Santa Fe Real Estate

Santa Fe real estate andhomes sales are out pacing the national trends and the market is expected to accelerate during 2007. Santa Fe is the "City Different" and the current trends seem to indicate that national and international recognition of the quality of life offered here will expand rapidly.

Home sales are projected to move in a relatively narrow range with a gradual upturn becoming more pronounced by the end of the year, according to the latest forecast by the National Association of REALTORS.

Lawrence Yun, NAR senior economist, said the market is relatively soft. "Overall, housing levels are historically strong, but sales remain sluggish compared to the recent boom," he said. "Home sales will probably fluctuate in a narrow range in the short run, but gradually trend upward with improving activity by the end of the year.

It's important to keep in mind that all real estate is local, and many markets are expected to have higher sales and strengthening prices during the second half of this year." Existing-home sales are projected to total 6.18 million in 2007, down 4.6 percent from 6.48 million in 2006. Sales are projected at 6.41 million in 2008. New- home sales are forecast at 860,000 this year and 901,000 in 2008, down from 1.05 million last year. Housing starts are likely to total 1.43 million units in 2007 and 1.49 million next year, below the 1.80 million recorded in 2006.

The national median existing-home price should ease by 1.3 percent to $219,100 in 2007 before rising 1.7 percent next year. The median new- home price will probably fall 2.3 percent to $240,800 this year, and then grow by 2.6 percent in 2008.

...something special in the land of Santa Fe.