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Pagosa Springs Real Estate Market Watch

JULY 2011

Jo Ann Laird

ABR, CRS, GRI, SRES

Mobile: 970. 946.9700 www.joannlaird.com joann@joannlaird.com

Summer...a busy time for events and real estate


There are so many events going on in the month of July, I get tired just thinking about it! In spite of morning smoke from res to the south and west, Pagosa is THE place to be in the summer. While we are fortunate, neighboring communities who are battling res are in our thoughts and prayers. For starters, theres the best 4th of July Parade this side of the Rockies, the Park to Park Arts and Craft Festival, the Town Carnival, and the Red Ryder Rodeo. And thats just on the 4th of July! Some of the other events this month are the Pagosa Duathalon, Wyndam Arts and Craft Festival, Renaissance and Pirate Festival, Cruise-A-Thon, Music Boosters South Pacic, Pagosa Center for the Arts Sylvia and live music all over town. Whew! So I hope you are enjoying all Pagosa has to offer.
For those of you who ha ve been following my newsletter for years, I hope you like the new for mat. Your opinion is importa nt to me.

...but now about the real estate market.

Knowledge of the area Commitment to you goals The ne art of communication

2010

2011
110 $303,864 395 12 $115,125 93 52 $51,473 766

Difference
UP 18% Down 3.6%

Homes Sold 93 Average Selling Price $315,265 Homes on the market Condos Sold 13 Average Selling Price $146,780 Condos on the market Vacant Land Sold 41 Average Selling Price $69,740 Vacant Land on the market Commercial Sold 6 Average Selling Price not available Commercial on the market

Down 7.6% Down 21.5%

UP 52% Down 26%

7 not available 89

UP 16.6%

As you can see, with the exception of condos, the number of sales are up across the board. However, youll see selling prices are down in every category. The conclusion I come to is that there have been too many foreclosures sold in the rst half of the year that have affected the average selling price. We still have a way to go with foreclosures. I understand that August will be the peak month for 2011 for foreclosures coming on the market. The up side is that I have been busier this quarter than I have been in years. There were days that I worked with three different buyers. Even though I was showing properties up to $5 million, the best selling price range for homes remain between $100,000 and $200,000. There are properties that are currently under contract. CRYSTAL BALL REPORT I think we still have two years to go before we stabilize. Lending is still tight, foreclosures abound, but... I am hearing more often than not from buyers they feel mortgage rates will rise and they feel better with a tangible asset than parking it in a negative inationary CD or risk it in the stock market. I think there will be a time when people had wished they loaded up on real estate now. Thank you for taking the time to study this newsletter. My goal has always been to educate you about my market. If I can be of help to you and yours with Pagosa Springs real estate, Id considerate it an honor. Kindest regards,

JoAnn
Knowledge of the area Commitment to you goals The ne art of communication

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