We are seeing the pendulum pointing at a Buyer's Maket, but is it starting to swing the other way? Unfortunatly I can not predict the future but I can look at a few indicators.
| UNITS SOLD | |||
| 2cd Qtr 06 | 2cd Qtr 07 | Unit % Gain/Loss | |
| Residential Homes | 39 | 29 | DOWN -25.64% |
| Vacant Land Lots (< 1acre) | 71 | 51 | DOWN -28.17% |
| Vacant Land 35 acre tracts | 20 | 15 | DOWN -25.00% |
MEDIAN SOLD PRICE | |||
| 2cd Qtr 06 | 2cd Qtr 07 | Median Price % Gain/Loss | |
| Residential Homes | $290,000 | $310,000 | UP 6.90% |
| Vacant Land Lots (< 1acre) | $52,900 | $40,000 | DOWN -24.39% |
| Vacant Land 35 acre tracts | $249,000 | $285,000 | UP 14.46% |
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It's obvious that we have seen a weaker spring this year than we did in 06. While individual unit sale are down , pricing structure remains relativly high. Looking at this one might think that there are worse days ahead, but there is one factor that points to a different outcome.
PENDING CONTRACTS-
The average contract will close in a 6 week time period in Pagosa Springs.
Looking at the most recent 6 week period (end of may until now) our area MLS show 81 closed transactions. Currently there are 108 Pending Contracts. This tells me that we are currently seeing a 33% increase in market activity. Now, before you get too excited, this is NOT seasonaly adjusted. We are just now into our "Selling Season".
Another factor in our market hinges on our current inventory. There is roughly twice as many homes on the market now as there was this time in 2006.
Put all of these factors in a basket and shake them around and what do you get? My best guess...and thats what it is, we will continue to see a slightly sluggish market for 9 to 12 months. Not a DEAD market but it will take a little time to see the slack come out of our current inventory.
If you are a seller reading this take heart. The market is still fairly fluid.To ensure a sale you just need to make sure that you are priced correctly and have your property ready to show easily.
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I have property in Pagasa. Thanks for the information.
Your welcome Larry,
Can I put you on my e-letter list?
Sure Chris...but just to let you know, I currently have a lot for sale with another agent. I found your info by searching Pagosa Springs on A/R and I found your writings interesting. I appreciate your offer.
Thanks Chris. Yes, we love Pagosa and the Powerhorn subdivision. I wish we were in a position were we didn't have to sell...I would rather put a house there and have a second home and/or eventually retire there!
BTW, I chose to look over some of your blogs because you said you have a background in aviation. I received my private pilot's license Jan of 2006 (started working on it right after purchasing that lot) and have flown into Steven's a couple of times.
Good stuff! I love to fly, but it has become an expensive hobby. I started that journey in 1998. I have about 600 hours Private/Instrument/Commercial single engine. I worked for a few years with Jeppesen up in Denver and helped them create their EFB... Electronic Flight Bag.
Agreed...very expensive hobby. I am in a partnership with a Cessna 182. We are thinking of selling it because my partner and I don't fly it enough to justify the expense. The flight school I went to also has a 182 I could rent, so that seems like the smarter thing to do with the small amount of flying time I get in.
Since I am new to AR. Is there a way for me to get notified each time you type a blog so that I can stay in touch?
You can click the "Notify me of new comments" button that is found below the Comment box. That only notifys for the specific blog though.I'm pretty new also, so I'm not sure if there is anyway to notify whenever a specific person posts.
I'ts easy to keep up with each other by "Adding an Associate" I will do that to you. Then you can just go to the associates link found at the bottom left and keep up with an individuals blog.