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.
For the first month of the new year:
Total market (all categories of property) – The number of closed transactions was down 19.4%. Dollar sales were down 23.6%.
Single-family homes – Unit sales down 5 homes (-20.0%). Dollar sales down 28.7%. SFH are 69% of total market transactions, 84% of dollar sales
Condos – Unit sales up 2 condos. Dollar sales up. Condos are 7% of total transactions, and 8% of dollar sales.
Land – Unit sales down 3 tracts (-30.0%). Dollar sales down 27.7%. Land is 24% of total transactions, and 7% of dollar sales.
Commercial – Unit sales down by 1 (-100.0%). Dollar sales down 100%. Commercial sales are 0% of total transactions, and 0% of dollar sales.
At this point in the year, detailed data such as appears in our regular monthly reports is not very meaningful, as one month’s data is not sufficient to gauge trends. Our report for the full year 2019 contains detailed data about sales, price trends, inventory, etc.
Winter market activity seems relatively brisk. The Ikon ski pass (which allows skiers to ski many high-quality resorts all over the inter-mountain west) and Taos Air (which this year offers flights from Los Angeles and San Diego in addition to Dallas and Austin) are bringing an increasing number of visitors. Some of these visitors are not just staying at Taos Ski Valley; they are being exposed to the larger Taos community; some of them will decide to purchase property here.
The second chart shows that, since bottoming out in 2011, the total market (all categories of property) through 2019 gained 130% in unit sales, but was still about 38% below peak year 2005 unit sales. Dollar sales had recouped 170% from the bottom, but were still about 30% below peak year 2006 volume. We expect the market in 2020 to continue with the same trends of 2017 – 2018: strong interest in single-family homes and condos but with sales constrained by lack of inventory; slowing increasing interest in land; gradual improvement in commercial.