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Las Campanas Q4 and Year End Market Update 2016

January 17th, 2017 by Burbic Yoder Team

Las Campanas Q4 and Year End Market Update 2016


Q4 2016

As predicted, the anomaly that was the 3rd quarter has corrected itself and our Q4 results are healthy and strong.  We are truly poised for another strong year in 2017!

Comparing the 4th quarter to the same period last year, home sales increased from 10 to 13 or 30%.  The average sold price increased from $932,920 to $1,084,764 or 16%.  The average price per square foot also increased from $269.64 to $274.07 or 1.6%


Year over Year 2016/2015

Las Campanas continues its steady growth trend with positive year over year results.

Compared to 2015, the average sold price of homes in Las Campanas increased from $965,645 to $1,009,480 or 4.5% and the average sold square foot price increased from $260.64 to $274.26 or 5%

The number of homes sold declined from 60 to 56 units or (-7%).  As mentioned in the last report, the decline can be attributed to a good number of homes placed under contract that are in the process of being built.   At year end, 15 homes remained under contract; 8 of which are under construction.  These 15 homes represent almost the same number of homes sold during the entire first quarter of 2015.  We will start the year very strong!

Within Santa Fe County and the City of Santa Fe (excluding Las Campanas) the sold price and sold square foot price increased 3.4% and 2% respectively.  Las Campanas continues to outperform the market.


Land Ahoy!

After almost a decade of struggling land values, land in Las Campanas has appreciated at its second highest level since 2006!

The year over year numbers are nothing short of amazing.  Lot sales increased from 41 to 50 or 22%. The average sold price increased from$90,631 to $110,812 or 22% and the median price increased from 75,000 to $81,250 or 8%.

Within Santa Fe County (excluding Las Campanas) over the same period, residential lot sales increased from 136 to 149 or 9.5%. The average sold price decreased from $173,883 to $154,319 or (-13%) and median price remained unchanged at $110K .  Once again, Las Campanas continues to outperform the market.

As of this writing there are 102 active/listed lots for sale in Las Campanas with an average listed price of $138,702.  Almost 1/3 of these lots are priced below $100K .  Compared to the rest of Santa Fe, lot acquisition in Las Campanas continues to represent a superior value for those looking to build a luxury home.   Las Campanas is such a superior value that it captured 25% of all land sales in the county!


Looking Forward

There continues to be an abundant supply of land available for new home builders and buyers alike; still at very attractive prices.

In our community, new construction will continue to increase this year with the release of the many fine new custom homes.  In Las Terrazas we will see the rebirth of building with homes strategically placed to fill the gap in price, product style and lifestyle design.  We anticipate strong interest in these new homes.  In the coming months we will share more details about these exciting enhancements to our community.

Resale homes and their prices will also benefit as they represent an excellent alternative to the ever rising costs found in new construction.


Bottom Line

With land sales and prices up, new construction on the rise and the steady growth in resale home values, we expect to see foot traffic in and the buzz about our community continue to grow.  Hold on 2017!

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