Our Galles Properties September Real Estate Market Report is out! With the arrival of another beautiful Fall in Pagosa Springs, September brought some interesting “hidden” truths about the real estate market in Southwestern Colorado.
As expected, inventory supply remains a significant influencer as property owners navigate the decision to sell to a steady (yet rate-conscious) pool of qualified buyers waiting in the wings. That said, the number of active Residential Properties in September was actually UP over the same period in 2022, with a 2.6% Increase. Also interesting, the number of Pending Properties in September was exactly even with those in 2022.
Active Residential Properties priced over $1 Million continue to be at an increase – up 14.5% over last year, while the number of Pending Properties in this category was significantly higher – up 75% in 2023.
Average Days On Market of Residential Properties continued its more normalized gradual climb, up 24% over last year. That said, September’s YTD Average Days On Market remains 13% less than that of September 2021.
Pricing remains the caveat of 2023. The average Residential Sales price in September was almost even with 2022, Up 1% over last year. We believe that as we continue to see inventory levels normalize, market-based pricing will be directly related to how quickly a property goes to contract.
Finally, we realize that the roller coaster of the real estate market can be frustrating when you are looking to buy or sell property in Pagosa Springs. The National News has a lot to say – but our market is unique – and it continues to march along to its own drum. If you have specific questions about the market or would like a custom report, please don’t hesitate to reach out to us. Our team of seasoned Brokers is here to help you through the twists and turns.
For more information on our September Real Estate Market Report or to speak with a Broker, please call 970.264.1250.