Pagosa Springs Real Estate Inventory Low!
My Take on the Local Pagosa Springs Real Estate Market
October 15, 2012
Currently the Pagosa Springs Real Estate Inventory is relative low compared with previous years. Currently we have about 320 Single Family homes on the market (Stick Built). Add in Modular. Manufactured and Mobile homes, the number goes up to 362. Again, add in Condos and Townhomes, the total number of residential units available is only 432.
Look at a Listed Price of 200,000 to $500,000, (where the bulk of the sales seem to be happening) then there are only 146 homes on the market. This is a very low number, especially when you consider there are nearly 100 real estate agents all trying to sell them. That ends up about 1.5 sales per agent before all the inventory in this price range is gone.
It is reported that many home owners that would like to sell are pulling their properties off the market for the winter and renting them out. I would advise against long term leases if the goal is to sell the property. Right now agents are very busy. Our office is writing several contracts a week, sometime several a day. It is a little early for sellers to be pulling their properties off the market and leasing them.
I actually expect a pretty strong winter market. We have had fairly strong winter markets for the last couple of years. With the election behind us, I expect “uncertainty” will go away and Buyers will be looking to buy, regardless of who wins the election.
Why are the Buyers buying? Several reasons I think:
1) Extremely low Interest Rates.
2) Low Inventory – We could soon be turning toward a Sellers Market
3) Prices are low and probably have bottomed out considering the low inventory
4) Prices are rising on the Front Range and other major markets already. That will begin to happen here soon, I think.
If you are looking to sell, I think you have the right to be optimistic. If you are a Buyer, hurry up. The Market is tightening which could mean higher prices in the near future.