This focused pulse on the Pagosa area real estate market is tabulated Quarterly, based on 4 common property types: single-family residential, condos/townhomes, building site lots, and small-acreage land parcels.
Residential results are for 3Bd/2Ba/2Gar single-family residences on less than 10 acres, with central water, countywide, that are not mobile homes or modulars.
Residential building sites results are .2 to .99 acre with central water. Results for small- acreage residential parcels are for 2 to 6 acres with central water, and currently capped at $700K in price.
Condos/Townhomes includes all units in the Pagosa area.
DOM is the average days on market.
Data is from the Colorado Real Estate Network MLS ... deemed reliable but not guaranteed, and may not include all sales activity in the area.
January 5 , 2008 The buyers' market rolls on... without many buyers. Sales volume was down significantly in 2007, compared to 2006. Vacant land sales prices did soften a bit, though prices for both homes and condos rose to new annual highs.
Units
Avg $
Median$
DOM
SALES 2007
SF Residential 3/2/2
35
$302,104
$285,000
172
Building sites < 1 acre
70
$56,824
$45,000
264
Land parcels 2 to 6 acres
27
$172,512
$165,000
203
Condos/Townhomes
51
$228,732
$207,450
204
SALES 2006
SF Residential 3/2/2
48
$275,861
$275,000
136
Building sites < 1 acre
87
$83,191
$55,000
170
Land parcels 2 to 6 acres
47
$179,136
$170,000
198
Condos/Townhomes
83
$219,967
$186,000
173
Supply of both homes and land has shrunk moderately since last quarter, and asking prices have dropped, also moderately.
Bottom line: We are experiencing a market with more supply than demand, resulting in very low sales volume. Property values have softened a bit, though not dramatically. Apparently most of the property owners wanting to sell are not needing to sell, and are able and willing to hold on to their properties until the market heats up again. Buyers currently have a large selection of homes and land to choose from, at lower prices than we've seen in awhile.
Units
Avg $
Median$
DOM
SALES 2007 4Q
SF Residential 3/2/2
6
$296,583
$271,000
163
Building sites < 1 acre
12
$56,508
$45,000
234
Land parcels 2 to 6 acres
4
$219,083
$199,250
151
Condos/Townhomes
11
$212,163
$150,000
276
AVAILABLE FOR SALE
SF Residential 3/2/2
43
$320,930
$319,000
242
Building sites < 1 acre
262
$88,778
$65,000
286
Land parcels 2 to 6 acres
117
$220,929
$214,900
269
Condos/Townhomes
121
$279,713
$250,000
158
October 5 , 2007 No dramatic change from the 2nd Quarter: slow-volume Buyers' Market with plenty of supply to choose from ... though prices are mixed. The average home sale price held steady this quarter ($319,865), though the median sale price did drop to $293,075 - back where it was in the 3rd quarter of last year. The sold homes were not on the market as long (avg. 108 days) and Sellers received an average 97.5% of asking price.
Condo sales picked up just a tad, at higher average and median sale prices than last quarter.
Slow sales volume in small lots, but the ones that sold did so at higher prices than last quarter. This segment had the largest rise in sales prices.
The small-acreage segment (2-6 acres) remained very sluggish and the few sales were mostly at the low end.
Units
Avg $
Median$
DOM
SALES 2007 3Q
SF Residential 3/2/2
10
$319,865
$293,075
108
Building sites < 1 acre
20
$79,637
$54,950
136
Land parcels 2 to 6 acres
9
$153,388
$130,000
256
Condos/Townhomes
15
$274,687
$280,000
237
AVAILABLE FOR SALE
SF Residential 3/2/2
50
$326,378
$319,900
162
Building sites < 1 acre
294
$94,950
$67,950
267
Land parcels 2 to 6 acres
128
$224,146
$204,475
196
Condos/Townhomes
123
$287,266
$273,000
223
July 9 , 2007 Buyers' Market continued overall in 2nd Quarter, but home prices are rising again. Sales volume was still subdued, though the average home sales price in the segment I track jumped 18% in the quarter, selling at 97.3% of asking price and fully recovered from the 1st quarter slump. There is a large supply of building sites
(< 1 acre) for buyers to choose from, with prices leveled off. The lower-end lots sold better than the more prime ones this quarter. In the small-acreage segment, sales volume was very slow, but listing prices are holding steady.
Units
Avg $
Median$
DOM
SALES 2007 2Q
SF Residential 3/2/2
10
$320,800
$311,250
223
Building sites < 1 acre
26
$42,942
$36,000
384
Land parcels 2 to 6 acres
5
$169,000
$155,000
224
Condos/Townhomes
12
$242,779
$243,475
235
AVAILABLE FOR SALE
SF Residential 3/2/2
57
$343,004
$339,000
135
Building sites < 1 acre
302
$90,262
$65,000
223
Land parcels 2 to 6 acres
124
$225,405
$219,000
148
Condos/Townhomes
115
$308,205
$320,000
182
May 18, 2007 We have a clear Buyers' Market in Pagosa Country, for the first time in some time. Supply is UP and prices are SOFTER across nearly all market segments that I track in this update. Now the question is, will prospective buyers take advantage of the conditions they have been wanting these past few years?
