Editor's note: Darlene Streit talks about Santa Fe and New Mexico real estate market performance in 2020 in this Q&A with Haute Residence.
Photo Credit: Daniel Nadelbach Photography
Haute Residence: How did the real estate market look in the beginning of 2020?
Darlene Streit: After coming off a record year in 2019, 2020 looked to follow suit. Of course, the appearance of the coronavirus, the subsequent shutdown and the new protocols for showings, left everything up in the air for a short time. But once the market adjusted to the restrictions, buyers came roaring back. Santa Fe is a very desirable location in terms of quality of life, and everyone's new mode of living during the pandemic, so sales have boomed.
Santa Fe, and New Mexico as a whole, are spacious and open with homes spread out. There's great indoor/outdoor living here which appeals to people who are looking to relocate, retire or buy a second home. Nature is right outside your door for a walk, hike or bike ride. And with 300 days of sunshine each year and temperate seasons, it's made it easier to get through these past several months of staying at home more.
There was some hesitation lately leading up to the election, which created a bit of a lull, and currently inventory is still low. I expect sales to begin increasing again as soon as we get through November and into December. We're looking for continued demand straight into 2021.
HR: What, if any, changes did the pandemic have on prices? On inventory?
DS: Given the surge of buyer interest in Santa Fe and people moving here from all over the country, properties are being snapped up quickly, and at the moment inventory is very low. Due to supply and demand, prices are rising – it's a sellers market for the time being.
Photo Credit: Daniel Nadelbach Photography
HR: Professionally, what have you learned in 2020 about yourself?
DS: I've learned to be more flexible, and roll with the changes that have been coming at us continuously. This was all so unexpected, but I'm proud of my staff and the industry as a whole for adapting and innovating to keep things going.
I also learned that the real estate market is quite resilient, given how quickly sales rebounded after just a short pause.
Personally and professionally, I'm very grateful for another record-breaking year. I will most likely close over $235M in sales this year, and in Santa Fe that is no small feat. Given that Santa Fe's population is around 85,000, and it's not a major metropolitan area like New York or Los Angeles, it was a gratifying achievement – especially with the challenges we faced with COVID and the lack of inventory we've been dealing with.
Helping people with their home needs and making their transitions easier has been very fulfilling, even more so this year. I look forward to continuing that in 2021.
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