REAL ESTATE: The Riley Report
Hello From Pagosa Country…
…by way of the beautiful hunting and fishing lodge known as the Chama Land & Cattle Company. My son, Patrick, and I are enjoying a tremendous fishing adventure for a couple of days after the Fourth of July festivities back in town. Vacationing in the scenic beauty down here has just been over the top. As our children move on, start their careers, and have families of their own, these opportunities become rare and very precious times to remember.
The Fourth of July is the busiest time of the year in Pagosa. The list of events includes the carnival, the arts & crafts fair, Red Ryder Rodeo, the parade, and of course, the fireworks as a finale. Each year it seems to get busier as more folks from out of town come to enjoy Pagosa in all its glory.
Around town, everything is hopping. The town is still very busy even after the Fourth has passed. The Bear Creek Saloon cleanup is in its final stages. 8th Street, which runs next to the library, has re-opened after several months of construction. Summer is in full swing. The weather has been extremely dry. We haven’t had any measurable rain in several weeks. Hopefully the monsoons will kick in soon.
As far as the real estate industry, things are cranking in all segments of the market. Overall sales are up 28%. Home sales are up 29%. Condo sales are up 105%. Land sales are up 22%.
Two of the most noticeable changes in the last year are the big jump in condo sales and another big jump in the sales of homes between $750,000 and $1,000,000, which are up 300% over last year at this time. We have so far had seven home sales above $1,000,000 this year, when last year at this time we had zero. The busiest market segment is in the $300,000 to $400,000 range with 45 sales.
The median sale price for homes is now $313,000 compared to $225,000 back in 2014. Days on market for condos was 264 days in 2015 and is 59 days currently. Pending sales are up 42% from this time last year.
There is one other statistic that is normal for this time of year, but it’s something to pay attention to. We have 52 more homes on the market today than we had a month ago. The bottom line is that the residential market is almost back to the good old days of 2007 and 2008. Vacant land is improving, but still lingering behind.
So long for now. I hope all your summer vacations are good ones.