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.
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…
Through the first quarter this year, the market is UP compared to the first three months of last year. However, year-to-date sales mostly originated before the coronavirus emergency really took hold; and it remains to be seen what effect the pandemic will have on sales during the second and third quarters.