The Telluride market was up 87% in dollar volume for the month of November as compared to November 2018. If that is remarkable enough, it was up 103% over the five year November average sales volume. There were five home sales in the Mountain Village with the average sales price of $5.2 million. The largest sale in the county in November was a vacant 85 acre development parcel that sold for $6.625 million.
The average sales price per square foot for a home in the town of Telluride is almost $1200 psf. With the properties currently under contract, the Telluride Regional market is expected to exceed total dollar amount of sales for 2018. Generally, we have the lowest amount of inventory available for homes and condominiums that I ever seen in my 35 years of real estate practice in the overall market place.
December sales are so good that we may pass last year’s dollar amount of sales and the number of sales too. At the end of the year we do an annual review of the Telluride market and our predictions for the local market here and national trends. Don’t miss reading that one!
How’s Aspen market doing? Pretty good. There were 12 sales over $15 million which is above the 2015-2018 average of eight sales per year. Of note is the abundance of inventory above $15 million at 40+ listings. Generally, the average sales price per square foot for a home in Aspen at $2500, which is about double Telluride’s average of $1200 price per square foot.
Please see below the November monthly sales recap courtesy of Telluride Consulting and an annual sales graph from 2004 – 2018 provided by Telluride’s Land Title Guarantee Company.
Now for our Ten Fun Facts:
- Just 9.8% of Americans changed their residence between 2018 and 2019, the lowest percentage since such record keeping began in 1947/48.
- For Sale By Owners (FSBO’s) have decreased dramatically since 1981, when they accounted for 15% of all home sales. FSBO’s accounted for only 7% of homes sales in 2018 according to the National Association of REALTORS®.
- 89% of sellers list their homes on the Multiple Listing Service.
- 75% of sellers listed their homes with the first agent they contact.
- Taxes in France and Demark are nearly double the U.S. rate.
- Net job growth in the U.S. in November was 266,000.
- National building permits rose 5% to 1.46 million in October according to the National Home Builders Association.
- Inventory of homes for sale in Denver dropped 30.5% in October. Sellers seemed to be staying put right now.
- Mortgage rates are expected to stay low through the end of 2020 and are now around 3.5% for a 30 year loan.
- In October 2019, a bottle of Macallan cask 263 distilled in 1926 and bottled in 1986 sold at auction for $1.9 million.
As always we can be reached at George@TheHarveyTeam.Net or 970-729-0111 for consultation as a seller or a buyer.
“Let no one ever come to you without leaving better” – Mother Teresa