November 2014 Pagosa Springs Real Estate Newsletter
October was an awesome month. We had beautiful fall weather with a couple of good rains mixed in. The fall colors were late this year in our part of the state, but they were above average in splendor.
The local economy has been strong recently. The newspaper reported that our local unemployment rate has dropped to 3.7%. Local sales tax revenue has risen about 8% over last year as well.
I talked to the county building department about local building activity. The number of new home permits is basically the same as last year, with 58 this year versus 56 last year at the same time. The dollar volume for new construction has also remained about the same. However, the overall number of permits, which includes remodels and expansions, is up significantly. This means that our local contractors are staying busy, which is good news for our local economy.
The real estate market was very good in October. We had a much stronger month than October of last year. There were 65 total sales this year versus 48 last year. The biggest gains were in the $200,000 to $250,000 range for homes, while the weakest segment was $1,000,000 and up. The commercial market has also been soft, with sales down 43% compared to last year.
Interest rates dropped dramatically a few weeks ago when the bottom fell out of the stock market. They briefly touched a low of 3.625%, but have since recovered quite a bit. Today the interest rate on a 30-year fixed mortgage is 4.125%.
I recently returned from the Colorado Association of Realtors convention. Fall is the time of year when I get the opportunity to go to different conferences and conventions around the state and sometimes around the country. These events give me the chance to sharpen my tools and learn new information about the real estate industry. I feel that these conferences always provide me with new and better ways to serve my buyers and sellers. This last CAR conference was extra special for me, as I got to go up on stage to receive my Pagosa Springs Realtor of the Year award, along with all the other winners from other towns around the state.
Next I am off to New Orleans for the National Association of Realtors conference. This is a much bigger event, and I will get to network with other real estate professionals from all over the world. I’m sure I’ll come back with all kinds of new ideas about how to help my clients.
One other item I’d like to report is that my tree house is coming along nicely! I’ve got the main floor up, and the view is awesome. I’m hoping to get the rest done before the snow flies.
One last piece of good news: the election is over. Now we won’t have to listen to all those terrible commercials anymore!