Real Estate Market Reports
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Q2 2024
Telluride Real Estate Activity Report
The tailwinds of the pandemic market that resulted in a scarcity of inventory in 2023 are in the rear-view mirror, even though demand remained relatively strong. The first six months of 2023 witnessed a decline of 25% in gross dollar sales while retail residential prices remained stable, except for the Mountain Village wherein the average home price increased 48%. This sector of the market possessed more inventory with investors most likely recognizing better value plays. During the first 6-month period of 2024, new inventory entered the market resulting in a 21% increase in gross dollar sales ($507.8M vs. $419.7M).
Q1 2024
Telluride Real Estate Activity Report
If you have been sitting on the sidelines waiting for prices to retreat, the trend is not great; as a rule, year over year values and prices continue to rise. Historically low inventory, increasing demand and marquee development like the Four Seasons Hotel & Residences portend more of the same for this year and the near future. In spite of only 16 more transactions year over year, the first quarter of 2024 Telluride experienced an uptick of 46% in Total Dollar Volume vs 2023. As a consequence, the average sale price in our market is up 26% year over year. Sales over $5 million have increased 50% year over year as the upper-end of our market carries the day despite persistently high interest rates which may be impacting the lower end of the market. Ultimately, Sellers continue to maintain control in a market driven by low supply and consistent demand in a highly desirable community.
Q4 2023
Telluride Real Estate Activity Report
In 2023, the prevailing theme for the Telluride Real Estate market was one of scarcity. Scarcity that emboldened Sellers and left many Buyers scratching their heads, even in the face of macroeconomic softening. The simple fact in Telluride is that we still have a significant lack of inventory for a consistent and even growing demand base. Consequently, Telluride area real estate values have largely returned to a steady rate of overall appreciation similar to pre-pandemic trends. The numbers bear this out: in 2023, San Miguel County’s total dollar volume was up 31% over 2019, despite 18% fewer transactions.
Q3 2023
Telluride Real Estate Activity Report
Telluride has enjoyed a steady, yet controlled growth that experiences spikes and plateaus. Other than the Great Recession, we have not seen significant market declines, as evidenced by an analysis of Telluride & Mountain Village median home prices over the past 30 years. Given constrained supply and rapidly increasing demand, our property values grew almost 100% in the most desirable segments of the Town of Telluride and Mountain Village during the Covid-Era. In 2023, we’ve transitioned to a more balanced market, yet average sale prices have continued to rise in comparison to 2022, with an increase of 13% in Telluride and 25% in Mountain Village.
Q2 2023
Telluride Real Estate Activity Report
As we cruise past the halfway mark of 2023, speculation on where the market is headed is rife with opinions all along the spectrum. While some have been patiently waiting on the sidelines for the bottom to drop out, it just hasn’t happened. At $419.7M, YTD San Miguel County dollar volume may be down over the record-breaking years of 2021 & 2202, but its almost 60% up over 2020. The dollar volume of sales also increased 50% from the first quarter of 2023 to the second quarter, largely attributed to robust sales in Mountain Village.
Q1 2023
Telluride Real Estate Activity Report
At first glance, the percentage decrease in number of transactions and dollar volume YTD may seem significant. Yet, as the market normalizes, comparing it to the highs of the boom is an unfair assessment. To put things into perspective, San Miguel County’s dollar volume for the first quarter of 2023 was the third highest on record.
Q4 2022
Telluride Real Estate Activity Report
The year 2022 has retreated into our rear-view mirror and the short-term message relative to the Telluride Real Estate Market in early 2023 indicates that mortgage rates may have eased off from their meteoric rise and the buying frenzy of the past two years has subsided. A snapshot of year-end market data indicates a slowdown in the market evidenced by a retreat in dollar sales volume down 22% (2022 vs 2021) and number of transactions down 38%.
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Q3 2022
Telluride Real Estate Activity Report
As the summer selling season comes to a close, we are seeing the dollar volume of sales down only 9% from last year, however the number of transactions are down 31% in San Miguel County. Not to much surprise, average sales prices in the county have increased 31% YTD over the record setting 2021. Overall, the dollar volume for the Telluride and Mountain Village markets are down YTD 11% and 7% respectively, yet average sales prices are up 12% and 38%. In general, the Telluride area market now seems to have reached a plateau.
Q2 2022
Telluride Real Estate Activity Report
Summer is underway in Telluride, as the 4th of July marks the unofficial leap into the season. We’ve seen a lot of early monsoon rains this year, which is a great sign after a dry and windy spring. The San Juan high country is green and popping with wildflowers, creating the perfect backdrop for hiking and biking adventures.
In the real estate world, despite the first decrease of overall dollar volume in recent history, average sales prices are still up 31% in San Miguel County (SMC). Still, it feels like we are on the cusp of a shift in the local market.
Q1 2022
Telluride Real Estate Activity Report
As we parse through 2022’s first quarter data here at Telluride Properties, we find that most resort
markets have seen a decline in the number of sales year-over-year due to a lack of inventory but mixed
results for dollar volume of sales. This may indicate a change as we emerge from the pandemic, where radically low inventories are our own “new normal” causing an overall decline in sales volume while values in these areas continue to rise significantly; median prices in these markets have sailed 13-51% over the past year.
Q4 2021
Telluride Real Estate Activity Report
The dust has settled on 2021 and it’s another one for the history books! San Miguel County’s real estate sales exceeded 2020’s dollar volume of $1.1b with a new record of $1.4b. That’s exciting news, yet most likely a peak for now. Buyer demand is still very strong; however, current owners aren’t anxious to give up their Telluride retreats without good reason.
Q3 2021
Telluride Real Estate Activity Report
Nothing like a pandemic to lift a market! San Miguel County real estate sales have surpassed $1b
through the end of September and are on track to eclipse last year’s $1.16b record. Mountain Village
and surrounding areas have carried the market, as buyers have come to recognize the attractiveness
of values and lifestyle opportunities there.
Q2 2021
Telluride Real Estate Activity Report
As we cross the halfway mark of 2021, the Telluride Region’s real estate market continues charging full speed ahead. As inventories have dwindled over the past year-and-a-half, San Miguel County’s dollar volume of sales has continued to rise, increasing 207% year-to-date over the prior 5 year-to-date average. Amazingly, at $684M, the year-to-date dollar volume of sales has surpassed the yearly totals for the last 10+ years (with the exception of 2020).
Q1 2021
Telluride Real Estate Activity Report
Telluride has clearly felt the real estate frenzy ignited by the pandemic. Inventory has hit 30 year lows as evidenced by only 16 homes and condos available for purchase in Downtown Telluride. This does not mean that Town is dramatically changing or that the market does not still have opportunity. Like-minded people still choose Telluride for its sense of community and small town living.