2018 started with gains in all categories of property. Single-family homes are the largest component of the market. January unit sales were up 33.3% over last year. Buyer interest continues to grow while inventory remains very limited. There isn’t enough supply to satisfy the increasing demand. Good homes in good locations are selling faster, and prices are rising.
2017 was a good year for the Taos real estate market. The overall market was up 13% over 2016 in terms of the number of transactions, and it was up 21% in dollar sales. A major theme was the lack of adequate inventory of single-family homes. The imbalance between supply and demand was a limiting constraint on sales; and it is causing house prices to rise. The trend will probably continue in 2018.
November 2017 was another “up” month, although not by much.
October 2017 was up over October of last year, despite the ongoing lack of inventory of single-family homes. Year-to-date, unit sales of homes are up 15% over last year’s pace, but the gain would be even greater if the inventory were better.
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The lack of inventory of single-family homes is definitely hampering sales. September was the second month this year that single-family home unit sales did not exceed the same month in 2016.