As the Knowledge Brokers of the Enchanted Circle, Chisum Realty Group is committed to providing you with the most accurate and timely information around our ever-changing real estate market. Let’s dig into the data from 2018 for Taos, New Mexico.
The chart below breaks down the number of homes sold from 2014 through 2018.
Home prices are on the rise in the Taos area as 2018 marks the fourth consecutive year that the median and average home price has increased year over year. 2018 experienced a slight, 3%, decline in home sales compared to 2017, but not due to a lack of Buyers. The average days-on-market, 140, is also down from last year, meaning the decline is due to lack of inventory. As of January 1, 2019, only 144 homes are listed for sale, providing a 7.6 month supply, seating Taos in a Seller Market. Since Real Estate in Taos is so diverse, lets break down this data into three price points, under $600,000, 600,000 to $1,000,000 and over $1,000,000 for a more in-depth analysis.
<$600K Homes are in a Sellers’ Market
Weighing in at 89% of the total homes sold in 2018, the under $600,000 price range is the largest and most active segment of the market. 2018 saw about a 5% decline in sales compared to the prior year and the under $600,000 price point is sitting with a 5.8 month supply. Days-on-market for this price point is also down to 123. Inventory is low so we expect to see home prices slowly increase while days-on-market decrease in 2019.
$600K – $1M Homes are in a Buyers’ Market
The 600K-$1M is still in a Buyers’ market due to it’s 17 month supply of homes. Home sales in this segment were down overall 13% but we saw a nice 71% increase in the $600,000s, see chart. This segment typically follows in the footsteps of the <$600K sector and we might see this segment move into a balance market in 2019.
Over $1M Homes are picking up
Homes over $1 Million saw a 500% increase in sales in 2018 over 2017 with a total of 6 sales. This broke the previous one sale per year trend that we observed over the prior four years. We believe that this increase in activity is partially tied to the ongoing capital improvements and attention in Taos Ski Valley, including Taos Air, attracting more luxury buyers to our area.
The chart below breaks down the number of condos sold from 2014 through 2018.
Townhouses and Condos
The condo and townhouse market experienced a 8% increase in sales over 2017, resulting in 66 sales. The average days-on-market was 125 days, down 36% compared to 2017. The Condo and Townhouse market has a 7 month supply and prices have been steadily increasing over last 4 years.
For details about how this data affects your purchasing or selling goals, please call Chisum Realty Group, at 575-377-2321. If you would like to receive our bi-annual real estate market report by email, please visit chisumgroup.com/sign-up/.