Guess what! We got snow! A bunch of it! I just shoveled about two feet off my walkway yesterday morning. It was very light and fluffy. Wolf Creek Ski Area got about 34 inches out of this last storm and has 66 inches as a midway depth. I’ll be curious to see how this effects our moisture content. We were at about 67% of average a week or so ago, which was before this storm. The town is hopping with tourists, which is good for the local cash registers and the economy.
The Riley family all got together in Denver for Christmas. Laurie and I had a great time with the four young grandkids. All are under six years of age. They have no slow or quiet gear. Their energy can be overwhelming. It’s nice to be home enjoying a little peace and quiet. As I look out my window this morning, the skies are clear and the snow has elk tracks everywhere. It’s very cold out there – negative one degree!
Now for the latest real estate news. Make sure you look at the stats and all the graphs. Here’s the Reader’s Digest version of what happened in 2018. Sales are down 5% overall. Home sales are down 3% with home inventory equal to last year. Condo sales were up 2%, but inventory is way down at 44% lower than last year. Land sales were down 8%, and the inventory is down 13%.
Values are up across the board. Let’s take a common property in our area and call that a “typical” Pagosa home. We’ll define this as a three bedroom, two bath home with a two car garage on less than a half acre in the Pagosa Lakes Area. The bottom of the market for this property was in 2011, when the median value was $156,550. Today, the same home is worth $309,000. If I’m doing the math right, that is a 10.2% annual growth rate.
My prediction for 2019 is a little slower market due to lack of inventory, rising prices, and uncertainty in the global economy. One of the factors that has affected home prices over the past year is skyrocketing building costs. I’ve talked to several builders and a lumber company, and I’m hearing that costs have gone up over 20%, which means that buying an existing home is more likely a better value.
Here’s some good news – interest rates are down. A 15-year fixed-rate mortgage is at 4.125% and a 30-year is at 4.625%. The recent drop is due to the big slide in the stock market in December, which continues to spook the market.
So long for now! I hope you and your family have a happy, healthy, prosperous New Year. Don’t waste your time with New Year’s resolutions. Instead, write down your goals in detail and read them daily. Remember, you will become what you think about most.
GRI, CRS
2011 & 2014 Realtor of the Year
Phone (970) 731-4065
Fax (970) 731-4068
Cell (970) 946-3856
Email: [email protected]
