Big News

No doubt about it, Santa Fe home buyers. Now is the time to find your new home. Freddie Mac announced on May 3, 2012 that the 30-year fixed-rate mortgage interest rate is at an all time record low. Lowest-ever rates and still-recovering property values mean this a perfect time to make the commitment to purchase.

How it Happened

According to Frank Nothaft, vice president and chief economist at Freddie Mac, “Signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week.”

The Numbers

The national 30-year fixed rate averaged 3.84%, down from 3.88% last week. 15-year rates averaged 3.07%, down from 3.12% last week. Freddie Mac has been keeping records of interest rates since its inception in 1970. See Freddie Mac’s site for more interest rate history.

What it Means to You

Making a large financial commitment like a home purchase during an unsettled economy may seem like an uncomfortable risk to you. But depending on your current financial situation, this could be the best time to purchase a primary residence or make a real estate investment. Contact your financial advisor, and then contact me to find the perfect home.

214 Polaco Street - Walking Distance to Railyard and Plaza

Grab this tasteful Pueblo style home in the historic district of Santa Fe. This 2 bedroom, 2 bath, 1165 sq ft home is a cozy and inviting retreat, yet open and airy for entertaining.  This gem features a nicely appointed kitchen, kiva fireplace, tile floors and large windows. A heated one-car garage can also be used as a studio or workshop.

This stylish home is convenient to the Railyard and Plaza, and is priced to sell at $387,500.

Contact me today about this beauty, or any of my other great listings in the Santa Fe area.

There is plenty to do in Santa Fe this beautiful spring weekend of April 28-29, including art, music, biking and home design adventures.

Here are a few local events to choose from:

Santa Fe Society of Artists Fine Art Show

Saturday April 28 & Sunday April 29, 9:00 AM – 5:30 PM

It’s the season kickoff weekend of the Santa Fe Society of Artists Fine Art Show. Mingle with local artists and purchase original works of art. Located in downtown Santa Fe near the plaza. Visit their website for more information.

Celebrate! The Santa Fe River Trail and River Renewal

Saturday April 28, 9:30 – 11:30 AM

Celebrate the newest river and trail improvements made by the city of Santa Fe and the state of New Mexico. This free event includes a ribbon cutting ceremony with Mayor David Coss, music, dancing and face painting. Cyclists welcome! See the SantaFe.com website for location.

Santa Fe Pro Musica Mozart Concert

Saturday April 28, 6:00 – 8:00 PM & Sunday April 29, 3:00 – 5:00 PM

Enjoy the music of Santa Fe Pro Musica with special guest, 17 year old Conrad Tao. This teenage prodigy will perform Mozart’s Piano Concertos No. 17 and No. 25. The concert will also include Mozart’s Overture to the Marriage of Figaro (Symphony No. 34 in C Major, K.338). Visit the Lensic Performing Arts Center’s website for ticket information.

National Open House Weekend 2012

Saturday April 28 and Sunday April 29

This is National Open House Weekend, and sellers all over the country are participating by opening up their homes to visitors. Whether you are in the market to buy or sell, it’s a great weekend to check out current Santa Fe listings and get home design ideas. Here is a list of Santa Fe open houses this weekend, courtesy of Realtor.com.

We are so excited to share this recent news with you! Our team has been named one of Sotheby’s International Realty’s Top 10 Teams for closed transactions in the country in 2011. We are honored and grateful to all of our clients who have trusted our service and experience in buying or selling their home this past year. Without you, we could not have achieved this honor that distinguishes us amongst the 12,000 other Sotheby’s agents in the United States. Thank You!

This recent announcement has us excited to continue working hard for our clients in 2012.  Our plan for the current year is to continue to work tirelessly to help you reach your real estate dreams. We love our work, our clients and Santa Fe.

Contact me today to start your home buying or selling process.

The Santa Fe Team
Moo Thorpe	Chris Haynes	Jennifer Gallagher

Here are the current year to date market statistics for Northside homes in the Santa Fe area. I am happy to announce that our company’s Northside market share is 47.39%, meaning that we know the Northside area and are your best resource for buying and selling in this market.

Sellers, take note, because the chart below shows a stabilizing and increasing in sales prices in the Northside area. Contact me if you’d like an updated market analysis for your home to be sure that your price is on mark for the current conditions.

Potential buyers, notice in the graph below that the price per square foot has fallen again in the beginning of 2012 – a great opportunity to get more house for your dollar. But be sure to start your home search soon, as the average days on the market has fallen as well, meaning that homes aren’t available as long for undecided buyers. Contact me  if you are interested in finding your dream home now.

