“Who needs beaches?” That is the sentiment of Cheapflights in the UK, in their 2011 list of Top Ten Destinations in the Desert, of which Santa Fe was listed. And many other people agree that Santa Fe’s charm, artistic flair and history make it a unique vacation destination and a wonderful place to call home.

In 2011, the city of Santa Fe was named in Travel + Leisure, Trip Advisor, Huffington Post, Conde Nast Traveler and AmericanStyle magazine as a top getaway town for culture, arts and peace and quiet, and an all-around great vacation.

News and business magazines also named Santa Fe one of the most promising housing markets, best places to retire and best visitor bureau. Visit the Santa Fe Convention and Visitors Bureau to find out more about the honors bestowed on Santa Fe in 2011 and earlier.

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.

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

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.

For centuries, Santa Fe has been an important desitination and crossroads in the history of the southwest.  Our history spans from the indigenous Pueblo Indians, the Spainards, to the migration of merchants, treasure seekers, and homesteaders from back east.  Throughout this period, as Santa Fe has grown, its changes have been reflected in its housing and architecture which are truly unique in the United States.   As an example of how lucky we are, I wanted to share with you a blog post on historic homes that our Sotheby’s team put together for us. Just click on this link to read:  http://santafesir.com/featured-properties/10-historic-homes-in-one-of-the-nations-oldest-cities.   Enjoy!

Santa Fe, New Mexico -  A Retirement Haven  -  As Reported in Smart Money Magazine

In a recent Smart Money article by Cathy Hill, Santa Fe, New Mexico was chosen as an underrated retirement jewel that is “relatively affordable, delightful, and full or opportunities to work and play.”   Of course, those of us that live here already know the secret and are delighted the word is getting out!    As for relatively affordable, Santa Fe real estate is full of  amazing values with prices down to levels not seen since the late 1990′s in many cases.  From vacation condominiums to historic Santa Fe style estates, this is a great time to buy!

To read the Smart Money article click here

November 8th, 2011

After a somewhat sluggish pace of sale this summer, residential sales in Santa Fe have outpaced last year’s sales in both October and September by 13% in September and 27% in October. It appears that buyers held back through out the gloomy economic news and budget deficit talks earlier in the season,yet, sentiment seem to shift after labor day with most Santa Fe agents reporting brisker showing and sales activity. If the pace continues, Santa Fe sales for 2011 should match those of 2010 and perhaps surpass that by a smudge. Price is still key and today’s buyers demand value. The properties that sell are those that are priced extremely attractively relative to their competition.

What’s happening with land sales in Santa Fe? Unfortunately, not enough. Inventory levels remain very high and while their was a small uptick in land sales as well the past few months, we are avergaing less than 20 sales/month. Prices in some areas are quite attractive, especially in Las Campanas where good lots are available under $100,000! Unheard of value!

Another week blown out of the water, and a pretty good week after all is said and done. As a company, Sotheby’s put  23 properties under contracts in a variety of price ranges (60 in the entire MLS system), 17 solds with six of those in-house (30 for the entire MLS system), and 21 new listings (77 in the entire MLS system). A  good number of prices changes are still coming in, and there were approximately 400 Sotheby’s showings for the week.  It looks like fall is going to be a strong selling season!