Recently surveyed builders expressed surging confidence in the market for newly built single-family Taos homes among buyers age 55 and up.
According to the results of the latest National Association of Home Builders 55+ Housing Market Index – which measures builders’ confidence on a scale where any number above 50 indicates more builders view conditions as good than poor – confidence in the market for single-family homes increased 20 points year-over-year to a level of 48, the highest fourth-quarter reading since the NAHB began tracking the data in 2008.
Robert Karen, chairman of the NAHB’s 50+ Housing Council, said they are seeing continued improvement in the 55+ housing market because consumers have gained confidence in the economy and are able to sell their current homes and move into a new home or condo that fits the lifestyle they desire. Karen expects this optimism from builders and developers to carry through 2014. All individual components of the single-family HMI showed significant improvement, with confidence in present sales levels climbing 26 points from one year ago.
The Taos real estate market has always been popular with the boomer crowd. Seniors from all over the world have been retiring here in recent years, attracted by our quiet way of life, the beautiful vistas, and fantastic year-round climate. Although existing vacation homes, second homes, condos and casitas have been popular, land inquiries are picking up, indicating a desire of some to build the retirement home of their dreams. Land prices have dropped from their highs of 2008, but this report could portend renewed interest in land, with the result of higher land prices in the future.