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.
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.
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 value of sales has continued to rise, increasing 207% year to date over the prior 5 year to date average.
Wow, what an unprecedented and unpredictable year 2020 was. Full of heartbreak and turmoil for so many, we in Telluride were reminded time and time again how lucky we are to enjoy the lifestyle provided by our quaint town in the San Juan Mountains. As we reflect on the trajectory of the Telluride real estate market over the past 12 months, it seems that that very lifestyle sentiment was a prevailing force in driving an extraordinary influx in demand as home sales volume reached all-time highs. In fact, the previous total dollar volume mark set in 2007 at $756.6m was blown out of the water, with $1.16 billion in total sales volume since the start of 2020. Incredibly, every month of the year exceeded $125m in sales volume in San Miguel County.
If ever there were a year that we wished we had a crystal ball it would be 2020. As the Telluride real estate market flourished from outstanding new-construction inventory in 2019, the first quarter of 2020 brought us the pandemic, cancellation of our beloved summer festivals and a general and universal air of uncertainty. However, in spite of these unprecedented circumstances, the indubitable qualities of this remote San Juan Mountain refuge have proven to outweigh the uncertainty.
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Telluride Winter Flights Update
JetBlue has added a handful of flights (5) from New York (JFK) and Los Angeles (LAX) on select weekends between Dec 19 – Feb 20 to their scheduled Boston (BOS) service this winter. While a minimal change to overall capacity, these flights provide additional options from key markets that had seen a reduction in service this winter, and reinforce JetBlue’s commitment to Telluride and the region.
In a year that can only be described as a rollercoaster in the air industry, Telluride’s winter flight schedule is finally starting to take shape. With new players and routes taking the place of some historic service, flight options will have a different look. However, even as the schedule is announced, it is with the caveat that each of these airlines will continue to adjust service on a month-to-month basis as the pandemic and recovery continue.
Real estate stays hot as the weather starts to cool
Telluride September Update
As Telluride sees our first snowfall of the coming Autumn, the real estate market has remained piping hot. The month of August shattered the previous single month Sales Volume record with $125m closed. This annihilates the previous record of $96.9m set in December of 2019! Given the current pandemic, low interest rates and an undeniable surge of buyers leaving urban areas in search of the mountain lifestyle, demand for Telluride is at an all-time high. This high demand has resulted in a 54% increase in dollar volume in 2020 year-to-date ($455.92m) compared to the prior 5-year average of $296m year-to-date.
Ski Season is Coming!
Season passes to Telluride Ski Resort just went on sale today. Passes are available for renewal for previous year pass holders.
Simply login here if you’ve bought a pass online before:Telluride Ski Pass 2020-2021
As always, thank you for reading and we would love to hear from you. Send us an email or give us a call!