January 2014 Pagosa Springs Real Estate Newsletter
Happy New Year From Pagosa Country!
The skies are sunny in Pagosa Springs. The weather for the past two weeks has been great. There were no travel issues over the holidays. The downside of this is there is no new powder for the skiers. I understand that there is still 60+ inches up on the hill, which is plenty if you ask me. Town was very busy over the holidays. Christmas being in the middle of the week is a boon for a tourist town. That way there are two big weekends for holiday travelers.
Christmas was busy at my house as well. I had a great time with all of my family, but especially my two new grand-babies, Gannon and Leighton. Both my kids were in town along with their spouses. Just to keep things interesting, we had four dogs as well!
2013 was a good year for me all around. I accomplished most of my goals. I also got a new hip, which I am enjoying very much! I turned 65 this year, so I am very grateful to be on Medicare.
In local news, Wolf Creek Ski Area was just named Editor’s Choice for Best Powder Resort by Outside magazine. It’s nice to see our local mountain getting some national press attention. You can go to Outside Online to check out the competition.
Unfortunately, there is some other local news that I am less excited about. We have two local organizations which help promote our little town. One is the Chamber of Commerce, which is funded by the business community and the other is the Town Tourism Committee, which is funded by the Lodger’s Tax. Lately, these two groups have been feuding, and the status of our downtown Visitor Center is in limbo as a result. Further complicating the situation is a funding shortfall for the Visitor Center now that the town and county are both tightening their belts. I realize this is a complex situation, but it is my hope that the Chamber, the TTC, the Town, and the County can all get together to patch up their differences. Surely we can find a way to work together toward a common goal.
Let’s talk real estate. 2013 was flat. We had 534 total property sales this year, compared to 535 last year. Residential sales were down slightly, land stayed the same, and commercial sales were up. The repos are disappearing, with the exception of vacant land. The building permit numbers are up.
Prices for residential properties are climbing slowly, and interest rates are on the rise. A 15-year fixed note is now 3.75% and a 30-year fixed is 4.625% I expect that 2014 will continue to see higher prices, and buyers will pay more this year than they did last year. The best deals of 2014 are happening right now with snow still on the ground. Right now, we’ve got motivated sellers, which will be harder to find once there are flowers blooming. If you are a home buyer, this is not the time to wait.
I am including a whole bunch of graphs this month along with 10 years worth of stats. We’re going all the way back to 2004. I hope you find this information useful.
10 Years of Real Estate Sales:
3 Bed, 2 Bath, 2 Car Garage in Pagosa Lakes:
Vacant Land in Pagosa Lakes:
Bank Repos as a Percentage of Residential Sales: