Pagosa Springs Real Estate Report, October 2012
It seems like someone just let the genie out of the bottle. The last three weeks have been extremely busy. I have done more deals than I can remember in a long time. September and October are usually the best months of the year for sales, but I’m not sure why this is happening quite so fast. Here are some possible reasons. Interest rates hit a record low last week of 3.4% for a 30-year fixed rate. Prices are at their lowest for the year right now with motivated sellers reducing prices so as to avoid having to hold on to their property through another winter. Many of the homes I have listed have been reduced by up to 10% over the last couple of months. The only other reason for these increased sales must have something to do with my good looks!
It seems that a lot of my fellow Realtors are seeing an increase in activity as well. For most of the year, the number of pending deals around town has hovered between 50 and 70. Now, all of a sudden, the number has jumped up into the 90s. This is the highest level of pending deals that we’ve seen in the last two years. The change has been sudden, as you can see in this chart:
The brightest part of the market so far this year are condo sales up 50% and inventory is down. I anticipate home sales to catch up to last year with the big surge in September.
It’s been a beautiful fall so far. The colors are at their peak. We have not had a hard freeze yet, but it has hit 30-ish a few times. It’s been dry. We could use more snow this winter than last year. I know we need it, but I’m really not ready for winter.
The bow hunters are gone and the gun hunters will show up next week and help the economy for the next month.