"Now is the time to buy," according to Association President Mary Schroeder.
That is, if you can find financing for anything more expensive than a FEMA trailer (pictured, left).
Press release after the cut.
Also, an aside: Negative 10 percent seems to be the magic number. Seems like everything's down by about that much.
2nd QUARTER 2009 SANTA FE CITY/COUNTY MEDIAN HOME VALUES HOLD STEADY WITH 2008 PRICES BUT FEWER SALES
(Santa Fe, NM – July 8, 2009) The overall median price of homes sold in the City and County of Santa Fe combined during the 2nd Quarter of 2009 at $402,057 held steady compared to the same Quarter in 2008 at $412,500. While prices are holding steady with modest reductions noted, City/County home sales declined 11% from the 2nd Quarter of 2008 at 240 to the same Quarter in 2009 at 214.
In the City of Santa Fe, price reductions occurred in all market areas resulting in a median price of $307,500 in the 2nd Quarter of 2009 compared to $344,000 in the 2nd Quarter of 2008. Condos and townhome sales were off 38% or 92 to 57 during the same two comparison Quarters in 2009 and 2008.
“It's important to see sales generally on track with sales last year since this was a time period before many of the serious economic problems surfaced,” stated Mary Schroeder, 2009 President of the Santa Fe Association of REALTORS®. “Santa Fe home sales and values continue to stabilize with sales off only a modest percentage and values nearly level. However, condo and townhome sales are still struggling to stabilize as they now compete with lowered prices in the single family home market offering some real buying opportunities in this market area.”
“Now is the time to buy a home in Santa Fe. There are real bargains in every area of the City and County with a great selection of homes to choose from,” said Ms. Schroeder. She added, “The First Time Home Buyer Tax Credit of $8,000 that can now be monetized in New Mexico could provide help with a homebuyer's down payment. And with the availability of low interest loans, it is truly an exciting time for home buyers.”