A recent article in The Wall Street Journal discussed how prices are rising at the fastest pace in 15 years. This is the result of the fundamental of supply and demand. There has been a surge in demand, driven by several factors: ultra-low mortgage rates, a lot of millennial buyers entering the market, and he…
The Taos real estate market is off to a vigorous start in 2021, with sales of homes, condos and land well above last year’s pace for the year to date. It looks like buyer interest in Taos property will continue to be strong this year!
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.