August 2023
As we transition into the fall season, strategic opportunities exist for both buyers and sellers in the Telluride real estate market. Here is a quick recap from August.
Price per Square Foot:
- The price per square foot for single-family homes and condos in Telluride and Mountain Village and vacant lots in Mountain Village have shown a consistent upward trend year-to-date.
August 2023 Performance:
- August 2023 witnessed remarkable growth, with a 56% surge in dollar volume compared to August 2022.
- There was a 42% increase in dollar volume over the previous five-year average.
- While sales figures saw a slight decline of 4% compared to the previous year and previous five-year average, it’s important to note that these numbers remain strong.
- Year-to-date statistics indicate a 26% decrease in dollar volume compared to 2022. However, there is a noteworthy 8% increase over the previous five-year average.
Closures & Sales Volume
- In August, the market experienced a revival with six properties valued over $5 million successfully closing.
- Total sales volume for the period spanning June through August 2023 only dipped by a marginal 2% compared to the same timeframe in 2022.
Mountain Village:
- Mountain Village continues to dominate sales volume, contributing to over half of all dollar volume in San Miguel County.
- The average single-family home price in Mountain Village stands impressively at $8.5 million for the year 2023.
Property Dynamics:
- Properties accurately priced and featuring standout attributes like prime locations, stunning views, recent remodels, or new construction consistently attract rapid buyer interest, often resulting in multiple competitive offers.
- Conversely, properties that linger on the market may offer negotiation opportunities.
If you seek further insights or wish to explore specific opportunities in this market, please don’t hesitate to reach out. We look forward to assisting you in navigating the ever-evolving Telluride real estate market.
July 2023
During July of 2023, the total real estate dollar volume experienced a significant decline, down 35% compared to the previous year and down 20% when compared to the previous 5-year average. Notably, two single family home sales, one for $7.7 million in the Town of Telluride and another for $9 million in Mountain Village, constituted nearly 37% of the total transaction volume for the month.
When considering the year-to-date figures, the dollar volume has decreased by 34% in comparison to 2022, yet it has seen a modest increase of 2% over the previous 5-year average. The number of sales has also seen a decline, down by 38% from 2022 and down by 30% from the past five years. Despite these downward trends, the average sales price in San Miguel County has seen a noteworthy rise of 6% year-to-date. Particularly remarkable is the surge in Mountain Village sales prices, which have increased by a substantial 49% compared to 2022.
Breaking down the figures for the year so far, the majority of the dollar volume has been attributed to Mountain Village single family homes, totaling over $117 million, followed closely by Mountain Village condos at $106 million, and Telluride single family homes, accounting for only $55 million. Impressively, Mountain Village sales account for 58% of all sales in San Miguel County. The per square foot figures for Mountain Village are playing a crucial role in offsetting the decline in transaction numbers.
Since August 1, 2023, there has been significant activity in the market, with a total of $44,830,500 worth of inventory going under contract. This includes four homes valued over $5 million. The market is showing signs of renewed vigor, with increased buyer interest and shopping activity. Negotiation opportunities are still present. On average, sales are closing at 87% of the original list price, while sales in relation to the current list price are at 93.8%.
Feel free to reach out anytime for more comprehensive information on Telluride’s dynamic real estate market. We are here to provide you with the insights you need.
June 2023
June 2023 dollar volume is down 25% over 2022, but up 37% over the previous five-year average. June’s dollar volume was highly driven by Mountain Village single family home and condo sales which continue to deliver strong numbers. Year to date, dollar volume is down 34% over 2022 and up 5% over the previous five-year average. Approximately 60% of total San Miguel County sales volume has been attributed to Mountain Village sales. Price per square foot in Telluride and Mountain Village remains strong, above 2022 numbers.
Year to date, the average list price is up 5% over 2022, but the average sales price is down 1% over 2022. It is evident that appropriately priced properties are experiencing swift sales and sometimes even multiple offers, while those with unrealistic pricing remain unsold on the market for several months. As a result, negotiations have become feasible once again, and buyers are able to acquire properties at discounted prices.
Looking ahead to the second half of the year, various factors will shape the market dynamics. Interest rates, general economic uncertainty, and a decrease in short-term rentals are expected to have an impact on the real estate landscape. View a more in-depth Q2 analysis here. Reach out any time for more information on the market.
May 2023
The San Miguel County real estate market has stabilized after the remarkable 24-month period initiated by COVID, spanning from mid-2020 to mid-2022. Despite a slowdown in the past nine months following unprecedented sales and home appreciation, 2023 is projected to be a strong year for Telluride’s real estate. Year-to-date data reveals a total dollar volume of $350.52 million, closely aligning with the five-year average and surpassing figures from pre-COVID years. May 2023 witnessed a total dollar volume of $88.3 million, ranking as the third largest May on record, exceeded only by 2021 and 2022. Although the market has cooled from the pandemic-driven buying frenzy, it remains robust compared to pre-pandemic levels, surpassing historical dollar volumes from numerous years.
