Jim Smith Realty Real Estate Newsletter – Pagosa Springs, Colorado
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Jim Smith Realty Newsletter – Pagosa Springs, Colorado – 3rd Quarter 2011
Pagosa has experienced a fantastic summer tourism season this year. The streets have been busy with out of state plates enjoying our beautiful high altitude destination. The summer visitors have gone, and this week, the droves of hunters are standing in line at the grocery store stocking up to prepare themselves for those amazing San Juan Mountains!
Pagosa Springs real estate is in it’s fall season now seeing some moderate gains in sales volume. The overall Archuleta County sales of stick framed, or conventionally constructed homes, has experienced an increase of sales to the tune of 29% in the first 3 quarters of 2011. Looking at the same time frame we can determine a 33% increase in total dollar volume sold.
Also, the total average sales price of these single family homes bumped up from $219,310 to $227,077 relative to the prior 12 months. That’s about a 3.5% increase in value.
Our neighboring city, Durango, has experienced a similar growth pattern.
Look at the charts below to get a little more information on the Foreclosure market in Pagosa Springs.This sector is going to be the determining factor as we march forward in time concerning home values.
Click here to view an easy to use searchable map.
Fall Colors in Pagosa Country Are in Full Swing
Photo Courtesy of D. West Davies
Visual of Home Sales
It Helps to See it!
The charts below represent the single family homes sales market as a reflection of the past 7 years. They are measured two ways.
1. The first one represents units or actual homes sold.
2. The second represents volume or the cumulative amount of dollars measured in millions.
GOOD NEWS IN THE FORECLOSURE MARKET
The foreclosure market has kept downward pressure on the prices of many single family home sectors going on 4 years now. The number of foreclosure starts in the first 3 quarters of 2011 is down from the same time period in 2010. This year we had 123 new foreclosure filings, while last year in the same time period we had 178 new filings. That represents a decrease of REO homes of about 31%
To get an idea of sales tempo, notice the total home sales and volume compared to the same reference of foreclosed homes.
By looking at the sales trend both from units sales above, and volume of sales below, this recap shows continued shift in sales pace toward the positive. The number of homes sold this year is keeping pace with that of 2007.
Wolf Creek kicks off 11-12 season with fresh powder
Pagosa’s ski area has earliest open ever!
By REAL VAIL
Real Vail- October 8, 2011
Wolf Creek Ski Area in southern Colorado opened this morning with 32-inch mid-mountain base and 35 inches at the summit, becoming the first ski resort in Colorado to open for the 2011-12 ski season.
Wolf Creek, which has received nearly four feet of snow since Thursday, set a new record for its earliest open ever. Its previous mark was Oct. 27, 2006. About 1,300 snow riders came out to make tracks on 600 skiable acres served by three chairlifts.
"Colorado only ended its 2010-11 season in July, and here we are in early October already celebrating a resort opening," Melanie Mills, president and CEO of Colorado Ski Country USA, said in a release. "At this rate, Colorado is practically a year-round ski destination. READ THE FULL REVIEW
The Alpine Haus Welcome Video
Wolf Creek Opens October 8, 2011
Enjoy this opening day video by contributor Benton Inscoe!
Wolf Creek Opening Day 2011
Where have prices moved when looking at sizes of homes?
Find a visual breakdown below of home sales by square footage.
Many times we have Buyer’s and Seller’s ask us about the value of a particular home when compared to like homes or "comps". We have put together a chart showing SOLD homes based on the size to help answer this question on the broad scope.
Below you will find 4 sectors of the Archuleta County area market grouped together in similar square footage.
You will notice that 1 of the 4 sectors statistically is starting to see a slight average increase in value from Q1-Q3 of this year. This is the first time we have seen this in several years.
Below is a chart that reflects the average sales price of a particular range of homes based on the square feet.
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 Broker/Owner
Jim Smith Realty