January unit sales and $Volume in Millions
Only 7 homes and condos closed during January, with a total market value of $$2.52 million. The average sale price was $360,429 and the median $187,000.
January sales volume was very bleak indeed but on a considerably brighter note, the six units that have closed to date in February already match the 6 sales for all of February, 2009, at higher prices. February 2009 volume was $1.3 million and this years it’s already $2.1 million with half the month yet to go. The median sale price last February was $219,050 and month-to-date this year it’s $374,000. The upshot is that the middle-market is beginning to thaw, even as the ground outside is still frozen solid, and sales are no longer restricted to the very low end of the market.
More encouraging still, there are currently 31 homes and condos pending sale. These are under contract and actual sales prices won’t be public until they close, but the average list price is $290,328 and the median is $239,900. It looks like buyers are finally taking action to capitalize on the opportunity of very low interest rates and some really great bargains being offered in this current Pagosa Springs market.
Vacant land sales are typically very slow at this time of year. Inspecting land parcels is pretty much limited to snowshoes or snowmobile, and it’s not a great idea to buy land covered over with a heavy blanket of snow unless you already know what the terrain looks like underneath. That said, 5 parcels of residential land under 50 acres closed in January, up from only 3 last year. Prices of those few sales are also showing a lift, with the average sale price of $82,000 up from $25,333 last year and an increase in median price from $14,000 to $30,000. There are also 9 parcels pending sale at an average list price of $198,977; median is $115,000. The vacant land market has been extremely hard hit during this recession, so it’s encouraging to see an uptick in sales so early in the new year.
Data is from the Pagosa Springs Area MLS – deemed reliable but not guaranteed.
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