There were 75 homes sold in December 2009. That's down 21% from the 95 sold the previous month. It's a decline of 13% from December 2008, and down 20% from December 2007.

There were 1321 homes on the market for sale in December 2009. That's down 6% from the previous month, down 5% from December 2008, and down 7% from December 2007.

View my most recent report on Santa Fe home prices December 2007 through December 2009.

© 2010 Martin Wright, CRS^®, e-PRO^®, TRC^®, Realtor^®

Home sales in the County were down 20%, from 103 down to 82, with the median price falling 8%.

The biggest shake-up last quarter was in the townhome and condo market. Sales in the city plunged by 58%, from 60 in the first quarter last year down to only 25 this past quarter.

I have prepared a detailed quarterly report for my customers, available to view, download, share and print.

A close inspection of my report reveals that the numbers for individual areas within the city show declines in the median price for all four of the areas in town. Yet the Realtors headline reads that median price is up 2%. The headline is a true statement, but it does not tell the whole story. The results of the statistical analysis are skewed because the number of sales in different areas changed at different rates. The volume of sales in the Southwest portion of town took a nosedive, down 48%. Thus, far fewer of the relatively-lower-priced houses in that area sold, and the sales of relatively-higher-priced houses in other areas pulled the median price up.

This is yet another example of the importance of working with an experience real estate broker such as myself. When it is time to buy or sell in Santa Fe, we will work together to gain an understanding of the current market in that specific neighborhood.

For the first time, the Santa Fe Association of Realtors this quarter is publicly disclosing land sales statistics. They show number of sales down 76% in the City and down 47% in the County, compared to first quarter 2008. In a recent meeting at Santa Fe Association of Realtors, the Santa Fe New Mexican newspaper cited loan officer Leroy Baca as saying that the reason for the decline in land sales is that under current conditions, with a glut of homes on the market, "it's cheaper to buy an existing home." In addition, "people are expecting to see values on lots drop" as the recession lingers.

Yet, the newspaper article also points to encouraging signs in the market. In January and February, the selling price was only 80% of the asking price. In March, however, the selling price rebounded to 89% of the asking price. The President of the Santa Fe Association of Realtors remarked, "this gives me hope," and Santa Fe appraiser Don Hall agreed that sellers are finally beginning to realize their homes are not necessarily worth today what they were a few years ago. "It's finally dawning on people they have to be realistic," he said.

On an optimistic note, the Santa Fe Association of Realtors President was quoted as saying that sales "really struggled in January and February. March was looking much better. Prices were up 12% in March. And we're also finding that April is looking much the same way. We appear to be gaining recently."

My interpretation of the current market is that it looks like an exceptionally good time to buy. And the hardest hit subset of the market, townhomes/condos which plunged 58% in sales volume over the year, provide the most obvious opportunity to buy a residence at a great value. However, I understand that this is a generalization, and that a property is only a good value if it's a good property for you. But whatever you buy in Santa Fe right now, inventory is high, interest rates are low, and Sellers are more motivated.

© 2009 Martin Wright, CRS^®, e-PRO^®, TRC^®, Realtor^®