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.We have just completed our 2010 vrs 2011 review of our listings and the Real Estate market in Taos County. Here is some news...The Commercial Market has remained the same as last year with 10 sales. This year, the majority of sales are under $300,000. Land sales have declined, there were 119 sales this year versus 149 in 2010 (there were 68 in 2008). In the residential area, overall sales are a littel lower as compared to 2010. We sold 267 homes in Taos County in 2010 and in 2011 246 homes were sold. In 2011, the most activity we have seen in our market has been house sales under $300,000 where volume has increased. Above this price range, residential sales are down, compared to 2010. 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.

Land Sales
Residential & Development Lots
 
January to December
 
2010
 
2011
 
Percent Change
(000's)
# of Units
Total $ Vol. (m's)
# of Units
Total $ Vol. (m's)
# of Units
Total $
to 50
90
2.425
69
1.624
-23.33%
-33.03%
50-200
43
4.041
43
4.386
0.00%
8.54%
200-400
13
3.737
4
1.112
-69.23%
-70.24%
400 +
3
1.590
3
1.575
0.00%
-0.94%
 
 
149
11.793
119
8.697
-25.21%
-35.60%

The downard spiral in home prices has pushed developers and spec home builders away--further impacting sales of land. However, while land sales remain challenged, numerous opportunities exist for Buyers with cash. And now many sellers offer owner financing as an alternative because financing for land purchases is scarce to non-existent.

Residential Sales (Single Family Only-Excluding Condos)
January to December
 
2010
 
2011
 
Percent Change
 
# of Units
Total $ Vol. (m's)
# of Units
Total $ Vol. (m's)
# of Units
Total $
to 300
146
29.013
151
26.103
3.42%
-10.03%
300-450
74
26.204
58
21.689
-21.62
-17.23%
450-600
27
14.101
22
11.087
-18.52%
-21.37%
600-1M
20
16.863
15
10.876
-25.00%
-35.50%
 
 
267
86.181
246
69.755
-7.87%
-23.55%

 Fully 72% of our RE market is in single family residences and of this segment 61% of sales occurred
with price points under $300K. In fact in the more affordable segment, we see a small uptick in unit volume though dollar volume has declined. With 68% of the inventory priced under $450K (well short a jumbo mortgage) this is still a buyer's market. Seller's are thus forced to focus on pricing first and foremost due to the sensitivity of Buyers.

 

Condo / Townhouse Sales
January to December
 
2010
 
2011
 
Percent Change
 
# of Units
Total $ Vol. (m's)
# of Units
Total $ Vol. (m's)
# of Units
Total $
to 250
38
5.755
36
5.411
-5.26%
-5.98%
250-400
8
2.466
3
0.928
-62.50%
-62.37%
400 +
6
4.68
2
1.02
-66.67%
-78.21%
 
 
52
12.901
41
7.359
-26.8%
-75.00%

The condo sector remains the weakest segment of our market primarily due to the availablilty of financing and continues to show declines in both dollar volume and units sold. For a contrarian investor with cash or access to financing, this segment presents a significant opportunity to purchase a vacation home or a rental home. There are some excellent choices available with an ample supply. Even though there has been consistent Buyers can realize excellent value and take advantage of the resurgent short term rental market

There are many beautiful places in the US, but few compare to Taos. Sitting at 7,000 feet above sea level, we have the advantage of clean crisp air, consistent blue skies, and magical sunsets. It is worth the trip, even if you sit in one spot and just breath! If you want to do more than that, you can always watch the locals. They are as colorful as the sunsets, with just as much character!

If you are planning a trip to Taos give us a call or email us. We like to offer clients what we refer to as a “map tour of the area”. We do this in the office to help you get acquainted with the nuances of Taos. We cover building costs, neighborhoods, topography, financial considerations, schools, and any number of things to help you with your decision making process. We find that any good decision requires comprehensive factual information coupled with a focused process. We give you the information you need to make smart decisions, and after that it can be fun and easy.

We look forward to hearing from you.
John and Lisa Cancro
Owner/Brokers