The year got off to a fast start, with January increases in sales of single-family homes, condos and land. This year looks to be another strong year.
2020 finished strongly, as buying of single-family homes surged. An acute Inventory shortage coupled with a backlog of orders at title companies caused closed sales to be less than they would have been. Nevertheless, unit sales were up 24% over 2019, and they are now just 4% below peak year 2007. Prices are now above peak levels. Condo sales were down from 2019’s pace, due to an even more acute inventory shortage, as well as the much longer than normal time to close sales. Land sales were also down, but they look set to improve in 2021.
Demand for homes and condos remains strong. Purchase contracts are taking much monger than normal to close, due to a major backlog at Taos’s two title companies. Therefore, the number of closed sales would be higher if this problem didn’t exist. Condo inventory is very low, and this has been a constraint on sales. Land sales are also lagging 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 which we don’t consider part of the main Taos market. The market continued strong in October. Sales of single-family homes—by far the biggest segment…
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.