REAL ESTATE: The Riley Report

Hello From Pagosa Country!

It’s a beautiful day in Pagosa. The foliage is gorgeous. The aspens and the oaks are doing their thing. We expect the colors will be at their peak next week. Make time to go out and enjoy the splendor before it’s gone.

If you’re hiking, be careful. There are a lot of hunters out in the woods; you should probably wear orange. The hunters will be around for another month, and they are very important to our local economy.

My wife, Laurie, and I just returned from the trip of a lifetime. We spent two weeks traveling all over Italy. This trip was in the planning stages for two years, postponed from last May due to COVID. The weather was great, the crowds were non-existent, and we felt very safe. Everyone was wearing masks while inside.

But just like every vacation, coming home and driving down Wolf Creek Pass into the valley below is always a big “Wow!” We live in one of the most beautiful places in the world. Sometimes I take it for granted until I return from being gone for awhile. As an added bonus, we have the splendor of the fall colors.

Now for the latest real estate news. As I predicted, the second half of the year has slowed down due to lack of inventory. Sales are still up 53% over this time last year, but a month ago it was 73%. Let’s compare available inventory today to pre-pandemic numbers in 2019. The following chart shows the difference between then and now:

Sales last month were down with 94 sales compared to 150 in September of last year. Pending sales are down as well. We have 204 pending sales today compared to 278 a year ago. When looking over the available inventory under $500,000, I noticed that about half of the homes in this price range are mobile or modular homes. There are very few traditional stick built homes available today for under half a million dollars.

If you’re a property owner, the goods news is your property is worth a lot more than it was before the pandemic. If you are considering selling, there is no reason to wait. Buyers – if you see it and you like it, buy it now! I don’t expect prices to drop. I do not see a bubble.

Enjoy the fall colors!