Santa Fe housing sales drop, but experts see opportunity to right an upside-down market
When Realtor Lois Sury went to buy her first home in Santa Fe some time ago, there were about five houses in her price range and she was competing against other buyers. That "hyper market," as she called it, was not good for consumers, who had few choices to consider and a heavy burden to overcome to get into a first home.
Those days are gone in Santa Fe, perhaps for a long time. Market data indicate that the number of residential home sales in 2009 was at the lowest point in decades, in terms of the number of transactions and the price volume of those sales.
The statistics have been compiled by Alan Ball, a title agent who publishes a monthly newsletter on the Santa Fe real estate market. They show that the real estate meltdown is more about the industry and Santa Fe's economy than the habits or wishes of individual homeowners.
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