Taos Real Estate Market Report
January – March 2025 (3 months)
Through the first 3 months, the number of sales of Single-family Homes and Condos are both up over the same time period last year; Land, Multi-family Homes, and Commercial sales are all down.
2024 may have been the bottom of the downturn that began after the market peaked in late 2022. However, mounting concerns about the economy due to the government’s policies regarding tariffs, trade war(s), alliances, etc. may have a deleterious effect on the real estate market this year. If the stock market doesn’t start to recover from its big drop, it will negatively impact buyers’ willingness/ability to buy real estate. Interest rates are another factor. If tariffs cause higher prices and higher inflation, mortgage rates may trend higher than 7%. The increasing likelihood of a recession may further dampen buyer psychology. On the other hand—the turmoil might actually cause some people to seek a haven in a place like Taos!
The long-term trend for Taos remains positive. This community will continue to draw people for whom the climate, natural beauty, lifestyle and culture here are attractive. Taos does not always follow national trends exactly; even if there is a major slowdown in real estate in most of the U.S., Taos may not falter as much.
This report is designed to be best viewed on a computer; the data tables do not display well on mobile devices. We are working on adding graphs which will work better.
Click each title below to view the discussion and data for that property type.
Unit sales and dollar volume are both up.
For the first quarter of 2025, the number of closed sales was 56 this year vs. 50 last year, an increase of 6 sales (+12.0%). Dollar sales were up by 19.6%, from $29.1 million to $34.8 million. 2024 may have been the bottom of the downturn that started after the market peaked in late 2022. Sales in 2023 were down from 2022, and 2024 sales were down from 2023. It’s too early to call a new uptrend. The chaos emanating from Washington, DC may cause buyers to “wait and see” what develops before making a real estate investment. Let’s see if the trend continues in the second quarter. As of the writing of this report, it looks as if April 2025 will close slightly below April last year.
The supply of homes for sale remains inadequate for the demand, which should keep prices fairly firm. But the market is no longer a one-sided seller’s market; buyers have more room to negotiate than they did during the boom, when almost everything good was selling at full asking price–or higher. These days, we are seeing many listings have one or more price reductions before they sell. Buyers are not as determined to buy as they were. If they don’t find a home they really like, they don’t buy. And when they do make an offer on a home, they attempt to negotiate price and/or other terms.
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 YTD |
| 223 | 252 | 249 | 284 | 282 | 271 | 338 | 350 | 371 | 264 | 248 | 56 |
Median and Average Prices
The median price (midpoint in the range of sales prices from low to high) for the first quarter is $547,500 vs. $554,800 last year for Q1, a decrease of $73,500 (-1.3%). However, the Q1 median is higher than the 2024 full-year median of $532,500.
The average (mean) for the three months is $621,600 vs. $582,100, an increase of $39,500 (+6.8%). Here is how median and average prices have changed since 2016:
| Price | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 YTD |
| Median | $283,500 | $300,000 | $310,500 | $322,500 | $343,500 | $425,000 | $469,000 | $475,000 | $532,500 | $547,500 |
| Average | $306,100 | $326,800 | $369,500 | $373,100 | $398,700 | $513,800 | $558,900 | $545,000 | $592,800 | $621,600 |
Since 2020, when the market surge started, median price has increased 59%; the average is up 56%. In addition to the overall price level rising, there has been an increase in sales of higher-priced homes. Buyers coming to Taos who sold a home in more expensive markets (e.g., California), or who had big gains in the stock market, could afford pricier homes here. Just looking at the $1 million+ segment, the number of sales increased from 4 in 2019 to 33 in 2022 before coming down to 21 in 2023, and 17 in 2024. The highest sale price in 2024 was $2,575,000 for a home at Taos Ski Valley. This year, sales of higher-price homes may decrease due to buyers feeling less wealthy from the stock market decline.
