Telluride Market update

At the end of each quarter, we take a little deeper look at the market trend each year. For the first nine months of 2019, the dollar amount of sales is just down 5% as compared to the first nine months of 2018. The number of sales are actually up 4% for the same period of time. That is a result of September sales being down 30% in the dollar amount of sales and up 8% in the number of sales as compared to September 2018. What really jumped out to us is that on September 30th there were 96 properties under contract for a total of $192,478,500. On that same date, there were 639 properties listed in the Telluride MLS in San Miguel County with an additional 295 properties listed outside of San Miguel County. Most of those properties are in counties that surround and are contiguous to San Miguel County with a few being all over Colorado. The most expensive sale in San Miguel County in September was a new 5,698 SF four-bedroom, seven-bath townhome in Telluride for $7,550,000. 

 

When I made my forecast for 2019 sales back in January of this year I ‘guessed’ the market would be down 5% to 10% in the dollar amount of sales and the number of sales too. It’s also interesting that during the recession, selling prices were off asking prices by about 15% to 20% and now selling prices are only about 5% to 7% off asking prices. Interesting that the Steamboat market is down 3.54% in the dollar amount of sales and down 9.87% in the number of sales for their first nine months.

 

How are we doing historically? Sales prices per square foot for homes in Telluride have set new records exceeding the price per square foot during the boom in the 2005 to 2007 period. We now have some sales in the $1400 to $1500 per square foot for homes in Telluride and one sale at almost $2000 per square foot. Home sales in the town of Mountain Village have not really increased on a per square foot basis hovering around $600 to $700 per square foot. In 2018 total sales in our market were about $530 million. In 2007 total sales in our market was about $750 million. One really big reason is a lack of inventory in general but specifically new construction. This is most evident in the Mountain Village and surrounding mesas near the Telluride/Mountain Village market.

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