Greetings and Happy New Year!
After a beautiful Summer and Fall in Taos, winter came on strong and skiing is epic!! The Taos market has a bit to celebrate too this year as it looks like prices have stabilized and have started creeping up. The number of sales is up as well. Using single family homes as an indicator, we saw the average sales price go up 8% from 2014. Part of the reason for that is that the number of foreclosures is dwindling and we’re not seeing as many sales under 200K. The number of single family sales is up 11%. What is really exciting is that the total volume for the overall market dollar wise is up 18%. WOW! That increase is due partly to more commercial sales as well as more sales in multi-family and even a few more land sales. Although some were not listed in our local Multiple Listing Service, the sales of El Monte Segrado, The Adobe Wall, Whitten Inn, the Quality Inn, and the San Geronimo Lodge indicate that Taos is becoming attractive to investors once again.
The numbers for the Taos MLS look like this: (This does not include Angel Fire/Colfax or Red River)
Avg. Sales Price Number of Sales
Single Family Homes $305,748 – Up 8% 231 – up 11%
Condos $213,753 – Up 1% 66 – same as 2014
Land $100,885 – Down 42% 98 – Up 21% (Fewer, but larger sales in 2014)
Commercial $474,764 – Down 28% 17 – Up 84% (2014 # did not include businesses,
only sales of land and buildings)
Multi-Family $345,000 – Up 13% 5 – Up 40%
Brandon and I were fortunate to be involved in 50 of the residential sales in 2015. Diane had 32 of her listings sell in 2015. If you’re thinking of selling or buying, give us a call or email now so we can start the process.
What’s the story for 2016? The following are all indicators that this positive trend should continue:
1. The sale of Taos Ski Valley to billionaire Louis Bacon is bringing continued improvements, expansion, and good PR for Taos Ski Valley and in turn Taos. If you haven’t seen the great article on TSV in the NY Times, take a look.
2. Other markets across the nation saw an increase in sales and prices allowing some of those Sellers who had been waiting to buy, buy here. Zillow predicts that Denver & Dallas will be the top 1 & 3 for price increases & sales in 2016. Both are big markets for Taos.
3. A few years ago I mentioned that we were seeing the tip of the baby boomers. Now it’s the middle of the baby boomers and some are buying second homes and some buying for retirement.
4. The threat of an interest rate hike by the Feds got some buyers off the fence. There was a rate hike but as of now, the avg. interest rate for a 30 yr. fixed is just a little over 4%. Estimates are that rates may go up as much as a point in 2016.
5. The airport may finally see a new cross wind runway.
6. A volatile stock market may make something solid, and visible – like real estate – more attractive for investors.
7. Taos is a unique and beautiful place to live. We continue to get great press in the Denver Post , CNTraveler.com, Albuquerque Journal, National Geographic, and so many more.
Here or planning a trip soon? Don’t forget the popular Winter Wine Festival Jan. 27 – 30.
Berkshire Hathaway HS Taos Real Estate remains # 1 in the Taos market. In fact, our volume is double that of any other office in the area. Why? Because we work hard, have lots of experience, and in our office we put you 1st! Please contact us if you’re thinking of Buying or Selling!
Diane Enright, Assoc. Broker & Brandon Rose, Assoc. Broker
Berkshire Hathaway HS
866-758-5478 toll free