Hi From Pagosa Country!
It looks like we are on the downhill-side of winter, as the snow is
slowly going away after the biggest winter in 30 years. Hopefully it
will melt slowly and not all at once, which could cause flooding. I
have heard rumors that people are getting sand bags ready. The
drought seems to be past us for now. The ski area has agreed to move
its closing date back to April 13th, and it will also be
open on weekends through the end of April. The next couple of weeks
will be the peak of Spring Break skiing business, and this time of
year is key for the local economy. I’m hoping we have a few real
estate buyers showing up as well. This past week has been the busiest
I have seen since Christmas Break. I have 3 deals in the works; a
home on 13 acres in Meadows, a 7-acre lot in Piedra Estates, and a
1-acre lot in Aspen Springs.
The overall market continues to soften. Locally, total sales are down
42% from last year. A couple of bright spots are homes under $200,000
and the condo/townhome market, which are showing the strongest sales.
On the national level, the Fed has been lowering rates aggressively,
which will lower costs on short-term debt like home equity loans, car
loans, and credit cards. The Fed Rate has nothing to do with
long-term mortgage rates, which have gone up over a full percentage
point since January 23rd when they bottomed out at 5.25%.
Today it’s 6.375%, and I would not be surprised to see 7% if we don’t
get some good news soon. The biggest mortgage rate problem I see on
the horizon is inflation caused mainly by high fuel prices and a
weakening dollar.
Real estate prices are still in decline, which means there are some
great buys to be had. Inventory is on the rise due to sellers putting
their properties back on the market after taking them off for the
winter. I expect 25% more inventory out there by July 1st.
This heavy winter will make more people want to move to a warmer
climate. From a seller’s perspective, pricing is very competitive, so
price will be the key if you want to sell. If you bought prior to
2005, you are still in good shape. If you bought in the last 2 years,
you may be selling at a loss or with little appreciation. The good
new is if you are selling here and going to a new location, most
likely you are still a winner because of great prices elsewhere. If
you are a buyer, it’s a great time to buy.
More and more I find myself acting as a counselor rather than a
salesman. Having my customers and clients trust me is the key to a
successful transaction, because I am always looking for a win-win
outcome.
Check out the latest stats below and then, if you want to see the big
picture, check out the end-of-year stats by clicking
here.
Lee Riley
970-946-3856 (cell)
leeriley@isellpagosa.com
|
PAGOSA SPRINGS REAL ESTATE STATISTICS |
|
Jan-Feb of 2006, 2007, and 2008 |
|
**Note: These numbers may not be exact.** |
|
% Difference indicates change from 2007 to 2008 |
|
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|
Properties Sold |
Inventory Available |
|
Homes |
2006 |
2007 |
2008 |
% Difference |
2006 |
2007 |
2008 |
% Difference |
|
$0-100,000 |
3 |
1 |
1 |
+0% |
20 |
17 |
24 |
+41% |
|
$100,001 to 150,000 |
2 |
2 |
5 |
+150% |
15 |
17 |
22 |
+29% |
|
$150,001 to 200,000 |
7 |
3 |
4 |
+33% |
13 |
11 |
27 |
+145% |
|
$200,001 to 250,000 |
12 |
9 |
2 |
-78% |
20 |
20 |
33 |
+65% |
|
$250,001 to 300,000 |
5 |
5 |
1 |
-80% |
23 |
26 |
58 |
+123% |
|
$300,001 to 400,000 |
7 |
5 |
1 |
-80% |
26 |
54 |
84 |
+56% |
|
$400,001 to 500,000 |
4 |
3 |
1 |
-67% |
18 |
40 |
44 |
+10% |
|
$500,001 to 750,000 |
2 |
4 |
4 |
+0% |
50 |
84 |
42 |
+0% |
|
$750,001 to 1,000,000 |
4 |
1 |
0 |
-100% |
42 |
|
$1,000,001 plus |
2 |
1 |
1 |
+0% |
29 |
22 |
42 |
+91% |
|
All |
48 |
34 |
20 |
-41% |
214 |
291 |
418 |
+44% |
|
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|
|
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|
|
Median Sale Closed |
$254,500 |
$260,250 |
$206,250 |
-$54,000 |
►►►►► |
Down 21% |
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|
|
|
|
|
Days on Market |
139 |
206 |
196 |
-10 |
►►►►► |
Down 5% |
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|
|
Properties Sold |
Inventory Available |
|
Condos |
2006 |
2007 |
2008 |
% Difference |
2006 |
2007 |
2008 |
% Difference |
|
$0-100,000 |
4 |
1 |
2 |
+100% |
6 |
1 |
1 |
+0% |
|
$100,001-200,000 |
5 |
4 |
3 |
-25% |
17 |
29 |
46 |
+59% |
|
$200,001-300,000 |
3 |
0 |
2 |
N/A |
48 |
74 |
36 |
+5% |
|
$300,001 plus |
0 |
0 |
2 |
N/A |
42 |
|
All |
12 |
5 |
9 |
80% |
71 |
104 |
125 |
+20% |
|
|
|
|
|
|
|
|
|
|
|
Median Sale Closed |
$155,150 |
$131,400
|
$155,000
|
+$23,600 |
►►►►► |
Up 18% |
|
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|
|
|
|
|
|
|
|
|
|
Days on Market |
84 |
151 |
259 |
+108 |
►►►►► |
Up 72% |
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|
Properties Sold |
Inventory Available |
|
Vacant Lots |
2006 |
2007 |
2008 |
% Difference |
2006 |
| |