Browse through our current Northside listings and see homeowners who have trusted us with their home sale, and have given us the 47.39% market share in this area:

View our current listings in Northeast Santa Fe (City)

View our current listings in Northeast Santa Fe (County)

View our current listings in Northwest Santa Fe (City)

View our current listings in Northwest Santa Fe (County)

Sales Up. Days on Market Down.

The Santa Fe Association of Realtors released its multiple listing service data for the first quarter of 2012, and the statistics indicate that our market seems to be stabilizing nicely. The attached chart shows the first quarter comparisons from the past few years for residential sales in the Santa Fe, NM area. Houses sold in 2012 are up over 12% from 2011, and the average days on the market are the lowest in the first quarter than they have been in the last four years.

These figures coincide with the information I provided in my Feb 10, 2012 post on absorption rates. This trend in 2012 of less time on the market and increased sales will most likely continue during the busier spring and summer quarters. This is encouraging news for sellers, especially potential sellers who may be undecided about putting their house on the market. The opportunity for a quicker sale may be the deciding factor in planting the “For Sale” sign in their front yard. Buyers can also benefit from the prospect of more homes being added to the market inventory with sound list prices, giving them a greater variety of buying options.

If you have questions, or are thinking of starting the home buying or selling process, contact me for more information about current market conditions in your Santa Fe area neighborhood.

Mountain and Valley Views

Introducing 56 Polmood Farm Rd

Contemporary Paradise!

This property features a wonderful contemporary / pueblo style 5,301 square foot main home and a 1,735 guest house with attached studio. Enjoy breathtaking mountain and valley views of the property’s fifteen acres adjacent to the National Forest. The open floor plan of the main 2 bedroom house is perfect for entertaining, with highlights including a tranquil color scheme, hand plastered walls, tile floors, custom wood cabinetry, hand forged iron work, a large library and handsomely equipped kitchen. The one bedroom guest house makes a wonderful retreat for visitors or a serene artist’s getaway with the well-lit studio.

This secluded estate in the hills above Tesuque is available now for $2,399,000.

Contact me today for more information on this gem, or browse through some of my other great listings.

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Santa Fe, New Mexico -Residential Sales show Improvement in Absorption Rates

 Having just completed the first month of 2012, it is encouraging to see that residential absorption rates have continued to improve across all price ranges.  This means that it takes fewer months for a home to sell (provided it is priced properly, etc.), compared the past several years.  At its worst, the absorption rate for all price ranges was at 23.47 months in June of 2009.   At the end of January 2012, this rate had dropped to 12.37 months.     

As always, however, it is crucial to parse data for a clearer picture as the absorption rates vary widely depending on price range.  The best news is with homes priced under $500,000.  This absorption rate has fallen from a high of 17.48 months in June 2009 to 10.22 months at the end of January.  The rate for homes priced over a million dollars has improved; however, there is still a significant time headwind.  At the peak in September of 2009, the absorption rate for home over $1,000,000 was 57.85 months.  Now it is down to 27.49 months. 

Since the number of sales has not increased significantly, the reduction of the number of homes for sale indicated properties are being sold and fewer people are putting their homes on the market.  We do expect inventory to increase over the next few months as spring, summer, and fall are our best selling seasons. Yet, as inventory rises and sales rise seasonally, we do not expect a huge change in absorption rates in the short run.

 I hope this information is helpful.  Just let me know if you would like more in-depth detail!

Greetings and Happy New Year! We enjoyed a snowy white Christmas in Santa Fe and welcomed the New Year with good skiing and sunny skies. It is encouraging to step into 2012 with more positive national economic news than we have had the past few years, particularly the increases in the number of pending homes over the past few months as well as residential price stabilization across many markets.

We have also been pleased with the resiliency of Santa Fe’s real estate market as seen in the following bits of data:

• The number of residential sales essentially equaled that of 201
• The average sales price rose slightly (the median price was down slightly
• The number of currently listed properties has dropped
• The number of high end sales $1,000,000 + improved over the numbers sold in 2009 and 2010
• The number of homes sold in Las Campanas essentially doubled from 27 homes in 2010 to 50 in 2011
• The number of homes sold in the Historic Eastside is rose back to 2008 levels
• The absorption rates in all price ranges, while still elevated, have continued to nudge downward, indicating that the time to absorb current inventory has improved.

According to a report by Business Insider, a blog publication for Hanely Wood, Santa Fe is expected to be one of the country’s 15 best housing market’s over the next five years. Being a tried and true Santa Fean, I  know the long term benefits and allure to living in Santa Fe so I am not surprised our market should do well.  Here is a link to the article — I think you will find it intriguing.