Taos Resources
2006
Jan - Aug. |
2007
Jan - Aug. |
%
Change |
Incr
(Decr) |
|
| RESIDENTIAL (Excluding Condos) | ||||
| # Units Sold | 223 |
151 |
-32.3% |
(72) |
| Total Dollar Volume | $74,006,200 |
$53,544,900 |
-27.6% |
($20,461,300) |
| Median Price | $285,000 |
$314,900 |
10.5% |
$29,900 |
| Average Price | $331,900 |
$354,600 |
6.8% |
$22,700 |
| Sold Price % of List | 95.60% |
96.70% |
||
| Condos + Townhouses | ||||
| # Units Sold | 97 |
67 |
-30.9% |
(30) |
| Total Dollar Volume | $24,367,000 |
$19,378,300 |
-20.5% |
($4,988,700) |
| Median Price | $244,500 |
$283,500 |
7.7% |
$39,000 |
| Average Price | $251,200 |
$289,200 |
15.1% |
$38,000 |
| Sold Price % of List | 99.60% |
97.20% |
||
|
Total
Residential |
||||
| # Units Sold | 320 |
218 |
-31.9% |
(102) |
| Total Dollar Volume | $98,373,200 |
$72,923,200 |
-25.9% |
($25,450,000) |
| Median Price | $269,800 |
$290,500 |
7.7% |
$20,700 |
| Average Price | $307,400 |
$334,500 |
8.8% |
$27,100 |
| Sold Price % of List | 96.50% |
96.80% |
||
| Land | ||||
| # Units Sold | 223 |
115 |
-48.4% |
(108) |
| Total Dollar Volume | $28,056,200 |
$14,621,300 |
-47.9% |
(13,434,900) |
| Median Price | $87,000 |
$89,000 |
2.3% |
$2,000 |
| Average Price | $125,800 |
$127,100 |
1.0% |
$1,300 |
| Sold Price % of List | 92.00% |
87.40% |
||
| Commercial | ||||
| # Units Sold | 5 |
13 |
160.0% |
8 |
| Total Dollar Volume | $1,780,300 |
$10,328,500 |
480.2% |
$8,548,200 |
| Multi-Family | ||||
| # Units | 5 |
4 |
n/m |
(1) |
| Total Dollar Volume | $2,728,500 |
$1,694,000 |
n/m |
($1,034,500) |
| TOTAL - ALL MARKET | ||||
| # Units | 553 |
350 |
-36.7% |
(203) |
| Total Dollar Volume | $130,938,200 |
$99,567,000 |
-24.0% |
($31,371,200) |
(Note: Data exlcude Angel Fire, Black Lake, Eagle Nest, Red River, Chama, "Other" Area)
Source: Taos Board of Realtors. The data is believed to be accurate, but is not guaranteed.
THE MARKET REMAINS SLUGGISH
The Taos real estate market remains in a wait-and-see mode, well below the strong sales pace of 2005 and the first half of 2006. Buyer activity has picked up a bit recently compared to earlier in this year; however, summer is typically stronger than winter, so that would be expected. The August data indicates a market that continues to have no clear sign of regaining strong momentum. July had looked like the market was turning up, but the August numbers are down.
For the past month (August 2007 vs. August 2006) , total units sold (in all property categories) were down 47% and dollar sales were down 30% (compared to -23% and -22%, respectively, in July).
Buyers are starting to look at property again, but there does not seem to be a sense of urgency to buy. They are probably sensing that the market is still slow, that there is above-average inventory, and that prices are not rising fast. Additionally, we believe that buyers are still being affected by uncertainty in the national real estate market: they continue to worry that their current primary residence is not worth as much as it was before the national slump began, and also that they may not be able to sell it quickly. The recent turmoil in the credit markets has exacerbated the situation. As a result, buyers are postponing purchasing property in Taos.
The market in general remains a buyer’s market. The number of listings has increased, and the number of showings per listing is still relatively low. The number of days on the market is also increasing. Therefore, right now is an excellent buying opportunity! Once the market regains momentum, sellers will be less willing to reduce price. And long-term, prices will rise fairly rapidly, so that is another reason that now is an opportune time to invest in Taos real estate.
