Market Statistics

Homes SOLD stats for Archuleta county for the last 12 months

I am stopped almost everywhere I go and am asked the question..."How is the market right now for homes?" 

It's hard to drive any street in Pagosa Springs, or Archuleta county, and not see a flurry of building and selling activity, especially now that spring has sprung.

Below is a very simple representation of 2 of the many key factors we use to determine the answer to the questions 'How is the market?"

 

Currently, for the month of May, number of sales are up 37% from last year.

This represents the number of sold residential units, county wide, year over year. These are single family , stick built units. Not condos, town homes or mobile homes.

This represents the number of sold residential units, county wide, year over year. These are single family , stick built units. Not condos, town homes or mobile homes.

Currently, for the month of May, Price Per Square Foot is up 11% from last year.

This chart shows the average SOLD price per square foot year over year. This represents a normalized sample of homes in the Pagosa Lakes area.  Using a specific group gives a more accurate representation of market flow .

This chart shows the average SOLD price per square foot year over year. This represents a normalized sample of homes in the Pagosa Lakes area. Using a specific group gives a more accurate representation of market flow.

You may find it curious that the 4th quarter of 2016 shows a decrease in both unit sales and value per square foot. This is most likely due to consumers holding their breath a bit just before the election. This is common on election years.

Your homes value...Are you keeping up with the Jones'

One of the popular residential areas for second home owners and primary home owners alike in Pagosa Springs can be found in the Pagosa Lakes Area. This area is sometimes known as Fairfield, Wyndham and PLPOA.

I get asked often what subdivision hold it's value the best?

That can obviously shift and change over time. However, here are some numbers that reflect the SOLD home values over the past 2 years, in these respective subdivisions.

 

Home Values by Subdivision in Pagosa Lakes

 

Of course this is a general overview or  big picture thought. By no means should anyone take these numbers and try to base their home value off that. If you are interested in having me do an in depth analysis of your home, using several factors including, build year, size, beds, baths, views, specific location , construction type etc, I would be happy to do so.

 

If you know of someone that is thinking about selling this year, feel free to share!

Pagosa Springs SOLD Homes- 10 Year Snapshot

"How's the market Chris?" ...The most asked question I get. Just in front of "How's the family?" or "Have you been up skiing much this year?"

Good question... Here is one small sector of the market that tends to be one of the most normalized sectors for us number-nerds to grab onto in order to judge the health of the Pagosa Springs Real estate market.

Below is a snapshot of the last 10 years history of sold, residential, traditional built, single family homes. They are complied from homes on less than one acre, so essentially, the Pagosa Lakes area (aka Fairfield by the locals)

A quick glance of the last 10 years history

  • The average sales price in 2015 was 36% above the average sales price of the lowest year of 2011.
  • The average sales price in 2015 was still 9% below the last peak of 2007.

 

Factors that affect our immediate market future

  • 2016 Election Year - Historically ,the election year sees a dip in real estate sales. Investors and recreation buyers are holding their breath to see what turns up after the dust settles on elections. Primary buying markets are not effected as much.
  • Legalized Recreational Marijuana - No matter how you feel about this, it has increased real estate sales , as well as the overall economy in Colorado. Denver had the hottest real estate market in the country during the summer of 2015.
  • Village at Wolf Creek Development - The developers of this project have continued to push through he controversy for years on end. If my understanding of the information is correct, there is really no real roadblocks at this point to prohibit this project from taking place. This could be game changer for Pagosa Springs, South Fork and Creede.

 

A few things in place now, that were not in 2005

I don't have hard data on the population change in the last 10 years, but a few things we have now, that we did not in 2005 are...

So, what does the next "peak" look like? When?  How high? ....

I have no idea. I do think this cycle has more momentum in terms of population and tourist attention than the last one...so we will see.