Hurray! Mid-Summer is here in Taos and the days have been gloriously cool but the real estate market is heating up. Family home sales, our best market indicator, are up 19% from this time in 2014 and the average sales price has risen by 5%. That’s about the first increase in average sales price since 2008. This increase is likely due to the decline in foreclosures, strong markets in our bordering states, and the predicted rise of interest rates by the Fed before years end. For the 1st time in a long time we’re actually seeing multiple offers on properties that are priced well, in a good location, are well maintained and are listed under $400K. Upper end sales and land sales are still slow but even they seem to be faring better than last year. Both should pick up with the increase of buyers looking in our market.
For more detailed charts on the entire market please see below.