Click on the above report for a comprehensive Market Update, summarizing the current state of affairs in the Telluride Area Real Estate Market.“As we enter 2020 with significant optimism, a look over our shoulder at the 2019 Telluride Real Estate market revealed a record setting year. To begin, an extraordinary year in-general resulted in an 11% increase over 2018 in San Miguel County’s overall dollar volume to $594.3 mm. Additionally, a broader fourth quarter push in sales showed exceptional strength at $265.5 mm. December capped the year with a dollar volume of $96.9 mm, the highest grossing month of sales in San Miguel County’s history.
The Town of Telluride showed record-setting metrics beginning with strong sales in the condominium sector. A significant pent-up demand for new and contemporary inventory was satisfied with completion of the Transfer Telluride project which was listed exclusively by the O’Neill Stetina Group of Telluride Properties. Transfer’s 15 diverse offerings saw 10 sales and under contracts in 2019, setting records along the way with the sale of “Fir House Penthouse 3” for $7,725,000, a record-setting $1,993/sf.
Similarly, this same demand for new or remodeled single family homes in town was evident with significant inventory being sold, culminating in a Columbia Ave home selling for $7,625,000. This set another dollar per square foot record of $1,914/sf. This sale of 235 E. Columbia was also listed by the O’Neill Stetina Group.
Strong sales in both categories have depleted the available inventory and put upward pressure on prices in town. A notable shift in market activity towards Mountain Village seems to be the response to increasing prices in town.
Mountain Village’s 2018 single family market sales numbered 26, with four sales over $4.0 mm. In 2019, single family sales increased to 29, with 13 sales over $4.0 mm. This was a remarkable increase within the upper-end of the market. With that said, both condominium and homes continue to be a value play compared to Telluride as we move into 2020.
Down Valley, Mesa and outlying area home sales continue to be strong, particularly under $1.0 mm. The town of Norwood shows ongoing strength as its price point and lifestyle benefits become evident to a younger set of buyers.
2020 is already off to a strong start and through the first 2 weeks of the new year our market has seen 12 properties close already with another 46 currently under contract, for a total dollar volume of $102,087,999. Included in those 12 sales is the O’Neill Stetina Group sale of Transfer Telluride San Juan 5, a penthouse that reset the month-old Town of Telluride price-per-foot record at $8,200,000 and $2,078/square foot. Of the 46 currently pending to start 2020, O’Neill Stetina Group accounts for 34% of the market’s total volume, at $34,500,000 in contracts.
In closing, big snows have blessed the New Year, exciting skiers and all of us who value water and the vitality it provides throughout the year. Ongoing low interest rates create continued opportunities for purchasers in our region and life in our happy valley is simply … AWESOME!”
THE BIG PICTURE:
While our market is certainly creating new benchmarks in some segments and achieving unprecedented activity in others, this is supposed to be happening and is the result of sustained conservative grown, not an outlying period of frenzied market activity. A market that represents, as a whole, such an invaluable lifestyle investment is always going to represent an experience worth more than a mere commodity. To see this phenomenon coupled with a strong national economy and highly desirable inventory is simply the market behaving as can be expected. This reasonable and sustained growth is illustrated by the 30-Year Telluride and Mountain Village graphs below:
As always, thank you for reading and feel free to reach out with any questions. We hope to see you here!