If you want to see the graphs for this interpretive post, go to the stats graph page here. I’m looking at the actual numbers in the graphs, and I’m not going by my own market experience for 2007 for this commentary.

Homes: Though total dollar volume was down only 8% from the previous year, the number of sales was down 15%. This would indicate rising prices, as verified by the increased average selling price of 8% overall for homes. It seems that, though fewer properties are selling, prices are still rising, and sellers are still holding out for their price. I can say that, at least in some areas, good deals were made for buyers this year. One must be selective and work the negotiation hard.

Land: Here we see a more dramatic decline. Number of sales were down about 46%. Gross dollars in sales were down 54%, with the average sale down 16%. There have been some really good buys on land by a couple of my clients. There has always been a bit more negotiation room with land than homes in the Taos real estate market. Buyers should be careful not to be too aggressive, but first offers as much as 20% below asking have been tendered.

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