As we roll into a new decade full of possibilities, it's sometimes helpful to take a look at events past, to determine how the future may unfold. For Taos we continue to see very positive indicators that overall pricing and activity are increasing. The new year 2020 also began with lots of fresh snow, and the arrival of regularly scheduled air flights via Taos Air, directly from destinations in Texas and California. Taos continues to be a destination of choice for those looking for the qualities of clean air and water, as well as a quiet sophistication and a shift from big city environments. As access to our town increases, it seems inevitable that values and pricing will too.
Here's what is looks like today:
From the above we can see pricing moving slightly higher and stabilizing, as average sale price for both single family and condos increased. The $377,000 average sale price for single homes shows a 1.5% increase over the previous year. For Condos and townhomes, an average sale price of $188K, would suggest closer to a 5% increase over 2018. The chart also clearly shows that pricing took a significant turn from 2017, and has since, continued to improve.
While Land looks to be stabilizing, it sure is a healthy change from the years after 2008. We have seen an increase in total sales to 238 units, and total sales volume is steady at around $20m for the last three years. What's really happening is that inventory of highly desirable homes remains low. As a result, those who desire specific choices, begin to consider buying a piece of land and building a custom home. We have seen an uptick in Owner built homes the last couple of years. At the same time, speculative homes, built by builders to fill a demand niche, continues to be low.
Commercial Property sales also impact our overall market. While many properties are still owned by individual landlords, we are seeing steady commercial development in parts of town. This past year saw the sale of the iconic Taos Inn Hotel to new buyers, as well as the re-opening of a new Hilton franchise. Also, the 190 Acre Blackstone Ranch changed hands at the end of the year, and excitement builds over what's next for this unique property. Overall sales of commercial property have more than doubled since 2017, showing over $9M in Total Volume in 2019.
The most significant change in Taos, and a driver of many future possibilities, are the shifts seen in Taos Ski Valley. While the change of ownership from the Blake family to Louis Bacon and company was big, the shift towards modernization, improved access and facilities, and professional mountain management, has been even bigger. We now have a new 80 room boutique hotel, The Blake, a new high speed quad from the base that services the entire mountain, and a new Peak chair that will get you to 12,400' in minutes. Lastly, there is now a super easy way to get here using our new airline, Taos Air. So treat yourself to a visit to Taos, it just got easier! Once here you can inhale deeply, gaze at the majestic sunsets, and call us to help you see the magic for yourself.
Lisa & John Cancro
Taos Properties Real Estate Investments, Inc.
205 Ranchitos Road
Taos, NM 87571