N E W M E X I C O R E A L E S TAT E U P D AT E S U M M E R 2 0 2 1 41 CALLE CABALLEROS ARROYO SECO, NM 87514 THE ONLY HOME IN EL SALTO. A TRUE NORTHERN NEW MEXICO GEM! OFFERED AT $1,275,000 *OPEN HOUSE THIS SATURDAY, JULY 24 9AM-1PM* 4 BED 3 BATH 3,600 SQFT. 85 CAMINO SUR DEL LLANO QUEMADO RANCHOS DE TAOS, NM 87557 THE PERFECT WORKSHOP & RESIDENCE W/ 3 CAR GARAGE OFF THE MAIN ROAD PRICE REDUCTION TODAY OFFERED AT $689,000 2 BD | 2 BA | 2,665 SQFT. 8 CALLE DE NOAH ARROYO HONDO, NM 87513 GREAT LIVING & RENTAL POTENTIAL PRICE REDUCTION TODAY OFFERED AT $418,000 2 BD | 2 BA | 1,500 SQFT. 27 RIM VIEW ROAD RANCHOS DE TAOS, NM 87557 IMMEDIATE RENTAL POTENTIAL OFFERED AT $485,000 3 BD | 3 BA | 2,500 SQFT. 819 PASEO DEL PUEBLO SUR TAOS, NM 87571 ICONIC TAOS BUSINESS & LOCATION OFFERED AT $1,999,000 CENTRAL COMMERCIAL SPACE Hi <<first name>>, I hope that your Summer is going fantastic, and that you and your family are doing very well in good health. How is everything? It would be great to get an update on your end. It's been a crazy year in the Real Estate world, especially so in Northern New Mexico. Below I put together a short Real Estate Update in case you're interested in learning about what's been happening over the past year in our market, and to learn a little about the current real estate scene. It's been an interesting one to say the least, but things seem to be getting back to normal. Please let me know if you have any questions at all. I'm here to help and be a resource for you in this part of the world so don't hesitate to reach out at any point. Real Estate or simply anything NM related! Anything I can help with to start? Have a wonderful week & weekend. Ryan NORTHERN NEW MEXICO REAL ESTATE UPDATE Prior to the end of 2020 amidst the global pandemic, the U.S experienced historically low mortgage interest rates being offered to home buyers. These favorably low-interest rates, coupled with pressures & anxieties caused by the pandemic, pushed millions to flee densely populated areas for less dense "outdoor markets." As you probably are aware, Northern New Mexico is quite a desirable outdoor market to live and visit. It's also relatively affordable -- with regard to both the cost of real estate (residential/land) & the cost of living -- when compared to other popular mountain towns/outdoor markets in North America. The above phenomena greatly impacted Northern New Mexico and caused an influx of people to move to the region, which ultimately diminished Residential home inventory and created a competitive market. Furthermore, the cost of lumber & building materials sky-rocketed which impacted the cost/value of homes to rise, thus creating a "Seller's market." Over the past month, the market seems to have settled, and home inventory is beginning to be replenished. Ironically, inventory for land wasn't as heavily impacted even with the high cost of building, and land sales actually increased from previous years. Residential purchase prices are also leveling out as more market comparables are released following long escrow cycles. Over the past six months, there have been approximately 421 Residential transactions and 240 Land transactions in the Taos MLS (Santa Fe MLS statistics available upon request. Northern NM Residential Market Breakdown Current Residental Listings Active on the Market: 277 (66 being Condos) # of Listings Under Contract: 266 Commercial Listings On Market: 58 (7 Under Contract) *Data from Taos MLS 7/15/2021 *Santa Fe statistics available upon request. Although the market has predominantly favored sellers over the past few months, some of the recent market trends noted above are shifting the market back to being both a Sellers & Buyers market. Northern NM Land Market Breakdown Current Listings Active on the Market: 546 # of Listings Under Contract: 8 Immediate Taos Listings Active Enchanted Circle + Other Listings Active *Data from Taos MLS 7/15/2021 The number of land sellers has significantly increased over the past few months. It is likely that Land sellers believe that the cost of materials will continue to drop. If this is the case, it could be a good time to start exploring the land market if one is interested in investing in land for future development or preservation. Overall, Residential buyers seem to be taking the back seat in their home search and waiting until the market settles. For cash buyers, this could make sense, however, mortgage buyers choosing to wait until next year could result in potentially paying more for a home with a larger down payment and higher mortgage rate. Because many are deciding to hold off on purchasing a home, market inventory continues to grow, and the average time on market (TOM) is growing thus giving negotiation power back to Buyers. At the present, as the market continues to level, it remains a great time to sell, and also a great time to re-consider purchasing. If you have any questions about this market analysis or anything real estate related, please don’t hesitate to reach out directly at ryan@homeinnm.com or at (575)770– 8650. Follow me on Instagram and Facebook @HomeInNM Berkshire Hathaway HomeServices Taos Real Estate - Page Sullivan Group Ryan Trujillo Associate Broker (575) 770-8650 ryan@homeinnm.com HomeInNM.com 314A Paseo Del Pueblo Norte Taos, NM 87571 ©2021 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. 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