Market Update: Santa Fe, NM
Seller’s market conditions continue strongly as buyer demand continues to surge throughout the town of Santa Fe, New Mexico, according to the Q1 2021 Market Update from Sotheby’s International Realty.
As the first market quarter of 2021 comes to a close, momentum appears to have continued to build with substantial increases to the median selling prices and units sold within the area compared to this time last year. Where the median sales price has risen 7.4% year-over-year to an average of $581,000. The total number of units sold increased a total of 16.8% compared to this time last year to 752 units.
“Just as dramatic has been the notable increase in sales in the $1M-$2M price category, from 40 homes in Q1 2020 to 78 homes in Q1 2021, an increase of 95% year over year. In addition, sales of homes $2M+ increased a staggering 143%, from seven in Q1 2020 to 17 in Q1 2021.” Says LuxuryRealty.com Exclusive Partner for Santa Fe, New Mexico, Darlene Streit, in the report.
As buyers continue to display an interest in properties throughout the Santa Fe area, Darlene suggests being prepared to make quick and well-informed decisions as properties are moving fast.
This market report has been provided by Darlene Streit, LuxuryRealty.com’s Exclusive Partner for Santa Fe, NM.