Teluride Market Report
The graph above is from data taken from county records and represents all sales in the county in each given year, not just Multiple Listing transactions, and was created by Telluride Consulting, a local firm that has tracked real estate sales in San Miguel County since 1985. To see a 10 Year study, click here and to see a 5 Year study click here.
Time Frame Dollar Volume Number of Sales
2002 $319.2 million 666
2003 $433.1 million 748
2004 $617.0 million 855
2005 $724.5 million 883
2006 $681.9 million 709
2007 $756.6 million 631
2008 $343.2 million 339
2009 $265.7 million 276
2010 $317.6 million 327
2011 $247.4 million 383
2011 REAL ESTATE SALES SHOW SIGNIFICANT INCREASE IN NUMBER OF TRANSACTIONS
Telluride’s real estate market saw more transactions in 2011, but at lower price points. According to data compiled by Telluride Consulting, as of the end of December, the region’s market was up 17 percent for the total number of sales this year, but was down 22 percent in dollar volume compared to 2010.
That reflects 383 sales in 2011 worth a total of $247.4 million, compared to 2010’s 327 sales worth $317.6 million.
What does that mean in laymen’s terms? Overall the region’s expensive homes and properties did not sell well. Instead the lower priced properties sold at a higher frequency. That said, certain segments of the market did very well this year (Town of Telluride homes) while others struggled (Mountain Village homes and condominiums) and the difference in dollar volume between 2009 and 2011 could be bridged by just three large Mountain Village home sales.
Looking into 2012, there is optimism that higher priced homes will begin to sell at a quicker rate (as of early January there is a $15M home inMountainVillage and an $18.8M ranch on Wilson Mesa under contract) and momentum is shifting in a positive direction. Telluride’s market usually follows Aspen and Vail’s by about six months to a year and in 2011 there were more than 21 transactions of homes in Aspen that were $10 million or more and homes priced from $10 to $20 million in Aspen or Vail are generally the equivalent of homes priced $5 to $10 million here in Telluride.
While there is no such thing as a crystal ball, it appears that prospective investors are once again considering adding recreational, resort property to their portfolios. Given that ours is an upscale, niche market with limited supply buyers are beginning to recognize the value within the Telluride marketplace for long term use and enjoyment and as of late January 2012 there was over $100 million in properties under contract in the MLS.
A significant contributor to market stabilization is the fact that Telluride regional property owners have substantial owner equity ($4,000,000,000 +) underlying $6,900,000,000 in assessed residential property within the region. Those sellers without a need to sell have maintained strong price levels and have facilitated a market bottom. Nevertheless, there are excellent opportunities for investors entering the market or current homeowners desirous of an upgrade.
2010 REAL ESTATE SALES UP OVER 2009
Dollar volume of real estate sales inSanMiguelCountyincreased 20 percent over 2009 (from $265.7 million to $317.6 million) and the number of transactions increased by 18 percent (from 276 to 327). Interestingly, the Town of Telluride, which took one of the biggest hits in 2009, came back the strongest (up 110 percent in dollar volume over 2009) while Mountain Village, which saw relatively moderate declines in 2009, saw only moderate increases in 2010.
2009 REAL ESTATE SALES FINISH SLIGHTLY BEHIND 2008 NUMBERS
Dollar volume of real estate sales in San Miguel County decreased 8 percent over 2008 numbers (from $343.2 million to $265.7 million) while the number of transactions decreased by 13 percent (from 339 to 276). Town of Telluride sales saw the largest drop with a 47 percent reduction in dollar volume from 2008 and a 23 percent drop in number of sales.
REAL ESTATE AFFILIATES OF TELLURIDE OFF TO STRONG START FOR 2008
Despite the nationwide real estate slowdown, Real Estate Affiliates of Telluride continues to be one of the region's top performers. According to the Telluride Multiple Listing Service's calculations, Real Estate Affiliates of Telluride was the No. 1 producing office for number AND dollar volume of sales in the Town of Telluride in the first quarter of 2008 and No. 4 in dollar volume for the greater Telluride region. As one of the smaller, boutique offices in town with only four full-time brokers, we are extremely proud of these results, particularly when compared to the 40+ person offices, and will continue to use our flexibility to adavp our marketing strategies to the changing market to produce the best possible outcomes for our clients.
