Here are the statistics of the first half of 2010 compared to the same period in 2009:
2009 2010
Homes Sold ~ 58 95 UP 64%
Average Selling Price ~ $225,775 $266,856 UP 18%
Average Days ~ 204 236 UP 16%
on the market
Homes on the market ~ 490 552 UP 13%
Condos Sold ~ 5 12 UP 14%
Average Selling Price ~ $125,980 $149,429 UP 19%
Average Days ~ 144 282 UP 96%
on the market
Condos on the market ~ 96 123 UP 28%
Vacant Land Sold ~ 39 47 UP 21%
Average Selling Price ~ $88,375 $95,380 UP 8%
Average Days ~ 264 300 UP 14%
on the market
Vacant land on the market ~ 620 896 UP 45%
Commercial Sold ~ 3 8 UP 17%
Average Selling Price ~ $501,333 $421,112 DOWN 16%
Average Days ~ 126 179 UP 42%
on the market
Commercial on the market ~ 99 113 UP 14%
CRYSTAL BALL REPORT
For those of you who have been receiving my quarterly report for many years, you'll notice this is a new format. Ah, progress! No more black and white. Only living color for my folks! (Hope you like it.)
You would think it is 2005! What a first half of 2010 we've had. I was shocked when I saw these numbers. I expected to see the number solds up but the selling prices down.
We have had numerous bank repossession sales, which I think supports the number of sales we've had. The tax stimulous incentive also gave us a boost. I'm glad that program was extended yesterday to go thru the end of September. Congress extended it because there are over $2 million homes that are stuck in short sale limbo. I can only speak to well on what a nightmare a short sale is. I've been working on one since November 2009...
Our inventory of homes now exceeds 5 years.
Our inventory of townhomes and condos now exceeds 10 years.
Our inventory of vacant land now exceeds 16 years.
The best selling price range for homes was in the $100,000 to $200,000 range.
According to Wells Fargo, the current 30 year fixed mortgage interest rate is now 4.875 with no points. The national rate is 4.49%, a 39 year low.
Having sold the Pagosa Lodge to a saavy business man, he has given me hotel stats that may show us a possible light at the end of the tunnel.
The U.S. Hotel Industry Leading indicator, or HIL, has seen an up-tic for 4 consecutive months, ending in May. Not only is this a great indicator for the hotel industry, but also for the economy in general. It confirms people are beginning to spend more on vacations and hopefully visit locations they have to own....
Also on the positive side, the county commissioners continue to be pro-active with bringing new businesses here. The county has reduced building permit fees to encourage building and a new Pagosa Springs Community Development Corporation was formed this Spring with the following being accomplished;
- a new call center that will employ 20 to 30 people has been recruited and will begin hiring soon.
- a biomass electrical generation plant has purchased equipment and will begin construction soon. It will ultimately hire 20 people and will produce 4-5 megawatts of electricity.
- a new executive director has been hired to bring new business to our community to diversify our economy.
For those of you with properties to sell, tell everyone you know! In the grocery store, church, civic clubs and neighbors. I advertise your property every way I know will possibly get results, but I need your help in these tough times. You never know where a casual conversation will take you.
For those buyers on the fence, jump on down! The interest rates are the lowest of your adult working life, the inventory is enormous and properties are priced to sell. Sellers are motivated and waiting for me to show you that bargain of a lifetime.
In closing, I'm here to help you with as much of a stress-free transaction as possible.
Kindest regards,
JoAnn Laird ABR, CRS, GRI, SRES
Broker Associate
Mobile: 970. 946.9700
Office: 970. 731.4065
Email: joann@joannlaird.com |