Price Discounting
Through the first three months of the year, actual sales price was 6.2% less than the asking price when the home when under contract; it was 10.4% less then the original asking price. For the full year 2024, these discounts were 3.6% and 9.4%, respectively. The chart below shows that the discounts were lowest in 2022 during the height of the hot market, and have been trending higher since then.
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 TYD |
| 18.4% | 16.9% | 13.9% | 13.3% | 9.4% | 10.3% | 7.8% | 7.2% | 4.5% | 3.8% | 8.4% | 9.4% | 10.4% |
Days On Market
For 2025 Q1, the average number of days from the start of a listing to the house going under contract is 145. For the full year 2024, average DOM was 127. Due to the shortage of inventory of homes listed for sale, DOM dropped dramatically from 2013 through 2022. It started creeping upwards in 2023. The Taos average has always been much higher than in many parts of the country—where homes typically sell in 30-45 days.
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 YTD |
| 244 | 235 | 235 | 226 | 192 | 147 | 151 | 156 | 141 | 112 | 117 | 127 | 145 |
INVENTORY
| Current | Year Ago | Sep 2008 | |
| Up to $200k | 7 | 3 | 190 |
| $200k – $300k | 19 | 10 | 109 |
| $300k – $400k | 20 | 18 | 69 |
| $400k – $500k | 28 | 15 | 39 |
| $500k – $650k | 37 | 33 | 35 |
| $650k – $800k | 36 | 22 | 27 |
| $800k – $1mil | 26 | 23 | 36 |
| Over $1mil | 45 | 37 | 13 |
| TOTAL | 218 | 161 | 518 |
UNIT SALES
| 2020 | 2021 | 2022 | 2023 | 2024 2025 YTD | ||
| $0 – $200k | 62 | 44 | 26 | 18 | 12 2 | |
| $200k – $300k | 70 | 49 | 47 | 24 | 21 3 | |
| $300k – $400k | 83 | 64 | 72 | 49 | 43 9 | |
| $400k – $500k | 45 | 55 | 62 | 58 | 38 9 | |
| $500k – $650k | 42 | 53 | 66 | 45 | 49 11 | |
| $650k – $800k | 15 | 34 | 43 | 32 | 36 12 | |
| $800k – $1mil | 15 | 22 | 22 | 17 | 32 6 | |
| Over $1mil | 6 | 29 | 33 | 21 | 17 4 | |
| TOTAL | 338 | 350 | 371 | 264 | 248 56 |
Inventory
At the time this report was prepared, there were 218 homes listed for sale, up 33 houses (+18%) from three months ago, and up 57 (+35%) from a year ago, when inventory was at a low point. Current inventory of 218 is still way below what was typical before the inventory starting shrinking in 2009: In September of 2008 there were 518 homes on the market! Taos inventory consists of a wide variety of size, price, style, location, and condition — everything from mobile homes to luxury homes, spread out over a large geographic area. With such a low supply of homes listed for sale, it is often difficult to find more than a few homes to show a buyer that might meet most of his/her criteria.
There are no indications that inventory will increase substantially any time in the near future. Although there is some “spec” building going on, it’s nowhere near enough to satisfy the demand. Additionally, many current home owners are reluctant to list because they don’t want to give up ultra-low interest rates on their home loans. The inventory will remain inadequate relative to demand, for the foreseeable future. Therefore, in Taos prices should continue rising, but at a more gradual rate than during the boom years of 2021-2022.
