Related Sponsors

The Santa Fe Market

Home » New Mexico » New Mexico Real Estate » The Santa Fe Market

Santa Fe is the capital city of New Mexico and an integral economic hub for the state. It has been touted the second most desirable U.S. city to live in for a high quality of life by Conde Naste Magazine in 2005. The beautiful topography and cultural diversity add to the charm and character of the city, as well as the large amount of sporting activities, cultural events and fine dining establishments.

o Market Conditions: The real estate market is solid for both buyers and sellers here in Santa Fe. Sellers are able to find a home they desire in about a week if they are diligent, and buyers are getting their asking price for their homes about 97% of the time. There is some lack of inventory in certain price ranges and types of housing, but it appears that most buyers are willing to spend top dollar on a house that has been kept in excellent condition and are looking for inventory in certain hot spots of the city. The majority of properties being purchased are single-family homes, as records keep breaking for the sales of single-family units from year to year. Most buyers right now are families looking to upgrade from smaller homes. Real Estate agents do not forecast any bursts in the proverbial bubble any time soon.

o Statistics: The average time a house in on the market is 30 to 60 days. The average home price in Santa Fe is $360,000, which is up 5-10% from last year. There is interest in all types of housing in Santa Fe, but the emphasis is on single-family homes under $600,000. Because of the high demand of homes in the area, a limited supply of residences is available.

o Neighborhoods: One of the delightful things about home shopping in Santa Fe is the different types of architecture the homes display. So much so, that Santa Fe is known as “The City of Different.”

The West Alameda and Guadalupe areas offer homes between $125,000 and $400,000. West Alameda has your typical family neighborhood-type homes as well as areas with more land a little way out that have great views. This area is close to downtown and the homes have older, solid construction. The homes in Guadalupe are on smaller lots, nestling them close together, and many are being snatched up to be restored to their old charm.

South Capitol is also an area whose homes are being renovated, but there is a dotting of new homes being erected as well. Condos and rentals are available in this area, but the vacancies don’t last long as this is a desirable region for many who have lived in Santa Fe for some time. This neighborhood has a great reputation for being well cared for, having great schools and the neighborhood is quiet and convenient. The homes here range fro $175,000 to $600,000.

Some of the most expensive property in Santa Fe is located in Southeast Santa Fe where you can also find the museums, the Old Santa Fe Trail and other historical treasures. The lots tend to be larger and some have breathtaking views. Prices here start in the mid-$300,000s and reach well into the millions. The houses are mostly mature and a combination of adobe structures and ranch style homes.

The Eastside of Santa Fe is also a historic district and residents can enjoy the shopping, art galleries and dining spots that the nearby Canyon Road has to offer.

Next Page: Albuquerque Real Estate

Related New Mexico Real Estate Articles