REAL ESTATE: The Lee Riley Report
The big news story so far this year has been all about the weather. For the first 3 weeks of January, we had almost no sun and lots of snow. There were no stars in the sky and no full moon. The good news is we got lots of moisture. We are 170% of normal. The skiers had a ball with powder days galore. Wolf Creek has received 317″ so far. We did have a happy ending to the month. Sunny days are here again!
Winterfest 2017 was held on February 4 and 5. One of the highlights each year is the Balloon Rally. (Check out the Daily Post photo essay by Jeff Laydon, Pagosa Photography.)
As far as my world goes, I am headed to Phoenix to attend a CRS Convention. CRS stands for Certified Residential Specialist, of which I am one. These Realtors represent the top 4% of all Realtors in the world. This is a great opportunity for me to learn the latest real estate trends. The networking is excellent. I always come back refreshed with new ideas and renewed enthusiasm. Of course, getting out of “Dodge” to warm weather isn’t a bad pill to swallow.
Now for the latest real estate news. Keep in mind this is a small sampling with just one month in the books. Sales are up in almost every category. Overall sales are up 40% from this time last year. The bulk of these sales are a carry-over from 2016 pending sales. Pending sales right now are way up from 2016. We have 85 in the hopper versus 50 last year.
The elephant in the room is lack of inventory. Home inventory is down 29% and condo inventory is down 21%. Total residential inventory is less than half of what we had in 2014. My prediction is sales will be up for the next month or two, and then lack of supply will slow down the machine. Hopefully, we will have a larger crop of new listings, which could be the result of a tougher than normal winter.
Prices are going to head up, especially in the lower price range.
Another thing to watch for is the Trump effect regarding energy exploration in Texas and Oklahoma, as well as Durango and Farmington. If the oil and gas business cranks up again, this will be good for business. We have to wait and see.
So long for now. Think Spring!