Taos real estate is heavily involved in the vacation home market. Our average listed home price is more than $400k, and we all know that there isn’t an influx of job seekers into the area. This is a market that attracts those desirous of a beautiful and fun place to vacation, with possible full time residence at retirement.

If you have your home listed, or are planning it soon, these survey statistics from the National Association of Realtors may be of interest (all for 2007):

• Median price of vacation home was $195,000.
• 59 percent were detached homes, and 29% were condos.
• 28% of buyers paid cash.
• 64% purchased existing homes, the remainder bought new ones.
• Northeast 19%, Midwest 16%, South 41%, West 24%.
• 30% of vacation homes were purchased in rural areas.
• 20% were purchased in resort areas.
• 34% were purchased in suburbs or urban areas.

As you can see, we’re well over the norm in prices, but we’ve known that all along, and it hasn’t been a problem. Our market is heavy on inventory at the moment, and the average price is climbing. Buyers are still watching the market, hoping that more Taos sellers will do price reductions.

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