Here’s a quick look at the State of our Market! We will be comparing stats from October 2019 for reference.
Inventory is significantly lower than last year. This suggests that the market is leaning towards being a “Seller’s Market.”
Homes Sold has increased from last year by 80, meaning that inventory is moving at a higher rate.
For inventory to be lower, yet Homes Sold to increase, that is a great indicator for the rate at which our homes are selling. 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 1.5.
The Average Days on Market number has dropped from 74 to 48 DOM. This is a drop of 26 days! Inventory is moving quick!
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 $620,000, versus $529,000 from October 2019!
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 $475,000.
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 huge leap from October 2019,
jumping up from $254/SqFt to $295/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 house!
*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.