Our October Market Report is out and has some valuable insights into our local Pagosa Springs real estate market year to date. Low inventory and interest rates remain driving factors as many continue to “wait it out” to see what is around the corner. At the same time, we have buyers waiting on the fence for additional inventory to come on the market.

Here are some takeaways from our Market Report:

  • The overall Archuleta County Market was down 20% from the same period last year
  • Average Residential Sales Price was similar to the month prior, $668,327
  • Average Days On Market continues to climb, at 95 days vs 80 the prior year
  • Months Supply Of Inventory was up 47% over last year
  • Pending Units in October were equal to those in 2022
  • Sold Units in October were up over the prior year
  • Sales of properties from $750,000 to $1 Million were actually up over last year

We continue to stress to our clients the importance of pricing properties to the market, as we continue to see well-priced properties move at a reasonable pace.  Additionally, we have started to see some alternative finance options offered by some sellers in response to the current rate environment.

We expect more inventory to come on the market early first quarter of 2024, and encourage anyone who is considering buying or selling to reach out to one of our Galles Properties Brokers to discuss your needs and stay ahead of the market.