Is This a Goldilocks Market?
When I write on the residential markets, I’m always careful to look at market-wide numbers before penning any anecdote based on my own experience or feel. Why? Market-feel stories are invariably based on a small sample size, and while they may seem super amazingly perceptive and brilliant to the author, may not provide value. And as I sat down to review a few metrics before writing this, a word crept into mind: “unremarkable.”
Unremarkable, But Good
The 2025 Santa Fe residential market for homes over $1,000,000 has been wavy. We’ve had up months and we’ve had down months versus a year ago. For example, inventory builds a little, then it’s absorbed, then it builds. October (see below) appears to have been one of those months when it builds. Unremarkable, but good. By the way, you can find my July, 2025 article on higher inventory here.
The number of residential sales over $1,000,000 has grown, but there’s nothing to suggest the type of distortion to give buyers or sellers pause. It looks like October will be weaker than September (see below; September’s always strong) but it’ll prove more active than the winter months do. The accompanying price softness that comes with winter can work in buyers’ favor, incidentally. Again, unremarkable, but good.
Goldilocks? Just Right?
Listing activity for homes over $1,000,000 slowed for the month, as we’d expect, following the usual seasonal pattern. Why is that pattern so pronounced here? It’s simple: there are much fewer out-of-town buyers in the fall and winter. Listing activity adjusts to meet the demand.
Is it a Goldilocks market Santa Fe right now? It very well may be. The next six months or so will tell us. Hang around for November’s update and better yet, shoot me an e-mail, give me a call, or text with questions. My contact page is here.
Fall: My Fave Time of Year in The Fe
I love fall in Santa Fe for so many reasons. The weather’s pretty much always drop-dead gorgeous. The color both in town and up in the mountains is magnificent. But for me, it’s more about the feel of the place. Downtown gradually empties of the hordes who occupy us in late summer. It slowly it begins to feel like our place again.
Every morning, I roll into downtown aiming for my auxiliary latte and see a few locals hanging out, chatting. It’s nice and easy. I almost always stop at Mud Hut Coffee on Marcy, across from the library, and take Allie (my giant fluffy sheepdog) in for a doggie treat while I wait on my three-shot 2% masterpiece of engineering.
Indeed, fall in Santa Fe is magical, and why more people don’t come here during October is a mystery to me. But I’m not going to write in to The New Mexican to complain!
The Mud Hut: it’s so Santa Fe
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