Hello From Pagosa Country!
It’s another beautiful day in paradise. This is the greenest summer I’ve ever seen since moving to Pagosa back in June of ’83. We’ve received 8 inches of rain this summer compared to the average of 1.9 inches – just what the doctor ordered! On a negative note, the downtown highway construction project on McCabe Creek has been delayed due to too much rain. It was supposed to be done in September, but now it’s due to be completed in December.
Labor Day was another big weekend in town – the 26th Annual Four Corners Folk Festival, which is our version of Woodstock. The festival ran Friday through Sunday, featuring a great lineup of folk and bluegrass musicians. School started on Tuesday, which will make a lot of parents very happy. A couple weeks from now we’ve got Colorfest, which runs September 16th through 18th. For more information on Colorfest, visit the Pagosa Springs Chamber of Commerce.
So much for local small talk, here’s the latest real estate news. We’re seeing a continuation of the market downturn. Overall sales are down 35% on the year, compared to down 33% a month ago. Home sales are down 25% for the year. The biggest factor in the decline is home sales priced between $300,000 and $500,000, which are down 50%. Condo sales are pretty much flat. Land sales have taken a dive and are now down 46% compared to last year. The biggest factor is small lots under 1/2-acre in the Pagosa Lakes Area, which are down 61%.
Inventory is up across the board. Home inventory is 164 compared to 122 a year ago. A notable increase came from homes priced above $1,000,000, which are almost back to pre-pandemic numbers, 55 versus 36. Condo inventory is 26 versus 10 a year ago. Land inventory is 325 versus 285 a year ago.
The real estate market is a reflection of the broader economy, which is seeing a lot of negative news. Higher inflation, higher interest rates, a volatile stock market, and a war overseas are all affecting consumer confidence. A 30-year fixed-rate mortgage is currently 6%, and a 15-year mortgage is 5.25%
One positive is that Pagosa is still a wonderful place to live. Compared to other Colorado mountain communities, it is still a great value.
Remember to think positive, and to stop and smell the roses.
GRI, CRS
2011 & 2014 Realtor of the Year
Phone (970) 731-4065
Fax (970) 731-4068
Cell (970) 946-3856
Email: [email protected]
