Taos Real Estate

I've just posted the current listing and absorption rate statistics for the Taos real estate market.  Inventory is still very high for both land and homes, with days on market high as well.

Taos real estate residential listing comments - With the average price of a listed home or condo at around $416k, and the median at $300k, we can infer that there are some really high priced homes on the market.  And, with the average days on market still high, these homes are languishing.  This is borne out by the absorption rates.  Notice that there are 237 homes priced at more than $500k, and this represents a 71 month inventory based on the 40 sales in the last year in that price range.  Months in inventory are high across the board.

Taos real estate land listing comments - There are almost 1300 listings, a high level of inventory, and average days on market are at 489.  With a wide separation of average and median prices, it's similar to the situation with homes.  There is a lot of sitting and waiting at high prices.  Recent deals where I've represented buyers have yielded excellent pricing well below the list price.  There are sellers out there who keep the price up, but when they're presented with an offer they find reasons to work with the buyer.

If you're a buyer watching the Taos real estate market, don't believe recent Realtor newspaper ads saying prices have bottomed out.  While I don't think there will be much more sliding for the entire market, as buyer activity has increased, the list price is just a number, and many times not a realistic one compared to the price at the closing table.  That's the current state of the Taos real estate market.

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