Market Update Q2 2014
The Neil Lyon Group presents the Santa Fe Market Update, for the 2nd quarter of 2014
We are pleased to send to you the most recent summary of our local residential real estate market, which can be viewed by clicking on the READ MARKET UPDATE button below. You’ll see concise information about the level of activity, in enough detail so that you’ll understand the entire market plus the segment of the market that is of the greatest interest to you.
In summary, the gains we have seen in the market during the first 6 months have been less than what we have hoped, given the relative strength of the recovery. The number of sales has increased over the 6 month mark of last year, but in absolute numbers, modestly. The data also shows the market favoring properties under $750,000. At press, 89% of all sales have been below $750,000. As Gregg Antonsen points out in his introductory message on page 1, properties under $500,000 made up 77% of all sales. A challenging market for the sellers of the more expensive properties. With 46 sales completed at or above $1,000,000, and the inventory in that price range at approximately 260 properties, the competition for qualified and “ready to act” higher-end buyers is fierce.
The Neil Lyon Group had a strong first part of 2014, with 18 closed transactions, with a combined volume of just under $20,000,000. Resulting in our average sale price being almost 3 times higher than the market average. Of the 18 transactions, we represented 10 buyers and 8 sellers. Pretty evenly matched, which is usually the case for my team.
Below are additional messages from my trusted colleagues of the Neil Lyon Group. I hope you find the Market Update and our commentaries worthwhile.
A message from Vanessa Rios y Valles:
One of my jobs at The Neil Lyon Group is scheduling showings for our client’s properties, so naturally people are always asking me about showing activity. They want to know: What trends am I observing? What are showings like for other properties in similar price ranges to their own? With this in mind I have compiled some data to help answer some of these questions. The stats below show the showing activity for all Sotheby’s listings across a spectrum of price ranges for the 2nd quarter period (April 1 – June 30, 2014):
In the $0-$499,999 price range there was a total of 1,250 showings and there was an average of about 6.8 showings per listing during that 3 month time frame.
In the $500K-$999,999 price range there was a total of 1,322 showings and an average of 6.7 showings per listing.
In the $1M-$1,499,999 price range there was a total of 306 showings and an average of 4.4 showings per listing.
In the $1.5M-$1,999,999 price range there were 116 showings and an average of 3.7 showings per listing.
In the $2M+ price range there were 51 showings and an average of 2 showings per listing.
So there you have it. In future newsletters I will continue to provide quarterly showing data. It will be interesting to see how the showing activity evolves through the rest of 2014. If you would like to discuss showing activity as it relates to your listing, please feel free to give me a call.
A message from Michaelene Sargent:
As the second quarter of 2014 drew to a close, Santa Fe was buzzing. Our new Mayor, Javier Gonzales, has been focused on bringing more People to the Plaza, and welcoming downtown shoppers and Plaza visitors–tourists and locals alike. He is also tackling the issue of the income gap in Santa Fe. He is attending a meeting in New York with the mayors of 30 other cities to discuss income inequality within their cities, with the goal of trying to bridge the gap.
Santa Fe has been ranked #1 for best small city in America by the prestigious Conde Nast Traveler! This comes as no surprise to all of us who have visited and loved Santa Fe for many years. A great recognition from another great publication that we encourage you to use to draw your circle in to come visit and enjoy our culturally diverse city, rich in history and beauty.
The rains have commenced, bringing out our high mountain desert colors, cooler temperatures and running water to our little Santa Fe River. People are out walking along the banks of the river, and enjoying a book and sometimes a picnic, along the parkland area of the river. Little has changed over the past four centuries when it comes to people enjoying the downtown area, near the cool and shaded banks of the Santa Fe River.
The new Drury Hotel and Suites is now open, offering luxurious amenities, just a block or so from the Plaza. The Skylight Lounge has made its debut as the newest in Santa Fe’s nightlife and the Violet Crown in the Railyard Area is set to open later this year: Movie, dinner, nightlife and a beautiful new hotel, this is the most excitement our little city has seen in the recent past.