2018 sales are tracking about equal to 2017’s. The main factors that have been affecting the market for the past two years remain in place: a strong national economy, rising demand for single-family homes, and an inventory shortage of good homes available for purchase.
Single-family home sales are still tracking slightly below last year’s pace, while condo, land and commercial sales are ahead. There were 3 homes sold over $1 million last month. And there may be a huge sale in December: the 190-acre Blackstone Ranch is going to be auctioned on Dec. 6, with a minimum bid of $19 million (see the related article posted on our web site).
BIG NEWS! New air service this winter between Dallas DFW airport and Taos. See related post in our website. This should have a major positive impact on the Taos economy–and on Taos real estate–over time. Meanwhile, this weekend is the annual Taos Balloon Rally–another way to travel!
Sales of single-family homes and condos were up in July 2018 compared to July 2017. Land sales were down slightly. Through the first seven months of this year, sales of homes are about 1% below last; condos are up 25%; land is up 12%.
Monthly single-family home unit sales were down for the second month in a row. June 2018 unit sales were below June of last year by 7 units (23%). The ongoing problem of low inventory of homes available for purchase is limiting sales. Buyer interest continues to increase while the supply of good homes for sale isn’t adequate to satisfy the demand. Homes in preferred locations are selling faster, and prices are rising!