Happy birthday, USA! It’s party time in Pagosa – we’ve got a parade, rodeo, arts & crafts fair, carnival, live music, fireworks, and a lot of friendly people. This list of activities is just the beginning. Come and enjoy fishing, camping, rafting, tubing, hiking, balloon rides, horseback riding, and much, much more. As a local for more than 35 years, I hope I speak for Pagosa as a whole. Welcome to our small but vibrant town. Enjoy your stay and come back soon. Pagosa is the Colorado you’ve always dreamed of.
In other local news, the vacant lot next to the County building downtown will now be a new parking lot for about 90 cars. This is a great asset for our downtown merchants. This may only be temporary since the land is for sale, but we’ll enjoy it while we can.
The national grocery chain “Natural Grocers” has purchased the downtown building where Hometown Market was, and they are in the process of a major remodel. Opening date is unknown at this time, but it should be ready this fall.
Last but not least, I want to applaud our County Commissioners for using common sense and reeling in some of the cumbersome regulations at the County Planning Department. Over-regulation can be problematic for the public. Don’t get me wrong, some regulations are necessary, but sometimes less is more. The bottom line is common sense and the KISS principle should prevail.
Now for the latest real estate news. This June was slower than June last year. In 2018 we closed 98 deals in June, and this year only 78 properties sold. Pending sales are also down. I felt the slowdown, but I couldn’t tell if it was just me until we ran the stats this month. I don’t know why it occurred. Interest rates are still very low. A 30-year fixed rate mortgage is at 3.875% and a 15-year mortgage is at 3.125%. Inventory is up, so there’s a bigger selection to choose from. The local economy is still strong, although the Chamber of Commerce tells me that spring sales were a little sluggish due to the snowy weather.
My best guess is that we had some pent-up demand in April and May as new inventory came on the market. The buyers were hot to trot in the spring, and now that they’ve picked some of the cherries, demand has tapered off. Each year, prices go up in the spring as new inventory comes on the market. Buyers may be resisting these higher price tags. Overall sales are down 10% compared to 2018. I have noticed an interesting divide in the inventory numbers. The inventory of homes listed below $400,000 is down 19%, and inventory above $400,000 is up 35%.
So much for now. Think positive. The glass is half full. Have a great 4th of July!
GRI, CRS
2011 & 2014 Realtor of the Year
Phone (970) 731-4065
Fax (970) 731-4068
Cell (970) 946-3856
Email: [email protected]
