Hello From Pagosa Country!
Another beautiful day in paradise – it’s sunny today, with expected spring showers tonight and tomorrow. Half of the ice has melted from my trout pond, so it’s almost time to go fishing! Since we’ve had some warmer-than-normal temperatures, in the low 70s, the San Juan River through town is already running high and fast. Rafting season is just around the corner. However, we hope the snowpack in the mountains doesn’t melt too quickly, because the snow levels in the mountains is only 93% of median for this time of year. Wolf Creek Ski Area has received 377 inches so far – the average is 430 inches. So, we honestly welcome a few more storms this season.
Town is relatively quiet right now. Spring Breakers have gone home, traffic is much less, and you can get into your favorite restaurant without having to wait in line. It’s our time to take a breather before the summer crowds return. I really enjoy this time of year, everything slowly greening up, and flowers are popping out here and there. The bluebirds are back and I’m sure the robins aren’t far behind.
Now for the latest real estate news. Total sales are down 27% from 2021. Home sales are down 23%, condo sales are flat, and vacant land sales are down a whopping 34%. Total residential inventory, which includes homes, condos, townhomes, and trailers, is about the same as last year, which is still at historic lows. The big issue is vacant land inventory, which is way down – 151 properties available last year versus 100 this year. So now we are seeing a huge spike in land values. Builders are staying busy; I see foundations going in everywhere.
Another major change in the market is higher interest rates. The average 30-year mortgage is 5%, which is up from 3.5% earlier in the year. 15-year mortgages are 4.5%. I’m sure this will affect some of the low-end buyers with Home prices still going up on a monthly basis. When I bought my first home in 1976, rates were at 8.5%. Then I tried and failed to buy a home in 1980, when rates were over 17%!
On a final note, the last three homes I listed recently have sold for over asking price within only few days and with multiple offers. So, I’m sorry to say, I don’t have a featured home this go-around, but I do have a few coming attractions. Call me, and I’d be glad to share what may be on the horizon. So long for now! Go… smell the spring flowers, think positive, and 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]
