Taos Real Estate

When it comes to quality of skiing and a great winter resort, Taos is usually mentioned with the big ski areas in the West.  But, in the Wall Street Journal article titled "An Avalanche of Price Cuts," Taos is absent.  There's Aspen, Jackson Hole, Sun Valley and Park City, and the news is all about steep real estate price cuts at the high end.

The Taos real estate market doesn't have that volume, nor nearly as many of the loftily-priced structures that are used as examples in the article.  But, we do have, as of  this morning, 55 residential properties listed at over $1 million.  The average and median days on market for these homes is over 400 days, and the average price is $1,744,992.

As only 5 homes over $1,000,000 have sold in the MLS since last October 1st, this puts the current absorption rate at around 11 years with that 55 unit inventory.  True, absorption rates can change dramatically overnight if a few of these homes sell prior to ski season.  But, will we have our own little mini-avalanche of price cuts to make that happen at the high end?

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