As the knowledge broker in Northern New Mexico, we’ve been digging into the 2019 mid-year data to help you understand the Taos real estate market.
As always, we start with supply and demand as this is the primary driver of market conditions. Supply is down, yet again, with only 164 homes on the market as of July 1, 2019. That is a 14% decline in single family home inventory compared to this time last year. 76 homes sold in the first half of 2019 which is a 3% decline compared to last year but certainly not due to lack of Buyer demand. Days on market continues to shrink. The 76 home sales averaged 159 days on market. Interestingly enough, half of those homes averaged 50 days on market, while the other half averaged 269. The right combination of price, condition, and marketing continues to play a significant role in getting homes sold.
Date Range: January through June 2018 v 2019 Source: Taos County Association of REALTORS®
Compared to last year, the under $600K price range has seen an 11% decline in inventory putting it at a 9 month supply. This is slightly inflated because we are in the middle of listing season. Make no mistake, this segment of the market is acting like a Seller’s market with multiple Buyers frequently competing for the same home.
$600K – $1M
The $600K – $1M segment saw a 28% decline in inventory resulting in only 6 months supply of homes on the market. As predicted in our January market report, this segment appears to be following the lower price range and moving into a Seller’s market.
$1 Million +
The luxury market remains at a 24 month supply of inventory. There was one home sold in the first half of the year. However, there were a total of 6 homes sold over $1 Million last year. So, we look forward to seeing what the second half of 2019 has in store.
Condos and Townhomes
The condo and townhome market experienced a significant decline in inventory (42%) combined with an 8% increase in sales. This data does not include Taos Ski Valley’s new condominium development, the Blake Residences. The new complex has 24 units with starting prices of $1.3M, 9 of which are already pre-sold! It will be interesting to watch the development and see how this influx of affluent condo buyers affects the Taos condo market in the future.
Now more than ever, it’s important to work with a data driven team like ours to help you navigate this market and to ensure that you are comfortable and confident in your decision. To discuss how the current market affects your real estate goals, please give Tara Chisum a call at 575-377-2321.