Contact: Barbara Blackwell, 2015 President (505) 690-9831

NEWS RELEASE

Paco Arguello, Chief Executive (505) 982-8385

1st QUARTER 2015 HOME SALES DECLINE AS COUNTY HOME PRICES JUMP

Condo and Land Sales Up

(Santa Fe, NM – April 2, 2015) Overall City and County of Santa Fe home sales dropped by 10% in the 1st Quarter of 2015 compared to homes sales in the same Quarter of 2014. Overall City and County home sale prices rose by 7% during this same quarter compared to 2014. Volumes dropped around 9% or $139.6M in 2014 compared to $126.5M this quarter. The City median home price decreased about 8% from $285,000 in the 1st Quarter of 2014 to $261,000 in the 1st Quarter of 2015. During this same period, county home prices jumped by 12% with a median sales price of $397,000 in the 1st Quarter of 2014 compared to $445,000 in the same quarter of 2015.

Condo and townhome sales rose by 26% during the 1st Quarter of 2015 for a total of 91 compared to 72 in the 1st Quarter of 2014. The median price of condos and townhomes remained nearly flat with an increase of 1% from $217,500 in the 1st Quarter of 2014 to $220,000 in 2015. Overall land sales were up by 27% from 26 in the same Quarter of 2014 to 33 this Quarter. However, overall land sale prices dropped by 9% from $107,500 in 2014 to $97,500 this Quarter. Inventory of homes for sale continues to tighten from a total of 1,863 in the 1st Quarter of 2014 to 1,733 this Quarter. Housing affordability improved to an index of 109% of what is necessary to qualify for a median-priced home under prevailing interest rates.

“Looking at the 1st Quarter of 2015, sellers should be encouraged by this market as inventories tighten with prices trending up,” stated Barbara Blackwell, 2015 President of the Santa Fe Association of REALTORS®. “Mortgage rates are likely to remain steady in the short term helping to attract more first time homebuyers to purchase this year.” she added.

The median sales price is determined from only those sales listed on the Santa Fe Association of REALTORS® Multiple Listing Service, which does not include every sale in the area but has been used historically to track trends in the home buying market.

A complete chart of the median sales prices for the 1st Quarter of 2015 and accompanying graphs are attached.

The mission of the Santa Fe Association of REALTORS® (SFAR) is to enhance members’ ability to conduct their individual business successfully and with professional competency. Established in 1948, SFAR is a not-for-profit trade association with a membership comprised of over 700 Realtor members representing a wide range of real estate professionals in the Santa Fe region. We also have an Affiliate membership of related, affiliated businesses that numbers nearly 100.

510 N. Guadalupe Ste E § Phone: (505) 982-8385 §