Units
Avg $
Median$
DOM
SALES 2007 1Q
SF Residential 3/2/2
7
$270,785
$278,000
224
Building sites < 1 acre
12
$46,187
$37,450
290
Land parcels 2 to 6 acres
9
$172,888
$165,000
161
Condos/Townhomes
10
$148,800
$129,950
174
AVAILABLE FOR SALE
SF Residential 3/2/2
46
$359,463
$341,000
156
Building sites < 1 acre
277
$88,330
$64,500
237
Land parcels 2 to 6 acres
104
$224,209
$219,250
138
Condos/Townhomes
101
$303,074
$330,000
179
January 7 , 2007 The clear theme for 2006 vs 2005 was slower sales volume at higher prices. This was true for all four market segments that I track in this update.
Units
Avg $
Median$
DOM
SALES 2006
SF Residential 3/2/2
48
$275,861
$275,000
136
Building sites < 1 acre
87
$83,191
$55,000
170
Land parcels 2 to 6 acres
47
$179,136
$170,000
198
Condos/Townhomes
83
$219,967
$186,000
173
SALES 2005
SF Residential 3/2/2
72
$262,559
$244,950
120
Building sites < 1 acre
180
$53,225
$42,500
127
Land parcels 2 to 6 acres
131
$136,529
$128,500
155
Condos/Townhomes
120
$179,492
$143,500
120
However, 4th Quarter figures do show some weakening of average and median sales prices for both single family homes and building sites < 1 acre. In spite of weaker sales, listing prices have continued to rise a bit in these segments. Sales prices for small-acreage land parcels increased for the quarter, though number of sales was low. Inventory levels seem pretty stable.
Bottom line: Buyers have a reasonable choice of properties in the Pagosa market, though prices have not come down to levels many were hoping for.
Units
Avg $
Median$
DOM
SALES 2006 4Q
SF Residential 3/2/2
12
$292,733
$289,000
141
Building sites < 1 acre
17
$85,147
$52,500
218
Land parcels 2 to 6 acres
7
$186,857
$200,000
300
Condos/Townhomes
14
$247,683
$192,450
222
AVAILABLE FOR SALE
SF Residential 3/2/2
31
$361,800
$349,000
175
Building sites < 1 acre
129
$85,199
$60,000
249
Land parcels 2 to 6 acres
81
$230,312
$220,000
192
Condos/Townhomes
103
$317,693
$319,900
194
November 4, 2006 There were fewer home sales at higher prices (16% higher) in the 3rd Quarter vs last Quarter, with a drop in average sale prices of small-acreage land parcels vs. the 2nd Quarter. Once again, buyers waiting for lower prices are mostly still waiting - average asking prices for homes are up 5% and for small acreage up 6% since July. The average asking price for a building site less than an acre is down 5%.
Units
Avg $
Median$
DOM
SALES 2006 3Q
SF Residential 3/2/2
10
$299,018
$293,250
133
Building sites < 1 acre
24
$95,595
$62,000
163
Land parcels 2 to 6 acres
15
$162,444
$160,000
189
AVAILABLE FOR SALE
SF Residential 3/2/2
38
$359,350
$345,350
121
Building sites < 1 acre
126
$79,158
$59,650
217
Land parcels 2 to 6 acres
89
$235,603
$225,000
164
July 14, 2006 Home sales prices stabilized a bit, but land prices were still creeping upward during the 2nd Quarter. Sales activity increased as buyers came out of winter hibernation. Homes sold for an average 98% of asking price, small acreage land parcels 94%, and <1-acre building sites 91%. There is more supply for buyers to choose from this quarter, though those waiting for lower prices to buy are still waiting. It's a summer of orange barrels on Highway 160 and new construction just about everywhere you look in the Pagosa area.
Units
Avg $
Median$
DOM
SALES 2006 2Q
SF Residential 3/2/2
14
$257,527
$246,200
131
Building sites < 1 acre
28
$79,285
$55,250
187
Land parcels 2 to 6 acres
15
$193,260
$189,900
176
AVAILABLE FOR SALE
SF Residential 3/2/2
43
$340,816
$310,000
85
Building sites < 1 acre
159
$83,635
$59.900
169
Land parcels 2 to 6 acres
90
$222,221
$219,000
128
May 1, 2006 Just starting into the 2006 selling season, both average sale prices and asking prices have risen a bit over the last quarter. For the first time in Pagosa history, both average and median list prices for a 3 bedroom home have surpassed $300,000.
Units
Avg $
Median$
DOM
SALES 2006 1Q
SF Residential 3/2/2
12
$261,082
$251,500
138
Building sites < 1 acre
18
$70,883
$52,500
103
Land parcels 2 to 6 acres
7
$184,071
$185,000
116
AVAILABLE FOR SALE
SF Residential 3/2/2
28
$319,150
$306,950
85
Building sites < 1 acre
132
$84,071
$57,500
152
Land parcels 2 to 6 acres
60
$222,068
$214,500
132
January 24 , 2006 Some respite for buyers. 4th Quarter sales prices were still up but current asking prices have stabilized and, at least for now, have paused their march upward.