Home Purchase Financing
| 2011 | 2020 | 2021 | 2022 | 2023 | 2024 2025 YTD | |||||||
| Cash | 65 | 43% | 103 | 31% | 139 | 40% | 135 | 35% | 127 | 48% | 96 (39%) 18 (32%) | |
| Conventional loan | 66 | 44% | 201 | 59% | 181 | 52% | 207 | 56% | 112 | 42% | 130 (52%) 34 (61%) | |
| FHA loan | 8 | 5% | 11 | 3% | 14 | 4% | 7 | 2% | 8 | 3% | 8 ( 3%) 1 ( 2%) | |
| VA loan | 1 | 1% | 13 | 4% | 11 | 3% | 13 | 4% | 6 | 2% | 11 ( 4%) 1 ( 2%) | |
| Seller financing | 8 | 5% | 4 | 1% | 2 | 1% | 8 | 2% | 9 | 3% | 2 ( 1%) 1 ( 2%) | |
| Other | 2 | 1% | 6 | 2% | 3 | 1% | 1 | 1% | 2 | 1% | 1 ( 1%) 1 ( 2%) | |
| Total | 150 | 100% | 338 | 100% | 350 | 100% | 371 | 100% | 264 | 100% | 248 (100%) 56 (100%) |
Interest Rates
Average rates for the 30-year fixed loan remained in the 6.5% – 7.0% range over the past three months. The high point was 7.04% on Jan. 16; the low was 6.65% on Mar. 13. When the Federal Reserve started lowering its benchmark short-term interest rate in 2024, mortgage rates declined, too. The average 30-year fixed rate dropped from a high of about 7.2% to a low of 6.1%. However, since then mortgage rates have been climbing back up, as stronger than expected economic data and stubborn inflation have tempered market expectations of additional Fed cuts. Due to expectations that tariffs may cause inflation to rise, rates will probably remain in the 6.5%-7.0% range this year. Buyers and sellers probably realize by now that rates are not going to get back down to the super-low levels that occurred during 2009-2021; they will adjust to the new reality.
Here is a link to the Federal Home Loan Mortgage Corporation (“Freddie Mac”) web site where you can see rates going back to the 1970’s: https://www.freddiemac.com/pmms
| Conventional 30-year fixed | 6.81% |
| Conventional 15-year fixed | 5.94% |
Note: Interest rates are impacted by occupancy, credit score, and down payment.
Foreclosure Sales
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 2024 | 2025 YTD | |
| 50 | 49 | 34 | 34 | 29 | 25 | 17 | 9 | 5 | 0 | 4 4 | 1 | |
| 21% | 22% | 13% | 14% | 10% | 9% | 6% | 3% | 1% | 0% | 1% 2% | 2% |
In the first quarter this year, there was one foreclosure sale (at a price of $192,000). For all of 2024, there were just four foreclosure sales. These ranged in price from $132,000 – $236,000. In 2023 there were also just 4 foreclosure sales; in 2022 there were none. The number of foreclosures diminished steadily from a peak of 55 in 2012 during the aftermath of the Great Financial Crisis of 2008-2009. Currently, there are five bank-owned houses listed for sale, including one with a list price of $2.2 million; it has been on the market 520 days as the time of this report.
Please Note: These data do not include any condominiums developed or offered for sale by Taos Ski Valley Resort; those condos are not listed in the Taos MLS.
Condo sales in Q1 were up over last year.
For the first quarter 2025, unit sales were up by 3 from 2024 Q1, with 13 sold this year vs. 10 last year (+30%). Dollar sales were up 5.0%, from $4.6 million to $4.8 million. Q1 sales of just 13 units is not a large enough data set to gauge a trend for the year, but it is encouraging. As with Single-family Homes, the ongoing lack of inventory will keep the number of sales this year from gaining much over last year. 2005 was the high-water mark for condo sales, when 149 units sold. There was much more inventory for buyers to choose from back in the early 2000’s.
| 2006 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 YTD |
| 149 | 64 | 68 | 67 | 61 | 66 | 79 | 74 | 82 | 92 | 58 | 56 | 13 |
Median price for the first 3 months was $350,000 vs. $323,500 in 2024 Q!, an increase of $26,500 (+8.2%). Average price was $370,200 vs. $458,400, a drop of $88,200 (-19.2%). In such a small data set, a few transactions can skew the average price dramatically. The median is a more reliable indicator of price trend. As the year unfolds, we expect the median to show that prices are not falling from last year, and they may increase slightly; the average will probably get more in line with last year.
