Hi, and welcome to the Taos Properties News Page. We try to update this several times a year to give our clients and visitors a general understanding of current real estate market conditions, and to note any events which may be of interest. The market is moving and there are many opportunities.
Looking ahead, I am always optimistic and thinking there are great opportunities for both Buyer's and Seller's. Buyer's with realistic expectations can find the home or property of their dreams and can soon be living in the most magical place on earth. My best advice to Seller's, is to price your property realistically and be patient for the right home buyer to purchase your home. Buying and Selling real estate takes time and can be accomplished easily and with minimal stress using the right agents and office. Please call Taos Properties so we can assist with all of your real estate needs.
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In reviewing the final sales numbers for 2016 above, we continue to see improvements in both the overall volume and the average sales price of residential homes. While total residential sales in Taos moved to $153M, a 14% boost, the average sales price also increased to $284k, a 5% jump from 2015, and a 10% increase in 2014 pricing of $257K. A number of factors continue to contribute to our recovery.
Our overall home inventory continues to be tight and quality properties move quickly. Current pricing for existing product is in the range of $150-$225 per square foot depending on condition and location. Taos currently has just over 650 active residential listings choices with an average sale price of just over $400,000.
Due to the still recovering market, we have had few developers willing to risk building new product. This also means fewer choices and the potential to actually raise pricing. We feel we will see a shift in 2017 to more speculative building as the economy recovers and more buyers return to the market.
Oil prices are again showing signs of recovery into the New Year and this is good news for Taos. Buyers from Texas and Oklahoma make up a good segment of our market. As the industry improves we should continue to see a demand increase from a part of the country that has easy access to Taos.
The most exciting “new” news, continues to be the ongoing growth and expansion of the Taos Ski Valley. With Mr. Bacon’s purchase in 2014 we have been witness to a shift in both attitude and environment in the ski valley. The new owners are on the way to fulfilling a planned $350M expansion of both, on and off mountain amenities. The most visible has been the new Kachina lift which added over 1,000 vertical feet, and 25% more lift serviced terrain. Also to greet visitors in February will be the new Blake Hotel, which will offer high end amenities and a spa facility. Improvements around the village are also noticeable, with new walkways and gathering areas for guests. To get all the “new” news out, and attract first time visitors, the owners have created a highly visible marketing campaign. Their efforts and the increased exposure, will invariably benefit the Town and our overall community.
As we move into 2017 we feel the momentum for continued growth and desire in the Taos area. We have much to offer here, starting with the majestic blue skies and clean air. The choices for culture and outdoor activities are boundless too. At the end of the day there is more entertainment, music and clean local food than you can imagine. All of it sits at the base of the Sangre de Christo mountains, 7,000 feet up, in a town with a funny name. Call us and come see why Taos will enchant you too.
John R. Cancro
Taos Properties Real Estate Investments, Inc.
205 Ranchitos Road
Taos, NM 87571