When clouds roll in the winter months, you can feel the excitement humming in the air amidst the curls of piñon smoke rising from wood stoves and kiva fireplaces across the county. There’s nothing like a powder day in a mountain town, and when snow comes down on the Sangre de Cristo Mountains, visitors and … Read more
2023 turned out to be a year of retrenching. Compared to 2022, sales were down markedly, with the number of sales and the dollar volume down in all categories of property. In all but a few cases, sales were below last year’s in every month. For the total market (all categories of property), the number of sales was down 28%; dollar sales were down 31%.
The market peaked in the third quarter of 2022, and then cooled from the frenetic pace that started in mid-2020.
Buyers seemed to be pausing to determine what would happen with interest rates and the probability of a recession. There are still more buyers than sellers, but market activity is less intense.