Home sales in Santa Fe, N.M., are on track for a breakthrough, trending toward only the third double-digit sales increase since 2001.
Alan Ball, the qualifying broker with Keller Williams Santa Fe who publishes a blog about Santa Fe home sales, said the market is on track for an increase of 10% to 12% in closed sales.
"We'd really have to fall off the table not to have double-digit growth," he said. "Three, four, five percent increases are nice, but every once in a while to have 10% or 12% is incredible."
Last year, the county saw a 3.3% increase in sales over 2015. The other years with double-digit increases were 2002 and 2012, according to statistics culled by Ball.
Suzanne Brandt, a broker with Coldwell Banker Trails West Realty, said there is strong demand and sales could be even better with more housing inventory.
New numbers released Wednesday by the Santa Fe Association of Realtors pointed to a breakout summer for home sales, especially neighborhoods inside city limits where closed sales climbed 23% compared with the July-August-September quarter of 2016.
The association, which tracks sales on its multiple listing service, logged 280 unit sales inside Santa Fe, compared with 227 a year ago. The median sales price rose 9% and now stands at $305,000.
Sales in unincorporated areas of Santa Fe County were relatively flat. They increased about 2%, with the median price of a closed home up 1%. The combined city-county market showed an increase of 12.6% in closed sales.
The number of days it takes to sell a home from the time it is listed to when an offer is accepted also declined. It fell from 128 days in 2016 to 70 days, a drop of 45%.
Homes in the $400,000 price range and under remain scarce, according to brokers. They say a shortage of available homes is deterring buyers.
"I think it's affecting the lower end of the market. Homes sell so quickly that people get discouraged and maybe rent for a while," Ball said.
"The housing market continues to be a bright spot in New Mexico's economy," added M. Steven Anaya, chief executive of the state association, said in a recent report. "And every home sale means an increase in real estate related industries, moving services, consumer items, and more."
