REAL ESTATE: The Riley Report

Hello From Pagosa Country!

The monsoons are here! The monsoons are here! Finally, the ground is wet, and the green is coming back. The rivers are coming up. We are still in a drought, but we are gaining ground. So far, we’ve had no major fires in the region which is very good news.

The latest on local coronavirus news is that our numbers are up. We had only 8 total cases a couple of months ago, and now we’re up to 36. We’ve had an additional 31 cases among people who are not from Archuleta County, but tested positive while they were visiting here.

The governor has mandated everyone wear a mask, and the overwhelming majority are adhering to this new rule. When I go to the post office every day, I’d guess that about 80% of folks are wearing masks. The town continues to be busy with lots of traffic, partially due to the public still being afraid of flying.

The Archuleta County Fair will not happen this year in the same way it usually does. But the 4H kids have been working hard all summer to get livestock ready for auction, so they held a virtual animal show and livestock auction instead. I jumped in and bought a turkey. It may be the most expensive Thanksgiving turkey ever, but I’m happy to support the kids who have worked so hard!

Now for the latest real estate news. This is the busiest I have seen the market since 2005. Pending sales are through the roof. There are currently 219 properties under contract, compared to 128 last year at this time. Multiple offers are much more common than I’ve seen in the past.

Inventory is way down, which keeps prices very strong due to supply and demand. This is great for sellers, but not so good for buyers.

The big jump in activity is due to a combination of several factors. Interest rates remain at unheard of lows. A 30-year fixed-rate mortgage is currently 3.0% and a 15-year is at 2.5%. We’re seeing an exodus of people from the big city headed for small town charm, a safer place to live, less crime, and less stress. This is creating a perfect storm for a real estate boom.

Overall, year-to-date sales are still down 6%, but this is mainly due to vacant land sales, which are down 13% for the year. I expect to catch up to last year’s numbers by the end of the month.

If you’re looking to sell your Pagosa property, now is the time to come on the market. I just sent out 9,000 pieces of junk mail looking for new inventory to sell. So if you get a postcard with a chipmunk and a can of nuts, that’s from me. The market is going nuts!

So long for now. Stay safe, enjoy the summer, and enjoy the great outdoors. Think positive. You will become what you think about most.