Just a quick note to let you know that we'll be getting the final figures from our local Santa Fe Association of Realtors (www.sfar.com) later this week.

From the way it looks, total sales will be a touch over one billion dollars again for 2007.

Are we taking part in the national real estate trends?  Yes and no.  While our total volume of sales is down--once we get the final figures I'm guessing we'll be down about 18-20% overall for the year--it's showing up most significantly in only parts of our market.  Luxury home sales (generally over one million dollars) are very close to last year's level, probably less than 5% off 2006 sales.  On the other hand, more moderately priced homes (under $500,000 is a good marker) are significantly off, and sellers needing to sell are more often taking losses, especially if they purchased their homes during the last 24 months.

Historically Santa Fe has never taken part in the huge annual price appreciations or huge reductions in price seen in some markets.  In fact, we used to lag the two coasts (CA and NY) both in timing and in amplitude of the appreciation/depreciation waves.  We'll have to wait and see, obviously, what 2008 holds in store for us.

We're more a "buyer's market" at this point than in any other time in the last several years.  Obviously with more choices (read inventory) buyers can skip the overpriced homes!  It's more important than in recent years that a property be ready to sell--i.e. in great condition, with obvious inspection issues resolved before trying to sell.

As always, you can check out my website for both our own listings and to search the Santa Fe MLS--at www.hometeamsantafe.com without any need to sign in or share personal information.