Market Report : The Lora Company

The market has cooled some, but it’s still strong. The rate of price appreciation for homes and condos has slowed. But it is still a seller’s market. The inventory of homes and condos listed for sale remains very inadequate for the demand. Land sales have picked up dramatically this year. The commercial market recovery from the recession of 2008 and from the pandemic is still weak. We see the same trends continuing into 2022.

Note: The data in The Lora Company report do not include Angel Fire, Eagle Nest, Red River and other areas which are in the Taos County Association of Realtors Multiple Listing Service (MLS), but which we don’t consider part of the main Taos market. The market has cooled a little from the frenzied pace of…

Market activity for homes and condos remains intense: multiple offers are common, with buyers often offering above asking price. This sort of market behavior has rarely occurred in Taos, even during the boom years of 2000 – 2007. Spurred by the work-from-home paradigm that the Covid-19 pandemic created, and fueled by interest rates that are still amazingly low, strong demand for homes and condos in Taos is expected to continue into the foreseeable future; however, recent indications are that the overall US the market seems to be starting to cool off some, so we’ll see if Taos follows suit.

Increases in the number of residential sales this year over last year are starting to taper. That’s because last year, sales exploded after having been stalled during the worst of the pandemic. In July and August, sales have actually been slightly fewer than in those months in 2021. It’s not for lack of buyers or their desire to purchase! The lack of inventory–as well as the extremely long time (3-4 months!) it is taking to close sales due to severe title company backlogs—are limiting gains in the number of closed sales. But prices continue to rise!

Market activity–especially for homes and condos–is intense: multiple offers are common, with buyers often offering above asking price. This sort of market behavior has rarely occurred in Taos, even during the boom years of 2000 – 2007. Spurred by the work-from-home paradigm that the Covid-19 pandemic created, and fueled by interest rates that remain extremely low, robust demand for homes and condos in Taos is expected to continue into the foreseeable future. Even multi-family sales–a very small segment of the market–have picked up some. Land sales are way up vs. last year, as some frustrated home buyers are deciding to build instead of searching in vain for an existing home to buy. Commercial sales are still zero for the year through July.