REAL ESTATE: The Riley Report

Happy Holidays From Pagosa Country!

I hope you and your family had a good Thanksgiving. Pagosa is beautiful right now. The town is all dressed up in its Christmas attire. The trees in the stores downtown are all lit up to the max. Let the festivities begin!

Of course, it will not be a normal Christmas in Pagosa country. There will be no crowds allowed. Masks and social distancing are evident throughout the community. Just like the rest of the country, we are seeing a surge in the virus. The Pagosa Sun reports we have had 188 new cases since November 1. Local restrictions on restaurants, retail stores, and gatherings are increasing.

For up-to-the-minute information on current restrictions, you can visit San Juan Basin Public Health.

Some good news: Wolf Creek Ski Area was the first ski area in the country to open this year. It’s doing better than most, and we have plenty of snow. Currently they have 48″ midway and 49″ at the summit. We don’t have any snow on the ground in town at the moment. Blue skies and above average temperatures are expected for the next week.

Now for the latest real estate news. All is good if you are a seller. Overall year-to-date sales are up 25%, compared to 21% last month. Home sales are up 32%, and inventory is down 58%. Condo and townhome sales are up 31%, and inventory is down 76%. There are only 7 of these properties available today. Last year we had 29 to choose from. Land sales are up 16% with inventory down 28%. We sold 109 properties in November compared to 63 last November. Pending sales are now 184 versus 98 on the same date last year.

If you are a buyer, normally this would be the time of year to pick up a good deal, because sellers are motivated not to hold on to their property through the winter. But the big issue this year is lack of inventory. I’m about to send out 1500 pieces of mail with the hopes of getting new listings for sale. If you are a seller, this could be a very bright New Year!

So long for now! Stay safe, wear your mask, and think positive. Enjoy the season, and help those who are in need. A special thanks goes out to our troops, our first responders, and all the medical personnel putting their lives on the line to keep us safe.

Happy Holidays!