City of Santa Fe median home prices rose by 27% from $325,000 in the 4th Quarter of 2017 to $412,000 this quarterYou should know the value of your home. Contact me to today for a no cost valuation.
Inventory of homes for sale decreased 14% from a total of 1,180 in the 4th Quarter of 2017 to 1,015 this quarter. With median prices rising, low inventory and another recent increase in interest rates, housing affordability fell to an index of 71% of what is necessary to qualify for a median-priced home under prevailing interest rates.
“With record low inventories, Santa Fe’s housing market is experiencing a strong uptick in median home prices similar to those during the overheated housing market of 2007,” stated Beth Stephens, 2019 President of the Santa Fe Association of REALTORS®. “The increase in land and real estate sales may be the result of investors wanting to diversify their holdings as stocks take a bumpy ride entering 2019.”
YOU SHOULD KNOW THE VALUE OF YOUR HOME. CONTACT US TODAY FOR A NO COST HOME EVALUATION.
*Information provided by SFAR