| Price | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 YTD |
| Median | $188,000 | $215,000 | $212,500 | $230,500 | $288,500 | $316,100 | $350,000 | $410,600 | $397,300 | $350,000 |
| Average | $212,900 | $243,800 | $248,900 | $265,800 | $293,200 | $331,400 | $398,200 | $474,100 | $429,100 | $370,200 |
Price Discounting
In 2025 Q1, final sales price averaged 3.2% less than the last asking price when the property went under contract, and 5.0% below the original listing price. Full-year 2024 discounts were 3.0% and 4.7%, respectively. Condo discounts are less than those for single-family homes (which were 6.2% and 10.4%, respectively, in Q1), reflecting an even tighter inventory for condos than for homes.
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 2025 YTD | |
| 12.7% | 8.6% | 11.8% | 6.7% | 6.5% | 5.5% | 3.2% | 3.3% | 2.1% | 6.6% | 4.7% 5.0% |
Days On Market – For the first quarter this year, DOM averaged 107 vs. 105 for the same time frame in 2024, an increase of 2 days (+1.9%).
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 YTD |
| 237 | 324 | 259 | 195 | 125 | 178 | 111 | 152 | 122 | 109 | 107 | 107 |
Inventory
The number of condos listed for sale at the time of this report was 29, down 2 from 31 three months ago, but up from 23 a year ago. Of the 29 condos currently listed for sale, 10 are at Taos Ski Valley, with only 19 in and near central Taos. Those 19 condos range in price from $275,000 for a 2-bedroom/2-bath, 943-square foot unit to $899,000 for a 3BR/2BA, 2189-sq. ft unit with a 2-car garage.
In 2005-2006, when condo development was at its peak, there were often approximately 200 condos on the market at any given time, with the majority in or near central Taos. There were 149 condos sold in 2006. The table below shows a steady decrease in average inventory for each year from 2013 to 2025 year-to-date.
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 2025 YTD | |
| 107 | 81 | 78 | 65 | 58 | 59 | 56 | 49 | 48 | 39 | 23 | 32 27 |
INVENTORY
| Current | Year Ago | Sept 2008 | |
| Up to $200k | 1 | 1 | 40 |
| $2010k – $300k | 3 | 1 | 50 |
| $301k – $400k | 7 | 5 | 51 |
| $401k – $500k | 7 | 5 | 56 |
| $501k – $750k | 7 | 7 | 29 |
| over $750k | 2 | 4 | |
| TOTAL | 29 | 23 | 226 |
UNIT SALES
| 2021 | 2022 | 2023 | 2024 2025 YTD | ||
| Up to $200k | 16 | 7 | 2 | 1 1 | |
| $201k – $301k | 19 | 24 | 13 | 13 3 | |
| $301k – $401k | 29 | 26 | 12 | 14 4 | |
| $401k – $500k | 12 | 21 | 10 | 12 3 | |
| $501k – $750k | 5 | 10 | 14 | 15 2 | |
| over $750 | 1 | 4 | 7 | 1 0 | |
| TOTAL | 82 | 92 | 58 | 56 13 |
| How Financed | 2016 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 YTD | ||||||
| Cash | 34 | 51% | 43 | 58% | 36 | 44% | 45 | 49% | 38 | 66% | 32 | 57% 10 ( 77%) | |
| Conventional loan | 32 | 48% | 30 | 41% | 45 | 55% | 47 | 51% | 20 | 34% | 24 | 43% 2 ( 15%) | |
| Seller financing | 1 | 1% | 1 | 1% | 0 | 0% | 0 | 0% | 0 | 0% | 0 | 0% 1 ( 8%) | |
| Other | 0 | 0% | 0 | 0% | 1 | 1% | 0 | 0% | 0 | 0% | 0 | 0% 0 ( 0%) | |
| Total | 67 | 100% | 74 | 100% | 82 | 100% | 92 | 100% | 58 | 100% | 56 | 100% 13 (100%) |
Foreclosure Sales
There have been no foreclosure sales of condos so far in 2025. There were none in 2024, 2023, 2022 or 2021.
