Taos Real Estate Market Data The Year to Sept. 30, 2020
SINGLE-FAMILY HOMES
After a drop in the spring due to the onset of the Covid-19 pandemic, single-family home sales have surged in the past four months. Cumulative unit sales through nine months are now 20% above last year’s pace. The market is hot! The number of properties going under contract has jumped to levels not seen before. Unfortunately, the inventory of homes listed for sale is not keeping up with the burgeoning demand. Prices are rising at an accelerated rate as demand way exceeds supply.
CONDOMINIUMS
Condo unit sales year-to-date are 7.5% below last year’s total. Up until recently, buyer interest in condos had not rebounded from the 2008 financial crisis the way it had for single-family homes; but lately that has changed, as people seeking a refuge from emergencies such as Covid-19 are considering condos as well as homes. The lack of inventory of condos is even more acute than for homes, so sales are less than they would be if there were more inventory. Prices are rising rapidly in this market segment, too. Read my complete Taos Real Estate Market Report at www.realestatetaos.com
LAND
Land unit sales are lagging last year by 10%. The land market hasn’t recovered from the real estate recession like the residential market has. The cost to buy land and build has been substantially greater than the price of an existing home. Building costs have risen sharply due to the Covid-19 impact on supply chains. However, with residential inventory very limited, some buyers may opt to buy land and build. Recently, there has been a marked increase in the number of pending sales; if these contracts all close, the year-end tally of land sales may exceed 2019’s.
NOTE: These data do not include Angel Fire and other areas in the Taos MLS that are not considered part of the main Taos market. Based on data from the Taos County Assn. Realtors MLS as of 10/05/2020. Data are believed to be accurate, but are not guaranteed.