September 2016 Pagosa Springs Real Estate Newsletter
Fall seems to be coming early this year. Over the past couple of weeks, temperatures have been in the low 70s and we have had a lot of rain with a touch of snow in the high country. I’m beginning to see some of the vegetation start to turn. School starts this week.
The 21st Annual Four Corners Folk Festival was held last weekend. This is our version of Woodstock. There’s lots of great music, dancing, and a big party. This is my favorite festival of the year. Our local economy benefits a lot from this event.
Overall, the local economy is doing great. Tax revenues are up about 10% for the year. Everyone I know is busy – especially me! As of a few days ago, I had 25 deals in the hopper. It feels like the days at the peak of the 2005 and 2006 heyday.
To keep up with all the paperwork, I have hired a new assistant. Carla Ryan has just joined my crew, and we are very happy to have her. I now have a total of four full- and part-time assistants who are key to keeping my business afloat. On top of my staff, we also have two full-time employees working at the front desk here at Jann C. Pitcher Real Estate.
Now, for what’s happening in the real estate market.
- Overall sales are up 9%. Residential sales are up 12%, and inventory is down 22%. One issue that may put a damper on this trend is the lack of lower-priced inventory. Helping to fill the void are a number of brand new spec homes going up around town. There are quite a few in progress and most will be listed under $300,000. Overall building permits are up 76 vs. 62 last year at this time.
- Homes in the $1,000,000+ range continue to be soft, one of the few slow areas of the market. The bright side is we have four $1,000,000+ homes currently under contract.
- Condo and townhome sales look to be flat. However, a large number of units (29) are currently under contract, which leaves only 39 units currently available on the market. If most of these deals complete successfully, it will put a significant dent in the inventory and drive prices upward.
- Land sales are a mixed bag. Overall land sales are up 9%. Vacant land from 1/4-acre to 5-acres is up 15%, and larger property sales are off by 47%.
Ranch sales are up by 200%, which includes one big sale of $7.2 million. This is the “Blue Barn” property, which is located on Highway 84 and is something of a local landmark.
As for coming attractions, as of a couple weeks ago we had 155 pending sales. This is the largest number we have seen in the recent past. Typically, fall is our busiest time of the year. Hopefully this year will follow suit. I’ll keep you posted.