Multi-family sales are down substantially so far in 2025.
For the first quarter this year, there have been no multi-family sales, whereas there were 7 in 2024 Q1. Multi-family has always been a very small segment of the Taos real estate market. There is huge need for affordable housing, i.e., apartments, but making “the numbers work” in Taos has always been a challenge.
Given the current environment of higher interest rates, 2025 full-year sales will probably fall below 2024 (when a total of 8 properties sold). Higher interest rates mean that investors normally require higher “capitalization rates,” which reduce the value of the income stream of a property. (Investors divide a property’s Net Operating Income by their desired cap rate to calculate the price they will pay for the property to achieve the target rate of return.) Although rents had been trending higher for years—due to an acute lack of inventory of long-term rental properties— rent increases appear to be moderating.
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 YTD |
| 1 | 5 | 2 | 4 | 4 | 3 | 4 | 7 | 8 | 3 | 8 | 0 |
Currently, there are 9 multi-family properties listed for sale; two have sales pending.
The land market is still slow.
For the first quarter this year, the number of sales was 36 compared to 47 for the same time period in 2024, a decrease of 11 tracts (-23.4%). Dollar sales were down 36.1%, at $7.0 million vs. $5.2 million, a drop of $1.9 million.
The primary constraints on land sales are very high building costs and the long lead time to start and complete construction of a home. Good builders are booked up for about two years, and they are quoting $400 per square foot or more for the hard dollars of construction; this doesn’t include the land purchase, possible well drilling, septic system installation, and landscaping. It generally costs more to build a new home than to buy an existing home. The potential for costs to rise more, due to tariffs, could further impede land sales. However, for some people high building costs are not a deterrent: we are seeing a fair amount of home building happening.
Land sales were relatively strong in 2021 after years of weakness following the Great Financial Crisis of 2007-2008. Unit sales in 2021 were up 69% over 2020–although the number of sales was still 27% fewer than peak year 2005. In 2021, during the Covid pandemic influx, some buyers who were frustrated in their search for an existing home to buy (due to the low inventory and intense competition with other buyers) decided to buy land and build.
Then In 2022, the sales pace slowed as buyers realized how long it would take and what it would cost to get a home built. Total closed sales for 2022 were up just 6 units over 2021 (258 vs. 252). In 2023, land sales decreased, along with all the other segments of the real estate market. In the full year 2023, 210 tracts sold, a decrease of 51 units (-20%) from 2022. The down trend continued in 2024 with just 186 sales. We don’t expect much of an increase in 2025. Building costs certainly haven’t come down, and inflation seems to be sticky at current levels.
Back in peak year 2005, in the boom leading up to the GFC, there were 339 land sales, with a total dollar value of $46 million. Whereas sales of single-family homes had got back to the peak level of 2005 by 2021-2022, land sales are still way below the levels of 2004-2006.
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 YTD |
| 73 | 88 | 90 | 118 | 123 | 155 | 147 | 252 | 258 | 210 | 186 | 36 |
Price Level – As with condos, the number of sales through the first three months is too small to accurately measure a trend. So the following data on median and average price should not be taken as valid indicators of the price level. We think that prices are flat or dropping moderately.
Median price so far this year is $125,000, up $57,000 (+83.8%) from the same time frame in 2024. Average (mean) price for the 2025 Q1 is $195,000, up $83,300 (77.8%), from 2024 Q1. As with Single-Family homes, the Taos land inventory is very varied, with a wide range of parcel sizes, location, terrain, views, neighborhoods, access to utilities, etc; therefore, overall market averages may not be representative of individual lots.
| Price | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 YTD |
| Median | $52,300 | $64,500 | $62,300 | $67,200 | $ 70,000 | $ 75,000 | $ 75,600 | $ 72,000 | $ 75,000 | $125,000 |
| Average | $73,100 | $89,800 | $91,900 | $87,500 | $134,600 | $109,000 | $122,500 | $119,400 | $122,600 | $195,000 |
Current inventory of 377 tracts listed for sale is up 34 (+9.9%) from the beginning of the year, and up 27 (7.7%) from a year ago. Land inventory has fluctuated over time, but it has consistently been in the 350-450 range. That is much more supply than there is demand for.
