Spring is coming, but it’s coming at a slower pace this year. Most of the snow has melted on land with southern exposure, but there’s still a bunch of snow on any north-facing slopes. I still have eight feet on the north side of my house where it slides off the roof. Temperatures are generally in the 50s and occasionally in the mid-60s. We still have a ton of snow up in the mountains. The great news is we have 154% of normal moisture in the region. Wolf Creek Ski Area has received a total of 488” of snow so far this year, and they’re not done yet! Currently they’ve got a 154” base midway with 182” at the summit. Closing date was scheduled for April 7, but given all the snow we’ve got, they’ll remain open for weekends till Easter Sunday.
Another benefit from all this snow will be the great rafting season on the San Juan and surrounding rivers. It should help fill our lakes, which were depleted last winter, and the risk of wildfire this summer will be greatly reduced.
One of the negatives in an unusually snowy year is that it can cause some local businesses to have lower sales. For example, I recently spoke with a couple of restaurant owners, and they are reporting slower sales than normal this winter. Wolf Creek gets so much snow even in a dry year that there’s always plenty to ski on. So when snow is scarce in the rest of Colorado and especially northern New Mexico, many people will travel to Pagosa to ski. But in a wet year when everybody has a ton of snow, some people choose to stay closer to home.
Now for the latest real estate news. Sales continue to lag behind last year’s numbers. Total sales are down 16%. One of the two main categories responsible for this decline is small lots in the Pagosa Lakes area, which are down 44%. We’ve had 18 sales so far this year compared to 32 last year at this same time. The other category is condo sales, which are down 50%, with most of the decline coming in the $100,000 – $200,000 price range.
On the other hand, there are still some positives as well. Home sales were down 22% last month, but are down only 4% this month.. Land sales between a half-acre and three acres are up 54%. It’s important to remember we’re still looking at a small sample size, with only three months of sales during the slowest part of the year. The difference in the total sales is 122 this year compared to 146 last year during this same time period.
Inventory is still down in all categories. Due to the supply and demand equation, prices are still rising, but at a slower pace this year. The national economy is slowing down, but there are still plenty of buyers out there, and a lot of new inventory will come on the market in the next couple months. There is pent-up demand, and new properties priced right are being picked up as soon as they hit the market. I had two recent listings go under contract as soon as they were available. I have a lot of new inventory that is coming online in the next couple of weeks. If you are in the market to buy, and you don’t see what you want on Zillow or Realtor.com, give me a call. I might have the perfect property just about to hit the market.
Interest rates are still attractive. A 30-year fixed-rate mortgage is at 4.125% and a 15-year is at 3.5% New home construction permits are at 12 this year compared to 17 last year.
Happy Spring! I hope the grass is greener on your side of the fence. Remember to think positive. The glass is half full! 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]
