Note: These data exclude some areas of the Taos MLS (Angel Fire, Eagle Nest, Red River, Raton, Chama, Mora, San Miguel County, Other) which we do not consider relevant to the main Taos market.
SUMMARY
Single-family homes are the largest component of the total market. Through June, SFH accounted for 61% of total transactions, and 76% of dollar sales. June 2017 single-family home sales were UP 21% over June of last year. Every month so far this year has been up; however, at the time of this writing, July 2017 looks as if it may fall short of last July’s sales.
Condo sales were up in June by 1 unit over last year. Land sales were much higher. Commercial sales were the same as last June.
If you have been thinking of selling your home, now might be the time! The inventory is low, and prices are rising. Call us for a free consultation and market analysis.
TOTAL MARKET (all categories of property)
Month of June (2017 vs. 2016)
# of Closed Sales INCREASED from 33 to 45 (+36.4%)
Dollar Sales INCREASED from $9,709,100 to $14,588,800 (+50.3%)
Year to June 30 (6 months)
# of Closed Sales INCREASED from 166 to 209 (+25.9%)
Dollar Sales INCREASED from $41,444,600 to $54,368,800 (+31.2%)
Click here for detailed year-to-date data.
Click here for a chart with data for the past 13 years.
SINGLE-FAMILY HOMES
June unit sales exceeded last June’s by 5 units: 29 vs. 24 (+20.8%). Dollar sales were up 50.1%, from $7,597,600 to $11,405,900.
Year-to-date unit sales are up 33.7% at 127 houses sold vs.95 for the same period last year. Dollar sales are up 35.5%, from $30.6 million to $41.4 million.
Average Prices – The median price year-to-date is the same as last year, at $302,000. The average (mean) is up 1.3%, from $321,700 to $326,000.
Price Discounting – Through the first six months of the year, actual selling price has averaged 4.3% less than the last asking price when the property went under contract; the average discount from original asking price is 8.5% so far this year. For the full year 2016, it was 10.5%; in 2015 it was 13.9%; in 2014 it was 16.9%; in 2013, it was 18.4%.
Price Level – Prices of single-family homes fell 30%–40% from the market peak in 2007 to a bottom in 2013. There was no discernible increase until 2016, when prices started to move up some, but only for good-quality homes in the most preferred areas. We are now beginning to see prices rising in most cases, due to increasing demand and limited supply; some areas are rising more than others.
Days On Market – The average days on the market for all the homes that have sold through June this year is 202 vs. 282 for the same period last year. The average for the full year 2016 was 228 days; in 2015 it was 234 days; in 2014, it was 235 days. Even during the boom years 2004-2006, the average time to sell a house in Taos was about eight months — much longer than in many U.S. markets. However, we are seeing well-priced homes in preferred areas selling relatively quickly, again due to the limited inventory, and that is bringing the average down so far this year.
| —– | ——- | UNIT | SALES | ——– | |||||||||
| INVENTORY | 2008 | 2016 | 2017 |
||||||||||
| full | year | full | year | YTD |
|||||||||
| Current |
Last . | Sept. | |||||||||||
| Month | Month | 2008 | # |
% | # |
% | # |
% |
|||||
| Up to $200,000 | 61 | 57 | 190 | 47 | 25% | 78 | 31% | 35 | 27% | ||||
| $200,001 – $300,000 | 69 | 71 | 109 | 46 | 25% | 61 | 24% | 28 | 22% | ||||
| $300,001 – $400,000 | 55 | 56 | 69 | 35 | 19% | 49 | 20% | 29 | 23% | ||||
| $400,001 – $500,000 | 44 | 34 | 39 | 17 | 9% | 32 | 13% | 16 | 13% | ||||
| $500,001 – $650,000 | 34 | 34 | 35 | 20 | 11% | 17 | 7% | 11 | 9% | ||||
| $650,001 – $800,000 | 28 | 29 | 27 | 7 | 4% | 11 | 4% | 6 | 5% | ||||
| $800,001 – $1 million |
13 | 15 | 36 | 8 | 4% | 0 | % | 2 | 1 % | ||||
| Over $1,000,000 | 16 | 16 | 13 | 5 | 3% | 1 | % | 0 | 0% | ||||
| TOTAL | 320 | 312 |
518 | 185 | 100% | 249 | 100% |
127 |
100% | ||||
The number of pending sales increased from 16 to 24.
