April 2015 Pagosa Springs Real Estate Newsletter
The big news from Pagosa is real estate. The market is the strongest I’ve seen in several years. It feels like August and it’s only April. This is not an April Fools joke! March activity was up across the board. I have been writing lots of contracts, three of which are in the multi-million dollar range. Only six properties in this price range sold all of last year. Overall sales are up 21% and inventory is down. The biggest news is the pending sales. There are currently 81 pending deals, versus 49 at this time last year. This is all good news for sellers. Buyers are gobbling up new inventory when they see what they have been looking for as it comes on the market.
After all the hype last month about interest rates rising, they dropped a little due to the weak stock market. Rates are still supposed to go up, but maybe a little later in the year. Right now you can get a 30-year fixed mortgage at 3.875% and a 15-year fixed at 3.125%.
I had someone come in to my office a couple of days ago from one of the big home rental outfits in town. They told me that there is currently a shortage of short-term rental properties in the area. If you’ve got a home in Pagosa that sits vacant for part of the year, this may be a way for you to make a little extra cash on the side. And if you are thinking about buying something in Pagosa, this could be an extra benefit.
As far as the rest of Pagosa news, the ski area has just shut down for the year. Annual sales were down a little. The season was a slightly shorter this year due to warm weather and low snow totals. After a long spell of warmer than usual weather, our current snowpack is down to 50% of usual for this time of year. One thing that could burst our bubble of good real estate news is a smoky summer. So let it rain!
Walmart’s grand opening is scheduled for 7:30 a.m. on April 22. It’s going to be a zoo! Turkey season starts April 11. The spring rafting season has already begun. My bulbs are showing off spring flowers and I’m raking my yard with hopes of green grass soon.
I hope everyone has a good spring,