Residential sales which are separated from Condominium sales, are also down over 25% versus this time last year. For the first time in many years, sales of homes in the lower ranges are softening with sales under $300K down almost 40%. This is a direct result of all the new condominiums now on the market. One of the few bright spots in the market has been homes in the $500-$700K range. Last year this was our softest sector, but thus far we have seen a 13% increase in the number of sales and dollar volume in this range. Inventory is up however, still allowing ample choices for Buyers in this range.

While we sold 46 Condos thus far this year, we are down from 81 units sold last year at this time, a drop of over 43%! The busiest sector of this market is sales in the $250K to $400K range. While volume is still down 22%, inventory has decreased over 15% since last year. Good units with prime location in this sector are still desirable.

So what does the above all mean? Taos continues to be a strong consistent and healthy market for many reasons. The first, and most important, is the small amount of land available for ownership in Taos County. Almost 70% of the county is NOT available for sale, due to National Forest, Pueblo, State or BLM designation. This is exciting if you like to hike, fish, ski, hunt, mountain bike, kayak or do any number of things outside. What it also means is, the supply of good quality properties is limited. Coupled with a consistent demand, mostly from second home buyers, you can start to understand how prices have risen steadily over the years.

However, Taos also continues to remain one of the least expensive resort towns in the country. To build a custom adobe home from the ground up costs between $200 and $300 per square foot (psf). Existing homes start around $175 psf. New Condos are in the range of $250 psf. That compares with other resort markets of $800-$1200 psf. It seems crazy but its true! Land ranges from $40K to $200K per acre.

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 breath! If you want to do more then 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