Considering the broader economic context, it is important to note that macro and microeconomic factors continue to influence the real estate landscape in the Telluride region. While the market may not sustain the unprecedented momentum witnessed in recent years, the current stabilization and steady sales volume underscore the ongoing attractiveness of Telluride as a desirable real estate destination. Yesterday, the Fed left rates unchanged, potentially signaling a stronger than expected economy.
April 2023
Telluride’s real estate market continues to surprise with strong closing numbers from April. Mountain Village single family homes and vacant land carried the market with over $36,945,000 in dollar volume across only four sales. Demand remains incredibly strong for properties with ideal locations (ski-in/ski-out), that are new construction, or have had recent remodels/renovations. Supply for these premium properties remains low and when priced right, they go quickly.
Market highlights include:
- Compared to pre-pandemic numbers (2020, 2019, 2018, etc.), the real estate market is performing very strong in dollar volume.
- Total dollar volume has steadily increased each month in 2023.
- Mountain Village sales have contributed the most to overall county sales, in both single family homes and condos.
- Falling price per square foot over 2022: Telluride single family homes,
- Rising price per square foot over 2022: Mountain Village single family homes, Telluride condos, Mountain Village condos.
As we have seen in real estate before, refraining from purchasing a property in hopes of obtaining a better deal in the future might ultimately be a letdown. There are deals to be had and many sales are occurring for much less than asking price.
March 2023
Q1 wrapped up in San Miguel County with 90 sales totaling $168.1 million in dollar volume. This number is down significantly from 2021 and 2022 (the covid buying frenzy), but up over 2020, 2019, 2018, etc. 2023’s Q1 numbers are the third largest on record, signifying that Telluride’s real estate market may be back on track after a slow January and February.
Further signaling that demand is on this rise, during March, 38 properties sold totaling $74.57 million, and 46 properties went under contract, totaling $107.1 million. Since April 1st, nine properties have gone under contract totaling $28.9 million. Properties with recent remodels, new construction, big views, and good (ski) access don’t stay on the market long.
So, what does this mean for buyers and sellers? If you are looking to buy and have specific criteria in mind, it’s worth jumping on a good property right away. Sales prices the last two months have averaged 93% of list price, so there is room for negotiation again in the market. If you are considering selling, I can help you determine the best way to position your property in today’s market to focus on your home’s assets and get the most return in a short amount of time.
Real Estate Snapshot: Mountain Village has been the hot real estate market so far in 2023 with $96 million in dollar volume, as compared to $44 million in the Town of Telluride. Price per square foot of both Mountain Village single family homes and condos are on the rise, while both are declining in Telluride (as compared to last year). Inventory remains limited in the Town of Telluride and more people have interest in Mountain Village for ease of short term rentals, ski access, and privacy.
February 2023
February and year to date real estate data suggest that macroeconomic factors have finally cooled the Telluride real estate frenzy. February and year to date dollar volume is down 49% over 2022 and lagging nearly 20% off the previous 5-year average. While dollar volume and number of sales are both down, February’s average sold price was up 49% over 2022. Year to date, the average sales price has dropped by only 2% over 2022.
During February, 14 properties contracted and year to date, there are 22 properties pending, seven of which are over $5,000,000. Overall, active inventory is up over 2022 but new listings coming to market is below last year’s activity.
Though home prices remain high year-over-year, they are not as in demand as they were in the first half of 2022. How much further home prices drop in 2023 will depend on where mortgage rates and other economic factors go. For specific questions about the market, reach out to me any time.
January 2023
2023 real estate numbers are off to a slow start. January’s dollar volume is down 17% over the previous 5-year average and down 49% over 2022. With that said, January’s $44.89 million transaction volume is quite strong compared to the pre-covid buying frenzy ($21.73 million in 2019 and $29.96 million in 2018).
Year to date, there is a 19% increase in inventory over 2022, days on market has increased 39%, and the average sales price has dropped 20%. List prices remain strong overall, but there have been several price reductions since the start of the year. Telluride’s real estate market is slowly correcting to match current demand, macro-economic factors, and a return to some pre-pandemic normalcy.
These trends, and stabilizing interest rates, should translate to more opportunities for buyers in 2023, especially those who are well capitalized. Sellers will benefit from stabilizing price growth and strong demand for quality inventory (properties with big views, newer construction, recent remodels, good locations, etc.). Is now a good time to buy or sell? Let’s connect and talk through your personalized options.
