REAL ESTATE: The Riley Report

Hello From Pagosa Country!

It’s a pretty day – plenty of sunshine and warm temperatures for February. It’s 45 degrees outside this afternoon. So far this year, our snow and moisture situation is much better. We currently have 81% of median snow pack in our part of the state. Wolf Creek Ski Area has 100” of snow at the summit with 239” of snowfall to date.

I’m super excited because I just received my second COVID shot yesterday. Now we are waiting for my wife to get her shot so we can get out of Dodge. I am working on a vacation to the Caribbean as soon as it’s safe to go. Pagosa is weathering the COVID storm pretty well with not too many new cases. The schools are back in session, and our economy is improving little by little.

Now for the latest real estate news. We are seeing a continuation of 2020. Total sales are up 105% in the first month of the new year with 76 total sales this year compared to 37 last January. Pending sales are 146 versus 80 last year. Home sales are up 33%. Condo sales are up 20%. Vacant land sales are up a whopping 320%. Most of this activity is a carry-over from deals that were arranged last year.

If you are selling, you are in the catbird seat licking your lips. Buyers are hungry and looking for something to buy with not much left on the shelves. There’s a lot of pent-up demand. As a Realtor, we have plenty of buyers sitting on the sidelines waiting and hoping for new properties to hit the market. The difference from a year ago is increased prices and multiple offers, typically with escalation clauses. I recently sent out three mailers begging for new listings. A year ago, I had 16 homes and condos available. Currently, I only have one.

Interest rates are still great. A 30-year fixed-rate mortgage is currently 2.625% and a 15-year is 2.0%. If you are a buyer, be ready when you make an offer with financing in place, or better yet, cash in hand. If you are a seller, let me help you cash in.

So what does the future look like? I just pulled out my crystal ball and it’s telling me sales will be strong for the first part of the year and then things will slow down due to lack of inventory. Prices will be on the rise.