Santa Fe home prices surged in first quarter

The median sales price of a single-family home in Santa Fe, N.M., rose nearly 12% in the first quarter over the same period last year, according to the Santa Fe Association of Realtors.

The median price in Santa Fe reached $360,000, up 11.6% over $322,500 in first quarter 2017, according to association data released Wednesday. The median rose 10.8% over the fourth quarter 2017 median, $325,000, association data showed.

In Santa Fe County, the first-quarter median sales price rose 7.9% to $441,685 over first quarter 2017. However, it fell 13.2% from the fourth-quarter median, $508,750.

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In the city, 225 single-family homes were sold in the first quarter, 19 more than sold in the same period last year. In the county, 158 homes were sold, seven more than first quarter 2017, according to the Realtors association.

Homes of all types in the city and county spent less time on the market, an average 90 days, than the same period in 2017, an average 140 days. That number has declined steadily from a high of 220 days in first quarter 2012, according to the association report. Inventory of homes of all types for sale in the city and county fell to 953 in the first quarter from 1,391 during first quarter 2017.

Housing affordability continued to decline, according to the association. In the first quarter, the median household income in the Santa Fe area was 85% of what is necessary to qualify a buyer for a median-priced home under current interest rates. The affordability index was 90% one year ago, according to the association.

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