The residential market continues to surge! After the lull in April-May caused by the Covid-19 lockdowns, the market has roared back. The numbers of homes and condos going under contract are at record levels. Prices are rising, and the time it takes to sell is falling. Land and commecial sales are still slow.
After a drop earlier in the year due to the onset of the Covid-19 pandemic, single-family home sales have surged in the past two months. The market is hot! The number of properties going under contract has jumped to levels not seen before. Covid-19 has added a new wave of buyers to a market that has been steadily gaining momentum for the past several years, as people seek a home in a less populous area for future emergencies.
Coronavirus has upended markets around the world. Its effect on the 30-year mortgage is especially significant. A recent post in the online version of the Wall Street Journal describes why rates have been falling–and why they may go even lower. Here is a link to the full article: https://www.wsj.com/articles/30-year-mortgage-rate-reaches-lowest-level-ever-2-98-11594908357?st=ogl913s9r5e6avf&reflink=article_email_share
June sales of sigle-family sales bounced back after a weak May. Market activity in this segment is brisk, and inventory remains very low. Condo and land sales continue to lag last year’s pace.
Note: The data in The Lora Company report do not include Angel Fire, Eagle Nest, Red River and other areas that are in the Taos County Association of Realtors MLS, but that we don’t consider part of the main Taos market. May closed sales were down sharply, due to the Covid-19 health emergency and restrictions…