search santa fe homessearch santa fe landfeatured propertiesmy listingssearch las campanas

Las Campanas Market Update 1/1/16 Through 6/30/16

September 23rd, 2016 by Burbic Yoder Team

I love reporting good news!  What a wonderful rebound we see in Las Campanas over the same period last year.   Home prices and square foot prices are on the rise and enthusiasm for our great community continues to grow!

As discussed in the 2015 year end update, overall prices were pulled down primarily from the sale of older homes selling at a substantial discount.  As predicted, this older inventory is now being replaced by newer, more desired product that is attracting buyer attention. The newer product is commanding a higher price per square foot and helping to move sold prices higher this year.

A wonderful net effect of newer inventory and higher pricing:

Resale homes looking to compete for a buyer need to be as attractive as possible.  This means some seller’s are adding air conditioning systems, updating kitchens and baths or replacing/upgrading the roof and stucco components.  At the end of the day, a turn key home means a higher price!  The current spread between older homes (>10 years old) and newer homes (<10 years old) is $241 per sqft vs. $282 per sqft or about $160K  (based on the average size home sold YTD).  Seller’s can now add updates to the home and still price competitively with newer homes.  A true win/win for buyers and seller alike!

Statistics, first six months year over year 2016/2015:

Average Sold Price = $990,600 vs $936,218  or a 5.8% increase.

Days on Market = 218 vs 227 or a 4% decrease.

Price Per Square Foot = $261.29 vs $250.48 or a 4.3% increase.

Unit Sales = 31 vs 28 or a 10% increase.

Bottom Line:

We are only half way through the year, but if the trend continues we can anticipate strong unit sales once again,  positive pricing and continued growth for our community.

about bobsanta fe real estate market reportabout santa feautomatic market data