The median price of a home or condo in the
City and County of Santa Fe declined in the 1^st Quarter of
2008 compared to similar 2007 home sales data. Price reductions
occurred in every market area of the city and in the southwest area
of the county. “Sellers responded to increased home inventories in
the Santa Fe area by reducing prices during this quarter.” stated
Baro Shalizi, 2008 President of the Santa Fe Association of REALTORS®.

Looking
back at the comparative data, the median sales price of a home in the
City of Santa Fe declined from $354,125 in the 1^st Quarter
2007 to $301,500 in 2008 while home sales held relatively steady at
138 for 2008 compared to 142 homes sold in 2007. The median price
of City and County sales combined declined from $425,000 in the 1^st
Quarter of 2007 to $353,900 for the similar 2008 quarter or 17% overall
decline in value.

Condo
and Townhome sales were down from 85 in the 1^st Quarter of
2008 to 61 units sold in the 1^st Quarter of 2008. During
the same period, the median sales price for condos and townhomes declined
from $311,250 to $230,000, total City/County.

I have attached the numbers here:

2008-FirstQuarter.doc

It’s a great time to be a buyer, with a Fannie Mae limit of $427,000 for the Santa Fe market, mortgage interest rates at around 5.5% and a seller community that is very focused on completing transactions.