July 2014 Pagosa Springs Real Estate Newsletter

Happy 238th birthday, America! Let’s get ready to party! Pagosa is the perfect small town to come and play on Independence Day. We hit all the bases in a big way. We start with the parade at 10:00 a.m. downtown. Then there is a huge arts & crafts fair in the park by the river. Then it’s time for the rodeo. Wrap up the evening with the carnival and finally, the fireworks. Of course, all the other great Pagosa activities are going on as well – rafting, hiking, camping, fishing, golfing, and soaking in the hot springs. The bottom line is Pagosa Springs is a happening place.

Several local items of interest have recently been resolved, and I’ll briefly recap them here. Walmart was issued a building permit and they have broken ground on their new store. The Piedra Road improvement project is finished, and it is now a very smooth ride. The Visitor’s Center is remaining at the downtown location. The town is planning to buy the building, and the Chamber of Commerce will share the space. The new Tractor Supply store is up and running, and business is strong.

So, what’s left? Let’s talk real estate. The overall number of sales is up 12% compared to last year at this time. All of the gain comes from vacant land sales. Residential sales are flat compared to 2013. We’ve sold the same number of condos and one less home than last year.

The most active part of the home market is the $200,000 to $300,000 price range. The lower end is down, but only due to lack of inventory. The upper end of the market is very sluggish. So far we’ve had seven home sales above $500,000. That’s a rate of just over one per month. With 150 properties currently on the market, we’ve got 11 years of inventory available in this price range. Overall inventory is up 14% with 57 extra homes on the market this year.

Pending sales are at 64, which is about normal for this time of year. Repos are hardly a factor anymore, other than in vacant land. There are only six residential bank repos available right now.

On a personal note, my daughter Heather and grandson Gannon are coming to town to help celebrate the Fourth. Next week, Laurie and I are headed to Alaska for our summer vacation. I want to catch some fish and Laurie wants to see some bears eat the fish!

Last but not least, the home I bought in February is finished and on the market. To see the finished product, visit my website or take the virtual tour. If views are important to you, this property has views in spades.

Happy Independence Day!

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