May 2015 – Market Update

While inventory remains down 26% from June of 2014, we have experienced an increase in buyer activity and the overall volume of transactions so far in 2015.   Now that the summer selling season is actively upon us we will see if the recent trend maintains itself.  Historically, Taos has seen the busiest activity from Mid-June through the end of October.

May Highlights:

In May 2015 we had a total of 22 single family homes sell with an average price of $229,340 and a total sales dollar volume of $5,045,500.    This compares to 22 sales in May of 2014 with an average price of $258,001 and a total sales volume of $5,676,039.  While the number of closed sales in May remained equal and the average price in fact decreased compared to  the overall market activity of 2014, buyer activity certainly feels more active with the intent on buying should buyers identify home in a preferred location, in well-maintained condition, & that offers perceived value.

Total Single-Family Home Sales Year-to-Date

Year-to-date through May we have a total of 90 sales in 2015 with an average sales price of $267,500 and a total sales volume of $25,974,620.    This compares to 77 sales through the end of May in 2014 with an average sales price of $277,181.

Pending sales are currently up 41% from June of 2014.   We anticipate the number of upcoming closings to increase as well as we have seen greater market activity and closings within the $400,000 – 600,000 price range.   The upper end market above $700,000 remains relatively quiet  although we did have one sale of a home at $1,150,000 close in May 2015.

Thank you for reading and please contact us if we can assist with anything Taos related.