May 2019 Sales Update
May sales were weird. Dollar amount of sales were down 50% and the number of sales were down 31%. This big drop was mostly due to no home sales in the town of Telluride and no home sales in the Mountain Village. I don’t remember that ever happening before. Before you sellers panic, this is coming after a tremendous snow winter and very late wintery April and May. April and May were just unpleasant to be here. That may have driven people away that normally would come out for ‘off season’.
If it makes you feel better, Vail’s April sales were down 13% in dollar amount and 18% down in the number of sales. As I’ve said before, Telluride’s market is pretty small and a few big sales can skew sales up or down alot in any given month. As of Monday, June 17th there are 52 properties under contract at $84,114.800 in San Miguel County excluding deed-restricted properties (government regulated).
Having been involved in international real estate sales for about three decades I want to share with you some interesting news in that category. The National Association of REALTORS® just signed its 100th bilateral agreement with the Syndicat National des Professionels Immobiliers (SNPI), a French institution with over 8,000 members. This expands outreach to NAR’s members for worldwide business partnerships and referral opportunties with 100 international professional real estate groups in 84 different countries. These bilateral agreements provide for the reciprocal exchange of education and training and a commitment to high standards of ethics and best practices.
If you have an interest in real estate outside of the United States, we have the best connections possible with the highest standard of professionals all over the world. We’d be happy to assist you with a real estate professional in your interest globally.
Now for a potpourri of economics and miscellaneous snippets.
- According to the Buffett Yardstick, investors are paying such a high price for stocks that they are likely to receive basically nothing in return in the coming decade, and that includes dividends.
- Tokyo remains the most active city in the world in terms of real estate transactions the first quarter of 2019.
- By 2030, millennials will hold five times as much wealth as they have today, and are expected to inherit $68 trillion from their predecessors in the Great Transfer of Wealth.
- In 2018, single females bought twice as many homes as single males.
- In 2018, 93% of buyers used a real estate agent.
- Global manufacturing fell for the 13th straight month.
- Credit card delinquency rates hit 8.1% in the first quarter of 2019, the highest rates in several years.
- With 75,000 net new jobs in May, job growth is demonstrably slowing with March and April about the same.
- YTD auto sales are on a 16.8 million unit pace annually, the weakest annual rate since 2014.
- Americans spend about $12 billon on Father’s Day and about $23 billon on Mother’s Day.
Happy Father’s Day to all of the dads out there!
Please call me at 970-729-0111 or email me at George@TheHarveyTeam.net.