2012 Housing Bulls Won the Day! Q4 update

With 2012 fully in the books, it’s clear that the housing bulls won the day.

It was largely a recovery year for housing across our nation. Despite no shortage of downside risk, markets resolved to shed their excess weight, appeal to both existing homeowners and renters alike and learn to play nicer with banks. Well, three for three isn’t too bad. But there’s more work to be done. Here’s how the final month of 2012 finished up.

New Listings in the Santa Fe region increased 1.9 percent to 481. Pending Sales were down 2.7 percent to 322. Inventory levels shrank 46.7 percent to 1,212 units.The Median Sales Price increased 3.3 percent to $340,000. Days on Market was down 9.2 percent to 197 days. Absorption rates improved as Months Supply of Inventory was down 54.2 percent to 10.2 months.

Meanwhile, third quarter GDP was upwardly revised to 3.1 percent and several prominent housing indices continue to showcase market turnaround.

Momentum is on our side! Remember, it won’t necessarily be fast, consistent nor universal, but recovery appears to be here to stay. After five or six challenging years, it’s a welcomed change of pace. Plenty of opportunity lies ahead.

Here’s to a healthy and prosperous year!