Home and land sales are starting off with a bang in 2018.
The number of homes, condominiums and land parcels sold in the first quarter of 2018 were up across the board in nine out of 12 categories and were holding steady in another two of the 12 categories, according to the local real estate market statistics report published by the Taos County Association of Realtors.
And, the number of homes listed for sale is moderately low while the number of buyers looking for homes remains high. Any decrease in available homes in a high-demand situation will apply pressure on the market for prices to continue to go up.
The report shows that the average sold price for a single-family home year-to-date compared to the same period in 2017 went up 13.1 percent in the Angel Fire area, up 16.3 percent in the Red River area and up 16.5 percent in the Taos area.
Additionally, with 30-year fixed mortgage interest rates trending upward, climbing about a half-percent in the first three months from 4 percent in January, buyers are rushing a bit to capture a good rate before rates climb higher.