REAL ESTATE: The Riley Report

Hello From Pagosa Country!
This is the most colorful time of the year in Pagosa. The oaks, aspens, and cottonwoods each provide different colors to create our postcard look. My wife, Laurie, and I are headed into the mountains today with our Chocolate Lab for our annual fall ride to enjoy the fall colors. We will head south to Chama, then up to the Continental Divide and on through Summitville, which was once a gold mine and is now just a ghost town. Then we’ll head back home over Wolf Creek Pass.

It’s time to smell the roses!

Pagosa seems to be busier than normal – lots of traffic! The restaurants are busy, the contractors are overwhelmed, and the real estate market is still hopping. This is the busiest I’ve seen in my 30-plus years in the business. September sales were similar to August. Monthly sales were up 49% from last September. Pending sales are up 112% from last year, which means that we should see the numbers continue to explode through the end of the year.

Home sales are up 15% and inventory is down 53%. Sales are up in nearly all price ranges, except for the lower end of the market. Sales below $300,000 are constrained due to lack of inventory to sell! Condo and townhome sales are up 44% and inventory is down 58%. There are currently only 12 left on the market. Land sales, which have been the softest part of the market, are now rebounding. We are only down 3% for the year. Total sales are up 9% compared to up 1% a month ago. Prices are going up across the board.

Keep in mind we have 278 pending sales which will be closing shortly. This will only exacerbate the current inventory shortage.

If you know anyone thinking about selling, the time is now. Who knows what the landscape will be after the election or what’s going to happen regarding the virus?

The red-hot real estate market caught the attention of our local paper, the Pagosa Springs Sun. I was interviewed and quoted at length for a front-page story in the October 1 edition of the paper. The article was written by local reporter Clayton Chaney, and I think he did a fine job. If you are a subscriber to the Sun, you can read the full article online here. If you’re not a subscriber, look for this week’s copy of the paper around town.

So long for now. Stay safe. Think positive. The glass is half full!