YEAR-TO-DATE market highlights through the first eight months are:
The number of single-family homes sold (excluding condos and townhouses) is down 32% from last year’s pace. Dollar sales are down 28% from 2006. The median price increased from $285,000 to $314,900 (11%).
The number of Condominiums and Townhouses sold decreased 31% over the same period last year , while dollar sales decreased 21%. As with single-family homes, t he median price increased ( from $244,500 to $283,500).
The total Residential market (homes + condos) units sold has declined 32% , and dollar sales have declined 26%. So we are seeing average prices rise, even though the market has slowed.
Land units sold are 48% behind last year’s pace, and dollar sales volume is down 48%. The median price increased from $87,000 to $89,000. (The median is not a very meaningful number, since land transactions vary so much in terms of size, location, etc; however, it is indicative of a trend.) Land sales volume is down in part due to lack of inventory, as well as the same decrease in buyer demand as in Residential sales.
Year-to-date, the overall Taos market is down 37% in terms of number of transactions (units sold) and it is down 24% in terms of dollar sales.
Taos will resume an upward trend, although it may be a year before buyers really return in earnest and the market gets back to 2005 levels. We believe that, when the market does rebound, Taos is poised for a major market surge over the next five years. Taos is definitely being considered by more and more prospective buyers who are seeing it as an attractive – and less expensive – alternative to other Rocky Mountain resort areas, e.g., Santa Fe, Telluride, Vail, Aspen, Jackson Hole, etc.
Please call us at 505-737-7739 with any questions, and we’ll be happy to discuss our real estate market – or anything else about Taos – with you!
TAOS REAL ESTATE MARKET STATISTICS
YEAR-TO-YEAR COMPARISONS
The following chart illustrates year-to-year comparisons
for the Taos Multiple Listing Service sales:
2002 |
2003 |
2004004 |
20020055 |
22006 |
|
RESIDENTIAL |
|||||
| # UNITS SOLD | 367 |
400 |
448 |
519 |
527 |
| TOTAL DOLLAR VOLUME | $78,710,700 |
$91,793,000 |
$111,417,200 |
$155,949,200 |
$162,118,400 |
| MEDIAN PRICE | $183,000 |
$211,500 |
$227,900 |
$270,000 |
$269,000 |
| AVERAGE PRICE | $301,000 |
$307,000 |
|||
| LAND | |||||
| # UNITS SOLD | 227 |
335 |
422 |
483 |
444 |
| TOTAL DOLLAR VOLUME | $17,991,100 |
$35,431,700 |
$40,794,600 |
$59,328,800 |
$72,706,900 |
MEDIAN PRICE |
$55,000 |
$60,000 |
$46,300 |
$79,500 |
$75,000 |
| AVERAGE PRICE | $122,000 |
$164,000 |
|||
COMMERCIAL |
|||||
| # UNITS SOLD | 18 |
19 |
16 |
26 |
9 |
| TOTAL DOLLAR VOLUME | $5,289,500 |
$7,982,400 |
$8,433,800 |
$10,615,100 |
$4,559,300 |
MULTI-FAMILY |
|||||
| # UNITS SOLD | 8 |
5 |
4 |
8 |
6 |
| TOTAL DOLLAR VOLUME | $2,358,500 |
$1,246,500 |
$1,597,000 |
$3,053,000 |
$3,147,500 |
TOTAL |
|||||
| # UNITS SOLD | 620 |
759 |
890 |
1,036 |
986 |
TOTAL DOLLAR VOLUME |
$104,349,800 |
$136,453,600 |
$162,242,600 |
$228,946,100 |
$242,532,100 |
| CONDOS (SUBSET OF RESIDENTIAL) | |||||
| # UNITS SOLD | 37 |
77 |
85 |
120 |
158 |
| TOTAL DOLLAR VOLUME | $4,568,900 |
$12,929,700 |
$14,543,800 |
$26,615,200 |
$39,377,400 |
| MEDIAN PRICE | $114,500 |
$142,000 |
$159,000 |
$207,000 |
$237,300 |
Source: Taos Board of Realtors. The data is believed to be accurate, but is not guaranteed.
Taos is a great place to purchase property! We can find the right property for you!!
Call us at 505-737-7739, and let us help you get into this market.