As the knowledge broker of Northern New Mexico, we’ve been digging into the 2019 year end real estate data to help you understand the Taos real estate market. This is what we’ve uncovered.
As always, we start with supply and demand as this is the primary driver of market conditions. Supply is down with only 206 homes on the market as of January 1, 2020. 302 homes sold in 2019 which is a 2% decline compared to last-year, but certainly not due to lack of buyer demand. Days on market shrunk by 7% and it took, on average, 144 days to sell a home. Since the homes in and around Taos are so diverse, let’s separate home sales into three price points; under $500,000, $500,000 – $1 Million, and $1 Million & over.
The under $500K price point is the most active. Homes under $500K are selling quickly with 80% of homes selling in only 72 days. We’re starting to notice upward pressure on pricing and the under $500K price range is currently sitting with a 5 month supply, keeping it in a Sellers’ Market.
The $500,000 – $1 Million price range became a little more active in 2019 with a 7% increase in sales. This price range is sitting with a 15 month supply keeping it in a Buyers’ Market with 57 homes for sale as of January 1, 2020.
Finally, home sales over the $1 Million price point fell by 43%. We observed four sales in our regional MLS, which is still above the 5 year average of 2.8 sales per year. Keep in mind that this average does not include the new Blake Residences in Taos Ski Valley. These luxury condos are selling and are all over $1 Million. Ten of the 24 Blake Residences are already under contract and the one bedroom residences are sold out. The current prices range from $1.75M to $3.45M, depending on locations and views. These residences will be completed by December 1, 2020.
2019 was a record breaking year for condos. Condo sales were up 25% with 79 condos sold, a 10 year high! We also noticed a 28% decrease in inventory. With the significant increase in demand combined with a lack of inventory, we’re observing upward pressure on prices with many buyers competing over the same property.
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/.