Median sale price for the 4th Quarter 2005 (Oct 1- Dec 31) for a 3 bedroom, 2 bath, 2-car garage home * was $262,000, and they sold for an average 97% of asking price. Average sale price was $258,908. Average days on market: 62.
Median asking price today for a 3 bedroom, 2 bath, 2-car garage home * is $272,000. Average list is $316,042. Average days on market: 117.
*Data is from the Pagosa Springs Area Association of Realtors MLS ... deemed reliable but not guaranteed, and may not include all sales activity in the area. Results are for 3Bd/2Ba/2Gar single-family residences with central water, countywide, that are not mobile homes or modulars.
October 10, 2005 The peaks are white this afternoon, as the storm clouds are lifting. With Pagosa Springs settling in for the winter, real estate activity is still quite brisk. There's no rest in sight for local Realtors, lenders, appraisers, surveyors or inspectors. Supply of homes and land is limited in several areas and prices are still trending up.
Median sale price for the 3nd Quarter 2005 (July 1- Sept 30) for a 3 bedroom, 2 bath, 2-car garage home * was $245,450, and they sold for an average 98% of asking price. Average sale price was $254,225. Average days on market: 70.
Median asking price today for a 3 bedroom, 2 bath, 2-car garage home * is $282,000. Average list is $341,319. Average days on market: 65.
*Data is from the Pagosa Springs Area Association of Realtors MLS ... deemed reliable but not guaranteed, and may not include all sales activity in the area. Results are for 3Bd/2Ba/2Gar single-family residences with central water, countywide, that are not mobile homes or modulars.
July 11, 2005 The Sellers' Market rages on. Between serving clients and rebuilding this website, I've found little time to update this page ... my apologies.
The pace of real estate activity in Pagosa this year has just exploded, with shrinking supply and still rising prices, now for both vacant land and homes. Buyers seem frantic to purchase something here while they still can. Some have already been priced out of the Pagosa market, while others are still discovering this area as a relative bargain compared to other Colorado resort areas.
Median sale price for the 2nd Quarter 2005 (April 1-June30) for a 3 bedroom, 2 bath, 2-car garage home * was $225,500, and they sold for an average 98% of asking price. Average sale price was $259,795. Average days on market: 114.
Median asking price today for a 3 bedroom, 2 bath, 2-car garage home * is $260,000. Average list is $316,145. Average days on market: 68.
*Data is from the Pagosa Springs Area Association of Realtors MLS ... deemed reliable but not guaranteed, and may not include all sales activity in the area. Results are for 3Bd/2Ba/2Gar single-family residences with central water, that are not mobile homes or modulars.
February 19, 2005 2004 saw the greatest real estate sales activity in Pagosa Springs' history and the Pagosa market seems to have catapulted into a whole new paradigm. Previous sales patterns and prices have totally broken down, or more accurately, UP. Raw sales statistics are impressive, but not very helpful in this dynamic market. Land prices are rising dramatically, which is also beginning to affect the housing market. Comparable sales figures more than several weeks old are becoming less and less useful.
Market condition: Hot ... especially for February. Sellers' market.
Median sale price since November 1, 2004 for a 3 bedroom, 2 bath, 2-car garage home * was $219,650, and they sold for an average 97% of asking price. Average sale price was $232,556. Average days on market: 175.
*Data is from the Pagosa Springs Area Association of Realtors MLS ... deemed reliable but not guaranteed, and may not include all sales activity in the area. Results are for 3Bd/2Ba/2Gar single-family residences with central water, that are not mobile homes or modulars.
August 2, 2004 Wow ... July was an amazing month for Pagosa Springs real estate. Building sites in the resort area (Pagosa Lakes) suddenly started selling like hotcakes (or hot land), bringing inventory levels down to very low levels.
Until this summer we've had a Buyers' market, with a large selection of lots to choose from, at low prices. Pagosa Lakes has had a large supply of low-priced lots during the ten years I've lived here -- not now. We're suddenly in a situation of multiple offers coming in on a given piece of property, and higher prices.
The small-lot market has become, at least for the time being, an hour-by-hour phenomenon. If this is your market, you'll definitely need Realtor assistance to stay on top of it. Very few of the parcels with For Sale signs on them are actually still available.
This buying frenzy has not yet hit the local housing market. There is still a good supply of homes to choose from.
Median sale price since May 1, 2004 for a 3 bedroom, 2 bath, 2-car garage home * was $179,990 and they sold for an average 98% of asking price. Average sale price was $189,064. Average days on market: 161.
*Data is from the Pagosa Springs Area Association of Realtors MLS ... deemed reliable but not guaranteed, and may not include all sales activity in the area. Results are for 3Bd/2Ba/2Gar single-family residences with central water, that are not mobile homes or modulars.