Inventory – The seasonal increase continued, with 320 homes on the market, up 8 from a month ago; but that is still relatively low. The inventory consists of a wide variety of price, style, location, and condition; it is often difficult to find more than several homes to show a buyer that meet his or her criteria. Note that in September of 2008, there were 518 homes listed for sale. The limited inventory has been a damper on sales.
| 2015 | 2016 | 2017 | y-t-d | ||||
| Cash | 103 | 41% | 91 | 36% | 44 | 35% | |
| Conventional loan |
118 | 47% | 129 | 52% | 74 | 58% | |
| FHA loan | 6 | 2% | 11 | 4% | 4 | 3% | |
| VA loan | 8 | 3% | 10 | 4% | 2 | 2% | |
| Seller financing | 12 | 5% | 7 | 3% | 1 | 1% | |
| Other | 6 | 2% | 1 | 1% | 2 | 2% | |
| Total | 253 | 100% | 249 | 100% | 127 | 100% |
Foreclosure Sales – There were no foreclosure sales in June 2017. Through the first six months this year, there have been 10 foreclosure sales (8% of total houses sold). The number of foreclosure sales, and their percentage of total sales of single-family homes, for the previous six years were:
| 2017 | 10 | ( 8%) |
| 2016 | 34 | (14%) |
| 2015 | 34 | (13%) |
| 2014 | 50 | (22%) |
| 2013 | 37 | (16%) |
| 2012 | 55 | (28%) |
| 2011 | 44 | (29%) |
Currently, there are 14 bank-owned houses listed for sale; of those, six are under contract (sale pending). The number of foreclosures has diminished steadily over the past several years, both locally here in Taos and nationally.
CONDOMINIUMS
June condo sales were up slightly over June of last year (6 vs. 5). Dollar volume was up from $844,500 to $1,203,000 (+42.5%).
Year-to-date unit sales are 25.9% below last year’s pace (20 vs. 27). Dollar sales are down 25% at $4.4 million this year vs. $5.9 million last year.
The median price year-to-date is up 18.0% ($206,500 vs. $175,000). The average (mean) price is up 1.3%, from $218,700 to $221,600.
As a comparison to peak market levels, in the full year 2006 there were 149 condos sold, with a median price of $251,000, and an average price of $259,300.
Price Discounting – Through six months this year, final sales price has averaged 5.2% less than last asking price when the property went under contract. The average discount from original asking price is 8.1%. For the full year 2016, the discount from original price averaged 11.8%.
Inventory – The number of condos listed for sale increased from 61 last month to 64 at the time of this report. Last year’s highest inventory was 72 units for sale, which occurred in January. In 2006, there were often over 200 condos on the market at any given time.
| —– | UNIT | SALES | |||||||||
| —–INVENTORY—– | 2008 | Year | 2016 | Year | 2017 | YTD | |||||
| Current | Last | Sept. | # of | # of | # of | ||||||
| Month | Month | 2008 | Sales | % | Sales | % |
Sales | % | |||
| Up to $150,000 | 6 | 5 | 40 | 10 | 20% | 3 | 22% | 3 | 15% | ||
| $150,001 – $250,000 | 20 | 25 | 50 | 15 | 30% | 7 | 50% | 12 | 60% | ||
| $250,001 – $350,000 | 15 | 10 | 51 | 14 | 28% | 2 | 14% | 3 | 15% | ||
| $350,001 – $500,000 | 17 | 16 | 56 | 7 | 14% | 2 | 14% | 2 | 10% | ||
| Over $500,000 | 6 | 5 | 29 | 4 | 8% | 0 | 0% | 0 | 0% | ||
| TOTAL | 64 |
61 | 226 | 50 | 100% | 67 | 100% | 20 | 100% | ||
There are 3 pending sales.
Days On Market – The average days on the market through six months this year is 187 compared to 262 for the same period last year. The average for the full year 2016 was 259; in 2015 it was 328 days; in 2014, it was 237 days.
Cash Sales vs. Loans – Of the 20 condos that have sold so far this year, 11 were cash sales (55%), and 9 were financed with a conventional loan (45%).
MULTI-FAMILY
There were no sales in June 2017 or June 2016.
