Jim Smith Realty 2011 Newsletter – 4th Quarter Wrap-Up
The air in Pagosa Springs is crisp and cold. Everywhere you look, you see ski boots, out-of-state license plates and happy, laughing people. Winter is upon us, and with the falling of the snow, the tourists have arrived in force. We welcome all our visitors, winter or summer, as they help our local economy thrive and grow. In fact, we hope some of the visitors decide to stay and become locals — and with Real Estate sales up for this quarter and for the entire year — it looks like we’re growing again.
The real estate market in complex, and there are a number of variables to look at in any transaction including price, location, and demand. We can provide you with some data that may give you a good idea of what to look for, how soon to act when buying and what the real estate trends are looking like. (See Charts) We’ve also given you more data to review — sales statistics that may help you with some of the many important decisions you face when buying or selling in Pagosa.
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Featured Photo, Taken October 2011
Mountains, First Snow 2011 Photo Courtesy of Katie Vining
- Total Residential Sales, 2010 vs 2011
- Average Days on Market/Residential
- Homes Sold in 2011: Listing vs Sale Price
- Homes Sold in 2011: Homes Listed vs. Homes Sold
- 2011 Sales Roundup: Real Estate Sale and Price Trends from 2008 to 2011.
Home Sales Are Up in 2011!
MLS data comparing 2010 and 2011 Residential Sales (by area) in Archuleta County.
PS01: Old Pagosa Springs
PS02: Central – Township 5699
PS03: Pagosa Lakes
PS04: Aspen Springs
PS05: Pagosa West
PS06: Pagosa North
PS07: Highway 160 East
PS08: Upper 84
PS09: Lower 84
PS10: Pagosa South
PS11: Navajo Lake
PS14: Mineral County
Visual Representations of Home Sales
Real Estate Trends
The graph below represents residential sales (homes that sold) in 2011: The Number of Listings and the Number of Days On The Market. If you’re looking at a particular home, you can see that the homes between $100k and $200k sell more quickly than more expensive homes, and that there are more offerings in that price range. This might help you decide how quickly to move on that dream home.
How much should you offer for the home of your dreams? Sellers generally list the home at what they think its worth, but in this economy, many are willing to take less than their asking price in order to sell. This graph may also help sellers when pricing their homes — knowing what you’re likely to be offered might help when fixing a price.
Not every home that is put up for sale is sold in one calendar year. As the buying market evens out, these numbers should trend closer together.
As you can see from the graph below, Real Estate Sales Prices have been generally trending downward, with the exception of Commercial Property, which is incredibly varied. The sample size of this graph is shown in the graph below it, titled "Real Estate Sales, 2008-2011".
Data Source: Pagosa Springs MLS
Area Sampled: Pagosa Springs MLS
Please note: The data contained in these graphs is deemed reliable but not guaranteed. Please check with your Jim Smith Realty Agent for more information.
Any Jim Smith Realty Agent will be happy to discuss the market trends with you at your convenience. Give us a call or email for more information and a free CMA.
Late 2011/Early 2012
WOLF CREEK SNOW REPORT: http://wolfcreekski.com/wolf-creek-snow-report.php
UPCOMING EVENTS: http://pagosasprings.com/
COMPREHENSIVE PAGOSA SPRINGS WEBSITE: http://pagosa.com/
JIM SMITH REALTY: http://jimsmithrealty.com
REQUEST A FREE PRINTED AREA GUIDE: http://pagosa.com/pagosa-springs-visitor-guide/
IS WAL-MART COMING TO PAGOSA SPRINGS?
In early January, 2012, during a crowded meeting of the Pagosa Springs Town Council, it was announced that Pagosa Springs would be getting a 93,000 square foot Wal-Mart store in the near future.
The "Big Box" debate has been waged in Pagosa Springs for many years, with locals weighing the convenience and affordability of a large discount store with the threat to long-established businesses and the Pagosa way of life.
Although the meeting indicated no precise timeline and no formal announcement, many believe that this time the big box will actually land in Pagosa Springs. The debate as to whether the store will be "good" or "bad" for Pagosa still rages on, with opinions being presented as fact on both sides.
TOURISM INCREASES IN 4TH QUARTER OF 2011 AND IN 2011 OVERALL
Pagosa Springs has one majoy "industry": Tourism! With the draw of Wolf Creek Ski Area, small-town life, gorgeous mountain scenery, great hunting and unbeatable outdoor sporting opportunities, Pagosa has a lot to offer those from other states and areas of Colorado. Besides counting the number of people in ski pants in the local stores and observing out-of-state license plates, a good way to measure the influx of tourists is by an analysis of the "Lodgers Tax", the tax that the Town places on hotel rooms. This year’s numbers show that tourism in the 4th quarter of 2011 and in 2011 overall has increased, with more tourists than ever visiting Pagosa Springs.
Please feel free to contact any Jim Smith Realty Agent with questions or comments.
We look forward to visiting with you either in person or over the phone to help you get ready for your next Pagosa Springs real estate transaction!
Jim Smith Realty – Pagosa’s Oldest/Largest Real Estate Firm
445 San Juan Street
PO Box 1680
Pagosa Springs, CO 81147