Yesterday, I reported on the overall health of the Santa Fe residential real estate market, comparing the average monthly sales volume for the year through August to the same period at the 2021 peak. I noted that 2023 year-to-date sales were at 69.4% of their 2021 peak. Roughly the same thing holds true with land sales.
Through August 2023, at an average of 27 lots a month, land sales are at 60% of their 2021 average of 45 units, though there has been a significant uptick in the past four months.
January 2023: 52.3% of the 2021 high
February 2023: 50.0% of the 2021 high
March 2023: 44.2% of the 2021 high
April 2023: 40.0% of the 2021 high
May 2023: 65.3% of the 2021 high
June 2023: 78.5% of the 2021 high
July 2023: 70.0% of the 2021 high
August 2023: 74.6% of the 2021 high
Again, note the upswing versus 2021 in May, June, July, and August. We are definitely seeing an acceleration versus earlier in the year, which, as I wrote here, may be due to the lower supply of existing homes.
Leave a Reply