2007 REAL ESTATE SALES SET ANOTHER NEW RECORD
Dollar volume of real estate sales in San Miguel County were the highest ever in 2007 at $756.6 million. This breaks the previous record of $724.5 million set in 2005 by four percent and exceeded last year’s $681.9 million by 11 percent. While dollar volume was up, the total number of sales decreased, reflecting a trend we’ve seen over the past couple of years in our market as fewer properties trade each year, but for higher prices.
Broadly speaking the biggest gains were in the county, outside of either town, where dollar volume was up 25 percent over 2006 and 13.8 percent over 2005. A large portion of this growth came in vacant residential property, including a number of large ranch sales. For sheer dollar volume, single family homes in Mountain Village set two new records with $144.7 million from 40 sales, while Telluride recorded $67.8 million in single family home sales from 32 properties. Both towns set new records for dollar volume of single family home sales, and Mountain Village set a new record for number of sales as well, however, condominium sales in both Telluride and Mountain Village slowed in 2007, decreasing in both dollar volume and number of sales.
According to Telluride Consulting, San Miguel County real estate had a compound annual growth rate of 15 percent in dollar volume and four percent in number of sales over the past five years and 13 percent in dollar volume and one percent in number of sales of the past 10 years.
Overall, the 2007 numbers were once again impressive – it’s hard to argue when records continue to be broken – and looking ahead for 2008 we expect property values to remain strong and prices stable.
2006 TURNS IN SECOND HIGHEST DOLLAR VOLUME ON RECORD
Real estate sales in San Miguel County for 2006 were the second-highest on record, with $681.9 million in dollar volume from 709 sales, a mere six percent behind 2005’s record of $724.5 million. Despite slowdowns in other parts of the country, Telluride, like many Colorado resort towns, has seen its property values remain strong and prices stable.
According to Telluride Consulting, San Miguel County real estate had a compound annual growth rate of 21 percent in dollar volume and two percent in number of sales over the past five years and 14 percent in dollar volume and three percent in number of sales over the past ten years.
Broadly speaking, the Town of Telluride saw the greatest gains with an increase of five percent in dollar volume over 2005 and three percent in sales. A lot of this growth came from single family home sales with 23 sales generating just over $63 million while the year before 24 sales yielded $41.7 million. The sale of a vacant development parcel adjacent to the existing Cascade Condominiums for $8.35 million also helped boost Telluride’s overall dollar volume.
For sheer dollar volume, however, condominiums in Mountain Village topped the charts with over $126 million on 98 sales and condos remained the most popular form of real estate with an additional 94 sales generating over $73 million in the Town of Telluride and three more sales totaling $1.1 million in the county.
For more information on real estate sales in our region, or more detailed information on particular segments of the market, contact us at our office at 970-728-0213.
2005 SETS NEW RECORD FOR REAL ESTATE SALES
With 2005 another chapter in the history books, the local real estate market has again set a new record for dollar volume, answering the question could the banner year we saw in 2004 repeat itself with a resounding yes.
According to Telluride Consulting, 2005 real estate dollar volume in San Miguel County exceeded the previous year's record $671 million by 17 percent, with $724.8 million worth of real estate trading hands through 884 sales. Not only is this an increase in dollar volume, it also represents a three-percent increase in number of sales over 2004.
Condominiums were the most popular form of real estate with 103 sales each in Mountain Village and the Town of Telluride, representing nearly $104.6 million and $74.4 million, respectively. Countywide, 2005 saw 220 total condo sales.
For sheer dollar volume, sales of single-family homes in Mountain Village tallied $106 million on 33 transactions, while in Telluride 24 homes sold for just over $47.1 million.
The 2005 figures include two large, notable October sales: Elk Creek Reserve, on Wilson Mesa, sold for $13.5 million and five commercial development lots in Mountain Village traded for $25 million. The Elk Creek Reserve sale, combined with over $20.8 million in sales in the Idarado Legacy subdivision east of Telluride helped bring the total for vacant residential property sales in San Miguel County to $189 million.
