Real estate prices have continued to rise in Pagosa Country.
According to data from the Pagosa Springs Area Association of Realtors (PSAAR), from the beginning of the year through the end of June, there have been 355 new home listings, with 154 of those being sold.
This is an increase from 2023, which showed a total of 313 new listings and 142 sold listings from the beginning of January 2023 through the end of June 2023.
According to the PSAAR, that is a 13.4 percent increase in the number of new listings and an 8.5 increase in the number of sold listings for that time period in 2023 compared to 2024.
The average sales price is up more than $100,000 in that time period as well, going from $608,198 in 2023 to $720,319 for this year — a figure that includes single-family homes, townhomes and condos. That is an 18.4 percent increase from 2023, according to PSAAR.
Meanwhile, the average sales price for a month-to-month comparison of June 2023 to June 2024 shows a 24.5 percent increase, going from $663,247 to $825,847.
According to the PSAAR, June 2023 saw 94 new listings and 37 sold listings, while June of this year saw a decrease in both categories with 83 new listings and 32 sold listings.
The PSAAR data also show that the average number of days on the market until sale increased in the year-to-date and month-to-month comparisons.
The year-to-date comparison shows an average of 109 days on the market before sale in 2023 and an average of 132 for this year, a 21.1 percent increase.
The month-to-month comparison shows an average of 72 days on the market in 2023 and an average of 82 days on the market for June of this year, a 13.9 percent increase.
According to real estate agent Lee Riley’s May 15 newsletter, “Vacant land sales are up 42 [percent], with 84 this year versus 59 last year.”
Riley explains in his newsletter that the total number of real estate sales this year is up 20 percent compared to 2023, with condos and townhome sales up 100 percent and home sales down 9 percent.
Riley notes that there have been 171 total sales this year compared to 142 sales in 2023, with home sales down from 70 last year to 64 this year, and condos and townhomes from eight last year to 16 this year.
According to data from the Colorado Association of Realtors (CAR), the average sales price of a single-family home in Archuleta County for June of this year is listed at $1,019,559, a 33.2 percent increase from the average sales price in June of 2023, which is listed at $765,436.
The average sales price for condos and townhomes in Archuleta County saw a 44.2 percent increase in the month-to-month comparison from June 2023 to June 2024, going from $291,000 to $419,542, according to the date.
Riley also details in his newsletter which price range categories are seeing increases or decreases in regard to number of sales.
According to Riley’s newsletter, the $400,000 to $500,000 range in Archuleta County was “up just slightly,” and the range above $1 million was up 63 percent, with 13 sales so far this year compared to eight sales last year.
“Some good news is that real estate inventory is up 26 [percent] across the board, with 479 properties currently available compared to 355 last year at this time,” he writes.
He notes that home inventory is up 44 percent, while condo and townhome inventory is up 220 percent, and vacant land inventory is up 24 percent.
“In general, we are seeing an improving real estate market. We still see a lot of cash buyers coming in from out of town,” Riley adds.
In an email to The SUN, Archuleta County Planning Director Pamela Flowers indicates that, as of July 26, the county has issued 189 building permits so far this year, “which is almost exactly where we were this time last year.”
According to data shared by Pagosa Springs Building Code Official Margaret Gallegos, the town has issued 43 building permits so far this year.
Gallegos’ building permit summary also shows the town issued a total of 79 building permits in 2023, 101 in 2022 and 87 in 2021. Building permits are issued for new commercial and residential builds, commercial and residential additions, repairs, demolitions, and remodels.
Riley also notes the increase in taxes being collected in the county this year, noting an approximate 36 percent increase for homeowners compared to last year.
“It is expected that the county will take in $33,465,988 this year versus last year’s $24,631,752,” Riley writes.
He also notes an increase in cost for service from the Pagosa Area Water and Sanitation District (PAWSD).
“If you are building a new home today which will hook up to both water and sewer, the cost just went up from approximately $9,000 a couple months ago to $32,000 today. Water bills are also going up substantially,” he states.
In February, the PAWSD Board of Directors voted to raise water and sewer rates, as well as capital investment fees, to help support the cost of the regulatorily mandated construction of a new water treatment plant and upcoming required upgrades to the district’s wastewater treatment plant.
Lastly, Riley notes that current mortgage rates are around 7 percent, compared to 3 percent “a few years ago.”
Riley goes on to state, “Even with all these cost increases, Pagosa is still much more affordable than most other mountain resort communities.”
According to the CAR, the average sales price for a single-family home in La Plata County for June of this year is listed at $984,375, and the average sales price for condos and townhomes is listed at $667,129.
According to the data, the average sales price for a single-family home in Summit County in June of this year was $2,553,748.
The average sales price for single-family homes in San Miguel County, which includes Telluride, increased by more than 250 percent for its month-to-month comparison of June 2023 to June 2024, according to data from the CAR.
The average sales price in June 2023 in San Miguel County was $3,312,917, while the average sales price for June of this year was listed at $12,250,000, according to the CAR.
The Region 9 Economic Development District of Southwest Colorado — which includes Archuleta, La Plata, Dolores and San Juan counties — reported in 2022 that Archuleta County is the most expensive community to live in within the region based on its livable wage report.
The report notes that, “Archuleta County is the most expensive place to live ($92,796 annually) for a family of four.”
Additionally, using housing and child care costs specific to each community, “we found that the Town of Pagosa Springs is also the most expensive community in the region for a family of four ($21.97 per hour for each working adult) due to the high cost of housing,” the report states.
The livable wage report indicates that Montezuma County is the least expensive county in the region to live in, with a salary of $71,292 needed for a family of four.
clayton@pagosasun.com
