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TAOS REAL ESTATE MARKET, 1ST QUARTER UPDATE 2013
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The market in Taos has had a significant uptick in activity, number of
transactions and contracts and volume in the first quarter of 2013. We are
encouraged about the spring and summer seasons! The resort market is usually
lagging behind the primary residence market when the market shifts which
translates to an appraisal disconnect as the sale prices begin to reflect
less supply and more demand. Eventually, this may cause the prices to start
back up toward 2005/2006 levels but this has not occured as yet.
We still have the perfect climate (for buyers) of low interest rates and low
prices so right now is a terrific time to jump back into the market whether
for second home, retirement home, primary residence or investment for the
future. The prospect of new construction is a distant memory in Taos-hoping
that will change soon for potential developers and contractors who have been
on the sidelines and unable to obtain financing from reluctant lenders for
any proposed projects.
The news from the Hondo Land Grant fraudulent deed situation is "major
progress" after more than two years of languishing in the courts. Judge
Backus has signed a Partial Summary Judgement which invalidates the deeds
and should remove the cloud from the titles of many land owners in the Hondo
Grant area who have been unable to refinance, sell or obtain title insurance
for their properties.
The next step in this drama is a possible protest or appeal from the Land
Grant heirs and their attorney, however, the real estate community and
affected landowners are certainly hoping that the various title insurance
companies will insure over any appeal in the future.
As the ski season winds down to a closing this weekend with lots of snow
still on the mountains, we are looking forward to green, sun and
flowers-there is a Lilac Festival happening in May! Lots of spring and
summer events in Taos coming soon. I would love to discuss your specific
property or find you the house of your dreams!!
TAOS COUNTY MARKET MLS FIRST QUARTER 2013 VERSUS 2012
| Residential |
| - |
# of sales |
Total Dollar Sales |
Average Sales Price |
Average DOM |
| 2013 |
59 |
$16,687,006 |
$282,830 |
364 |
| 2012 |
49 |
$9,981,800 |
$203,710 |
317 |
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+20.4% |
+67.2% |
+38.8% |
+14.8% |
Great improvement! Days on Market went up, but otherwise a major step in the right direction!.
| Condos, only |
| - |
# of sales |
Total Dollar Sales |
Average Sales Price |
Average DOM |
| 2013 |
10 |
$1,747,400 |
$174,740 |
849 |
| 2012 |
7 |
$935,000 |
$133,571 |
559 |
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+42.9% |
+86.9% |
+30.8% |
+51.9% |
Finally, some improvement in the condo market!.
| Land |
| - |
# of sales |
Total Dollar Sales |
Average Sales Price |
Average DOM |
| 2013 |
21 |
$1,525,775 |
$72,655 |
462 |
| 2012 |
11 |
$993.500 |
$90,318 |
252 |
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+90.9% |
+53.6% |
-19.6% |
+83.3% |
Also, good improvement, although the average price and days on the market are worse, the overall land market is UP!.
| Total Market |
| - |
# of sales |
Total Dollar Sales |
Average Sales Price |
Average DOM |
| 2013 |
80 |
$18,212,781 |
$227,659 |
390 |
| 2012 |
61 |
$11,262,400 |
$184,629 |
302 |
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+31.2% |
+61.7% |
+23.3% |
+29.1% |
Overall, the market is definitely cranking up! |
Judy Buck, CRS
Coldwell Banker Lota Realty
204 A North Pueblo Road
Taos, New Mexico 87571 www.cblotataos.com Judy@cblotataos.com |
(800)829-8673 TOLL FREE (575)758-8673 BUS (575)770-0578 CELL (575)758-041 FAX |
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