INVENTORY
| Current | Year Ago | |
| Up to $50k | 38 | 27 |
| $50k – $100k | 92 | 112 |
| $100k – $150k | 58 | 49 |
| $150k – $200k | 48 | 53 |
| $200k – $250k | 26 | 24 |
| $250k – $300k | 26 | 12 |
| Over $300k | 89 | 73 |
| TOTAL | 377 | 350 |
UNIT SALES
| 2017 | 2020 | 2021 | 2022 | 2023 | 2024 2025 YTD | |
| 46 | 53 | 86 | 71 | 53 | 44 6 | |
| 34 | 57 | 84 | 97 | 86 | 73 10 | |
| 16 | 17 | 26 | 31 | 24 | 22 5 | |
| 15 | 16 | 23 | 18 | 14 | 23 5 | |
| 3 | 4 | 14 | 12 | 8 | 7 1 | |
| 2 | 0 | 7 | 6 | 12 | 4 1 | |
| 2 | 4 | 12 | 23 | 13 | 13 8 | |
| 118 | 147 | 252 | 258 | 210 | 186 36 |
Price Discounting
For the January – March quarter, actual selling price averaged 7.2% below the last asking price when the property went under contract; the discount from original list price was 11.8%. For full year 2024, these discounts were 8.0% and 10.9%, respectively. In 2023, they were 8.8% and 12.9%. Whereas in the market for homes and condos there is much more demand than supply, in the land market the reverse is true. Land buyers have a lot of listings to choose from. The Land market is more of a buyer’s market. Sellers aren’t getting many offers, and they usually have to negotiate with buyers to get a sale.
Days On Market
The average days on the market for the first quarter of 2025 was 377, down from 670 for the same time frame in 2024. As the chart below illustrates, DOM for land has been up and down over the years.
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 2025 YTD | |
| 465 | 390 | 605 | 464 | 472 | 388 | 332 | 471 | 351 | 437 | 421 | 534 377 |
How Land Purchases Were Financed
| 2022 | 2023 | 2024 2025 YTD | ||||
| Cash | 188 (75%) | 168 (80%) | 140 (75%) 32 ( 89%) | |||
| Conventional loan | 35 (14%) | 24 (12%) | 27 (15%) 2 ( 6%) | |||
| Seller financing | 28 (11%) | 18 ( 8%) | 16 ( 9%) 2 ( 6%) | |||
| Other | 1 (0%) | 0 ( 0%) | 3 ( 1%) 0 ( 0%) | |||
| Total | 252 (100%) | 210 (100%) | 186 (100%) 36 (100%) |
The commercial market was down in Q1.
For the first three months of 2025, there was only one closed commercial transaction; that is down two sales from 2024 for the same time period. In the full year 2024, there were eight commercial sales compared to six in 2023. After a boomlet in 2022—when there were 18 closed sales— the commercial market has come down to a more typical level for Taos. The chart below shows that 6-8 commercial transactions per year has been the norm in our small market.
Currently, there are 25 active commercial listings; of these, only one has a pending sale.
The Taos retail sector has been severely impacted by the road improvement project for the main commercial thoroughfare through town. This project has been dragging on for years, snarling traffic and discouraging shoppers. New higher parking fees in the Central Business District have added to merchants’ woes. These negatives, coupled with higher interest rates and nagging worries about a possible recession, have no doubt impacted demand for commercial space. Nevertheless, there is some commercial development happening along the main corridor through town.
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 YTD |
| 3 | 17 | 7 | 8 | 14 | 12 | 8 | 8 | 18 | 6 | 8 | 1 |