Inventory is low in our Santa Fe market—here’s what that means for buyers and sellers.
Buying a home? Click here to perform a full Home Search
Selling a home? Click here for a free home Price Evaluation
With the first two months of 2020 in the books, where does our Santa Fe market stand compared to last year?
In short, we’re in an inventory crunch. We were in an inventory crunch last year, but now it’s gotten worse: There are 20% fewer homes on the market now than there were in 2019. The law of supply and demand has driven up home prices, and the median price stands at $369,000. On the flip side, sales have decreased 18% year over year.
"The law of supply and demand has driven up home prices."
If you’re a home seller, now is a great time to list. The situation may get even better, but you can currently demand a high price, have your pick of the offers, and have more negotiating leverage than the buyers interested in your home.
If you’re a buyer, you have to be quick, aggressive, and diligent if you stand a chance of getting the home you want because the good listings are moving fast. Many of them also attract multiple offers, so it’s important to work with a good Realtor. The good news is that even though prices have risen, interest rates are at historic lows, which means you can buy a house for less than what it costs to rent.
If you have any questions about our market or you need help buying or selling, don’t hesitate to reach out to me. I’m happy to help.
