8,000 tax credit for new home buyers and $6,500 for repeat buyers. federalhousingtaxcredit.com.
Alan Ball, of Southwestern Title & Escrow, statistically tracks the Santa Fe real estate market. The stats indicate total residential sales peaked in 2004-05 at $1.2 billion. In 2009 the total residential sales was $540 million, down 56%. Ball also thinks Santa Fe remains very attractive to so many people. “We are going to warm up faster than other markets.”
The result of this economic awareness has led Santa Fe home sellers to adjust their pricing to current market demand. Buyers seem very aware home mortgage interest rates remain historically low, but this will not last too much longer.
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