Home prices continue to soar, while sales flatten

Market expected to stabilize in 2022

While many other markets plummeted during the pandemic, the housing market flourished, with a massive spike in median home prices and sales and record lows for mortgage rates.

In 2021, however, while prices continued to rise, sales have begun to level off, partly due to a lack of inventory after the rush on housing in 2020.

The Taos County Association of Realtors released its metrics on the area’s housing market this month, which showed this dichotomy. While closed sales in Taos, for example, increased by just 2.8 percent from 2020 to 2021, the median home price in the area rose by 23.1 percent. The same home you could buy in 2020 for $364,000, for example, cost $448,000 ($84,000 more) in 2021. The amount of time a single-family home remained on the market also dropped by 16 percent last year.

Single-family homes in Angel Fire moved the quickest compared to Taos, Red River and Taos Ski Valley, selling 37.6 percent faster than in 2020 and remaining an average of just over four months on the real estate market. There a singlefamily home increased in median price by 27.8 percent.

However, Taos Ski Valley showed by far the greatest increases in value from 2020 to 2021. While the average time on the market there rose by 30.9 percent (from 181 days to 237 days), the median price of a single-family home rose by 51.6 percent, from a price of $650,000 in 2020 to $985,400 last year.

According to the National Association of Realtors, housing supply and demand in the United States are expected to stabilize in 2022, partly due to the development of new homes replenishing the real estate supply.

For more, see the market report on this page, or visit taoscountyassociationofrealtors.com