Happy 244th birthday, America! Here in Pagosa, there are a lot of things different for this year’s birthday party. The Arts & Crafts Fair will have 80 booths, and the fireworks are still happening. But there will be no parade, no carnival, and no rodeo this year. Some of the hotels and motels have music happening, and there will be a Freedom Float tubing parade down the San Juan River.
Town still seems very busy with lots of traffic, especially now that nobody is flying anymore. Most people are wearing masks. There are still only nine local cases of the virus in Archuleta County, with only one new case in the past couple of months. But we have had six cases among non-residents. There are worries that tourists coming to town could bring it with them. Hopefully more people will feel comfortable wearing a mask and will realize they have the opportunity to save somebody’s life. It could be their own!
The weather has been beautiful if you enjoy lots of sunshine. We haven’t seen any measurable rain in so long, I forgot what it feels like. The San Juan River is running at 16% of median for this time of year, and fire danger is very high. We’ve had a few small fires in the region, but nothing major so far.
Now for the latest in the real estate market. June was just as hot as the weather! This has been the busiest June I’ve seen in years. Pending contracts have surged from 116 last year to 149 this year. This is the highest number of pending sales we’ve seen since 2017. Closed sales are 301 compared to 340 this time last year, which is down 11%. We are still playing catch-up due to being closed in April. I’m optimistic we will start catching up.
One of the biggest hurdles is lack of inventory. We have 27% fewer homes on the market and 20% fewer pieces of land than we did last year at this time. It’s like going to the grocery store a month or two ago and trying to find toilet paper! On the bright side, condo sales are up 10%, and condo inventory is up 30%.
When a new listing comes on the market, there is a flurry of activity with lots of showings. If it’s priced right and in good showing condition, you can expect multiple offers. There are several possible reasons for this surge in activity. Pagosa is a very safe place to live. So far, we’re almost virus-free. Interest rates are also extremely low. A 30-year fixed-rate mortgage is at 3% and a 15-year is at 2.5% Limited inventory is a double-edged sword. I wish we had more affordable homes available, but the lack of supply is keeping prices strong. New construction seems to be busy, but the County reports only three additional building permits this year compared to last year. If you have been considering selling your home, now is the time to move on it. Give me a call if you know anybody who is thinking of selling.
I hope you enjoy a happy and safe Fourth of July, and a big thank you to all our troops serving around the world!
GRI, CRS
2011 & 2014 Realtor of the Year
Phone (970) 731-4065
Fax (970) 731-4068
Cell (970) 946-3856
Email: [email protected]
