Pagosa Springs Real Estate Report, June 2012

The big news in town is the Little Sand Fire, which is currently burning in the Piedra river area fifteen or so miles north of town. A lightning strike started the fire on May 13, and now it has grown to nearly 9,000 acres. Town has been pretty smoky some days, depending on which way the wind is blowing.

The fire is in a remote area of the San Juan National Forest, which has made things difficult for the firefighters working on it. Right now, no structures are immediately threatened, but the folks who live up in the Piedra river valley are understandably pretty nervous. As far as I know, the firefighters have the homes and property in the area very well protected. The fire is not “contained” in the traditional sense, but it has been persuaded to burn in a direction that will take it into the wilderness instead of toward people’s homes.

The details of the fire change daily, so if you need more information, acemergency.org is a great resource.

Moving on to real estate news, May was a very strong month for us in Pagosa Springs. Over the last four years, we had between 24 and 47 closings during the month of May. This year we had 60. Condo sales have been surprisingly strong so far this year. We have doubled the number of condo sales compared to last year at this time, with a handful of high-end properties included in the mix. Vacant land and residential sales are up as well, for a combined increase of 18% over last year. The bank repo inventory remains steady, and the number of pending deals in the hopper is still at an elevated level compared to last year.

When I talk to the other agents in town, many of them are seeing strong spring and early summer numbers. Speaking personally, my office has been furiously busy for several months. The folks down at the county say that building permit activity is picking up as well. It sure is exciting to see things moving!

I apologize for this newsletter coming out a little later this month. I have just returned from a Mediterranean cruise with my wife, Laurie. She is a school teacher, and when the school year ended a few weeks ago, she and I were ready to get out of Dodge for awhile. In my absence, Jody has done a wonderful job holding down the fort and taking care of clients. My thanks to her and all of the Jann C. Pitcher crew who have been so helpful while I’ve been gone.

After a little bit of R&R, I am excited to get back to business. The market is picking up, and the busy season is upon us. If you are ready to buy or sell property, or if you just want to talk real estate, give me a call. I’m itching to go!


Lee Riley
GRI, CRS
2011 & 2014 Realtor of the Year
Phone (970) 731-4065
Fax (970) 731-4068
Cell (970) 946-3856
Email: LeeRiley@ISellPagosa.com