Year-to-date there have been three sales vs. none through June 2016. Total dollar volume for the three sales was $1,580,000.
Currently, there are five multi-family properties listed for sale; there is one pending sale.
Investor interest in multi-family should start to increase. The supply of long-term rentals is low because many property owners have switched to short-term (vacation) rentals. Long-term renters are having difficulty finding places to live. Rents are rising; therefore capitalization rates (net operating income as a percentage of sales price) should become more attractive to investors. On the other hand, if interest rates rise significantly, then investors will demand higher cap rates, which will reduce values unless rents increase commensurately.
LAND
June 2017 unit sales were 8 vs 2 last year. Dollar volume was up from $157,000 to $1,068,900. This included a 12.9-acre tract near Town and zoned for four residential units per acre that sold for $700,000
Year-to-date unit sales are up 38.5% at 54 vs. 39 tracts sold. Dollar sales are up 32.3%, from $3,100,200 to $4,102,100.
The median price year-to-date is up 10%, from $50,000 vs. $55,000. The average (mean) price is down, from $79,500 to $76,000 (-4.4%).
The highest sale price so far this year is $700,000 (see above). Of the 54 tracts that have sold, 12 were over $100,000. There have been no commercial tracts sold.
Price Discounting – Year-to-date, the final sales price has averaged 17.4% less than last asking price; the discount from original asking price is 32.4%. This average was skewed by three sales: a 103-acre tract with original ask of $531,000, sold price of $162,500; a 10-acre tract originally listed at $325,000 that sold for $152,000; and the 12.9-acre tract noted above which had an original price of $1 million and sold for $700,000. For the full year 2016, the price discount from last asking price was 13.4%. The discount from original asking price was 22.4%.
The average days on market for the 54 tracts that have sold year-to-date was 618 vs. 546 for the same period last year. In the full year 2016, days on market averaged 464; in 2015 it was 605 days; in 2014 it was 390; in 2013 it was 465.
| ——– | ——– | UNIT SALES—– | —— | |||||||||
| —–INVENTORY—– | 2015 | 2016 | 2017 Y-T-D | |||||||||
| Current Month |
Last Month |
# |
% | # | % | # | % | |||||
| Up to $50,000 | 148 | 148 | 32 | 37% | 42 | 47% | 24 | 44% | ||||
| $50,000 – $100,000 | 184 | 184 | 28 | 32% | 31 | 34% | 18 | 33% | ||||
| $100,001 -$150,000 | 92 | 92 | 9 | 10% | 8 | 9% | 5 | 9% | ||||
| $150,001-$200,000 | 41 | 41 | 8 | 9% | 5 | 6% | 6 | 11% | ||||
| $200,001– $250,000 | 27 | 27 | 5 | 6% | 0 | 0% | 0 | 0% | ||||
| $250,001 – $300,000 | 10 | 10 | 3 | 3% | 2 | 2% | 0 | 0% | ||||
| Over $300,000 | 57 | 57 | 2 | 2% | 2 | 2% | 1 | 2% | ||||
| TOTAL | 559 | 559 | 87 |
100% | 90 |
100% |
54 | 100% | ||||
There are 12 pending sales, down from 13 last month.
The inventory is 569 tracts listed for sale, up from 559 last month.
The number of land sales is still very low compared to the early 2000’s. In the full year 2005, there were 339 closed land sales for a total value of $39 million. In 2006, 296 tracts sold for a total of $42.7 million.
COMMERCIAL
There were two commercial sales in June, the same as in June 2016. One was the La Posada B &B, which sold for $850,000.
Through the first six months of 2017, there have been five sales, totaling $2,851,000 compared to five for the same period in 2016 that totaled $1,878,000.
Full-year 2016 had 7 commercial sales at a total value of $2.9 million. In 2015, there were 17 sales, totaling $8.1 million. In 2014, there were just three sales, totaling $2.34 million.
Currently, there are 38 commercial properties listed for sale. Of these, only one is under contract (the RV park with an asking price of $350,000 which has been under contract for a long time).
The commercial market is still weak, with a lot of vacancies in retail stores and professional office space. Unlike residential rents, commercial rents are not rising. Nevertheless, we expect an increase in commercial property sales over the next several years as the economy slowly recovers, and as the impact of the major investments at Taos Ski Valley begins to be felt throughout the wider Taos market.