Here’s a quick look at the State of our Market! We will be comparing stats from February 2020 for reference.
Inventory is lower than last year. This suggests that the market is leaning towards being a “Seller’s Market.”
Homes for Sale has decreased from 443 in January 2020, to 269 in January 2021. This means a decrease of 174 Homes For Sale compared to last year.
Interestingly enough, Homes Sold has actually increased from last year – 148 to 172, an increase of 24.
For inventory to be lower, yet Homes Sold to increase by such a drastic amount, that further communicates the idea of the “Seller’s Market” that we’re in!
We are so excited to be serving Santa Fe and our communities to our fullest extent!
Months of inventory sold is the number of properties for sale divided by the number of properties sold. This totals to 1.6, compared to 3 last year.
The Average Days on Market number has lowered from last year, from 93 to 57 DOM. This is another large decrease of 36 Days on Market. Woah!
As mentioned before, inventory is moving quickly!
Average Sold Price is acquired by adding all sold listing prices together and dividing that number by the total number of listings sold – this number rounded out at $638,000, versus $487,000 from February 2020!
The median is calculated by arranging all sales in order from least to greatest and finding the number right in the middle of the data. This number weighed in at $490,000, compared to $378,000 from the year prior.
Both of these numbers show a pretty drastic increase from last year’s results.
For perspective, both of these numbers are significantly higher than last year, yet these same homes are being sold quicker.
Despite the lower inventory, this is a great sign of a healthy industry!
The average price per square foot took a leap from February 2020,
jumping up from $245/SqFt to $281/SqFt (an increase of $36/SqFt)!
Again, for inventory to be lower, yet sales prices and Average Square Foot Prices increase, this may be as good a time as any to sell your home! We hope that you’d trust our brokers to do so, with you.
*This representation is made in whole or part from data supplied by the Santa Fe Association of Realtors. Neither Coldwell Banker Trails West Realty nor the Santa Fe Association of Realtors guarantees nor is responsible for its accuracy.