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Hi, and welcome to the Taos Properties News Page.
We try to update this several times a year to give our clients and visitors
a general understanding of current real estate market conditions, and to note any events which may be of interest.
We have just completed our annual 2009 review of our listings and the Real Estate market in Taos County.
Here is some news...The Commercial Market has remained the same as last year with 10 sales. This year, the majority of sales are under $300,000.
Land sales have dropped significantly over the past 12 months, there were 21 sales this year versus 39 in 2008.
In the residential area our overall sales have dropped significantly from the previous year. We sold 168 homes in Taos County in 2008 and this year 137.
In 2009, the most activity we have seen in our market has been house sales under $400,000.
Above this price range, residential sales have been moving at at a much slower pace with many Seller's taking a significant price reduction, compared to the last two years.
There has only been 1 sale over a million dollars, typically we sell around 6 per year.
I don't want to be the Real Estate Scrooge... just presenting facts so everyone is aware of the market data.
Looking ahead, I am always optimistic and thinking there are great opportunities for both Buyer's and Seller's.
Buyer's with realistic expectations can find the home or property of their dreams and can soon be living in the most magical place on earth.
My best advise to Seller's, is to price your property realistically and be patient for the right home buyer to purchase your home.
Buying and Selling real estate takes time and can be accomplished easily and with minimal stress using the right agents and office.
Please call Taos Properties so we can assist with all of your real estate needs.
The 2008 declining nunbers say it all. The market for land sales in Taos County has slowed
to a crawl when compared to last year and as a result inventories have climbed to a sixty month supply.
A true buyers market. The activity in land sales continues to be in the lower price points. Significantly,
it should be noted that sales do not appear to be stimulated by declining prices; Rather it would suggest
that while sales are slow, prices are remaining stable. The market appears to recognize that the value
represented by land in the Taos Valley is stable. This is important news for both buyers and sellers.
| Land Sales |
Residential & Development
Lots |
|
January
to December |
| |
2007 |
|
2008 |
|
Percent
Change |
| (000's) |
# of Units |
Total $ Vol.
(m's) |
# of Units |
Total $ Vol.
(m's) |
# of Units |
Total $ |
| 50-100 |
99 |
7.1 |
58 |
4.3 |
-41.41% |
-39.44% |
| 100-200 |
65 |
9.2 |
42 |
6 |
-35.38% |
-34.78% |
| 200-400 |
30 |
8.8 |
16 |
4.5 |
-46.67% |
-48.86% |
| 400-600 |
6 |
2.9 |
1 |
0.45 |
-83.33% |
-84.48% |
| 600-900 |
1 |
0.89 |
1 |
0.75 |
0.00% |
0.00% |
| 900 + |
2 |
4.5 |
2 |
2.9 |
0.00% |
-35.56% |
|
| |
203 |
33.39 |
120 |
18.9 |
-69.17% |
-76.67% |
Nation-wide the Case Schiller index indicates a 25% drop from the peak (Summer of 2006)
in prices for single family homes. Here in Taos sales volume is similarly slowing down in almost every
segment of the single family market. While two sectors at the upper end of this market, do show gains
over last year, their small volume would suggest they are merely interesting anomalies. As with sales
of land, the news here is that except for the 300-450K segment, prices are not declining to stimulate
sales. Sellers can take comfort from this; buyers--the huge inventory suggests a lot of opportunity
awaits. Given the plethora of choices you are sure to find just what you want.
Residential
Sales
(Single
Family
Only-Excluding
Condos) |
January
to December |
| |
2007 |
|
2008 |
|
Percent
Change |
| |
#
of Units |
Total
$ Vol. (m's) |
#
of Units |
Total
$ Vol. (m's) |
#
of Units |
Total
$ |
| 100-200 |
55 |
8.6 |
49 |
7.6 |
-10.91% |
-11.63% |
| 200-300 |
83 |
20.6 |
67 |
16.9 |
-19.28% |
-17.96% |
| 300-450 |
114 |
42 |
71 |
25.2 |
-37.72% |
-40.00% |
| 450-600 |
41 |
21.6 |
29 |
15.4 |
-29.27% |
-28.70% |
| 600-750 |
19 |
12.5 |
15 |
9.8 |
-21.05% |
-21.60% |
| 750-900 |
8 |
6.6 |
10 |
8.3 |
25.00% |
25.76% |
| 900-1M |
5 |
4.7 |
3 |
2.9 |
-40.00% |
-38.30% |
| 1M + |
8 |
11.9 |
9 |
11.5 |
12.50% |
-3.36% |
|
| |
333 |
128.5 |
253 |
97.6 |
-24.02% |
-31.66% |
Condo sales were the drivers for our market over the last four years; today they
are stalled. But inventory remains high and presents lots of opportunity for the patient buyer.
As of today, prices have not declined to drive the market--perhaps they are close to a tipping
point and ready for that nudge.
Condo
/ Townhouse
Sales |
January
to December |
| |
2007 |
|
2008 |
|
Percent
Change |
| |
#
of Units |
Total
$ Vol. (m's) |
#
of Units |
Total
$ Vol. (m's) |
#
of Units |
Total
$ |
| 100-250 |
55 |
9.7 |
40 |
7 |
-27.27% |
-27.84% |
| 250-400 |
45 |
13.9 |
18 |
5.6 |
-60.00% |
-59.71% |
| 400-600 |
10 |
4.9 |
6 |
3.1 |
-40.00% |
-36.73% |
| 600 + |
2 |
1.5 |
1 |
0.6 |
-50.00% |
-60.00% |
|
| |
112 |
30 |
65 |
16.3 |
-72.3% |
-84% |
There are many beautiful places in the US, but few compare to Taos. Sitting at 7,000 feet
above sea level, we have the advantage of clean crisp air, consistent blue skies, and magical sunsets. It
is worth the trip, even if you sit in one spot and just breath! If you want to do more than that, you
can always watch the locals. They are as colorful as the sunsets, with just as much character!
If you are planning a trip to Taos give us a call or email us. We like to offer clients
what we refer to as a “map tour of the area”. We do this in the office to help you get
acquainted with the nuances of Taos. We cover building costs, neighborhoods, topography, financial
considerations, schools, and any number of things to help you with your decision making process. We find
that any good decision requires comprehensive factual information coupled with a focused process.
We give you the information you need to make smart decisions, and after that it can be fun and easy.
We look forward to hearing from you.
John and Lisa Cancro
Owner/Brokers
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