Pagosa Springs/Archuleta County Market Update – August 2018
Commercial Real Estate sales volume of $56.3M with 40 transactions YTD in 2018 is up 1,343.6% compared to sales Jan-July 2017 with 14 transactions worth $3.9M. Residential Real Estate sales for $90M YTD in 2018 are slightly down at 6.2% compared to sales Jan-July 2017 of $96M. Sales Taxes are up 2.38% YTD compared to taxes collected Jan-July 2017. The reason for the big jump in commercial sales is the sale of Springs Resort which was sold to EPR Properties, a specialty REIT based in Kansas City who paid $42.5 million for the property in an off-market transaction.
PAGOSA SPRINGS/ARCHULETA COUNTY MARKET UPDATE
Item
2017 YTD
2018 YTD
+/- %
——————————————————————————————————————————————————————————————————
VELOCITY (Source – PSAAR)
Commercial Sales Volume
Commercial Transactions
Commercial Transactions
$3,900,000
14
14
$56,300,000*
40
40
+1,343.6%
+185.7%
+185.7%
SALES TAX INDICATORS (Source – Town of Pagosa Springs)
All Sales Taxes
Q1 2017
$172,774
$172,774
Q1 2018
$176,894
$176,894
+2.38%
Lodging Taxes
YTD 04.31.17
$207,571
$207,571
YTD 04.31.18
$227,398
$227,398
+9.5%
VACANCY RATE
8.5%
7.5%
-11.8%
CAP RATES
8%
7.5%
-6.3%
RESIDENTIAL REAL ESTATE
Residential Units Sold
270
240
-11.12%
Residential Total Sales
$96,166,951
$90,189,217
-6.2%
Residential Average Price
$337,655
$375,788
11.3%
Days on Market
149
152
-.02%
Residential Listed for Sale
341
313
-8.2%
PUBLIC POLICY CHANGES
- Short Term Rental Regulations
- $20 Million Jail Facility
- New School Going on Ballot
DEVELOPMENTS
- Springs Resort – Sold to EPR PRoperties, a specialty REIT based in Kansas City with over 6 Billion in Assets. Paid $42.5 Million for the property in an off-market transaction.
- Possible Workforce Housing Projects Moving Forward.
- Broadband Initiative Finally Getting Traction.
