The Santa Fe Home inventories have dropped significantly. We seeing homes on the market for only days or weeks getting multiple offers. Santa Fe County home sales ended 2016 with a big boost, jumping 16 percent from the 4th quarter a year earlier.
Overall sales in the entire county were up by 16 percent in the fourth quarter of 2016, which includes sales that closed in the fourth according to data released Thursday by the Santa Fe Association of Realtors (SFAR).
“Overall Santa Fe’s housing market ended the year with a nice boost of both home and land sales. We end 2016 with general optimism for residential real estate recognizing that low Inventory and higher competition for fewer properties will remain a challenge,” stated a broker with Keller Williams who serves as 2017 President of the Santa Fe Association of Realtors.
The strong 4th quarter means closed sales over the 12-month period ended higher at 2,608 total residential units, an increase of 5.3 percent from the previous year.
But the data also showed a decline in pending sales for the fourth quarter of 25 percent, a sign that higher interest rates at the end of the year might be stalling purchase decisions. Lower pending sales, or home contracts, means fewer sales in the early part of 2017.
The lack of “Pending sales” may also be attributed to the shrinking inventory. The current inventory numbers are misleading. When looking at this data it is also important to Days on market. The reason being that much of the good inventory has been “picked over”. Much of the remaining inventory is either over-priced or needs too much work for the current buyers.
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