Jim Smith Realty Real Estate Market Report
Since 2007, the single family home in the Pagosa Springs area suffered dramatic declines in their median sales price until 2012. The graph below shows that 2012 displayed the first signs of the recovery we are currently enjoying. The median sales price of a home in the Pagosa Springs area has been slowly but steadily improving since then. But the median sales price is still only 83% of what is was in 2007.
What does this indicate? I think that the numbers indicate that a recovery in our local real estate market is strong. Barring some unknown disaster, it should steadily continue to improve. And I think there is a lot of room for growth in the value of homes in the Pagosa Springs area.
Bottom Line: The median sales price of a single family home is growing, but it is not back to what it was in 2007. This leaves a great opportunity for those looking to purchase in the Pagosa Springs area to enjoy a steady increase in the value of their home if they purchase now – barring negative events.
So, if you were thinking about purchasing a single family home in the Pagosa Area, now might be the best time. Give us a call. We would love to help you find that Colorado dream property.