Median Santa Fe home sale prices slowed in November from their relentless increases in recent years with a median sales price of $369,750, an 11.8% drop from the previous November and $18,000 lower than October, according to the New Mexico Association of Realtors.
The statewide median home sale price, however, rose from $208,000 to $220,000 from November 2018 to November 2019, the association reported.
The organization couches its monthly reports with this caveat — "only a snapshot of market activity" — and the Santa Fe Association of Realtors shies away from monthly reports, noting even its quarterly reports have volatility.
The November drop could be because no homes were sold one week in the northeast sector that typically averages home sales more than $800,000 and more than $1 million. The association's median weekly sale prices in November for Santa Fe County were $400,000, $425,000, $325,000 and $360,000 — averaging to $377,500 for the month.
Santa Fe has seen soaring home prices, but so has much of the rest of the nation. SmartAsset, a New York financial technology company, had determined Santa Fe ranks only No. 230 out of 358 areas studied on best markets for growth and stability.
Santa Fe had home price growth of 112% from 1994 to 2018, and the city has a 24% chance of a 5% loss in home price within 10 years of purchase, SmartAsset calculated.
The top ranking cities are Boulder, Colo.; Midland, Texas; Fort Collins, Colo.; Bismarck, N.D.; San Francisco; San Jose, Calif.; Denver; Houston; and Cheyenne, Wyo. Most of these cities saw home prices increase more than 220% from 1994 to 2018 with the remainder above 170%, according to SmartAsset.
The study showed six of these cities had a 0% chance of home prices dropping 5% in 10 years and Denver, San Jose and San Francisco had 17% to 19% chances of 5% decreases.
