January 2008
Wow have things been busy in Telluride! Last week it seemed as if the snow would never stop falling. Our sign has been covered in a beautiful white swath since early January (see photo below) and we're so enamored of it we're waiting to take down the holiday decorations. On January 10th the mountain reported 5.5 feet of snow in 7 days, and this on top of a very snowy December, and some of the best Christmas skiing in recent memory. And then more snow fell Friday, bringing our current, top-of-the-mountain base to 72 inches.
Also last week, Telluride Consulting released final real estate sales statistics for 2007 and once again we've set new records! 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.
Overall, however, the 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.
For graphs summarizing Five- and 10-Year Studies of the San Miguel County real estate market, click here to visit our website. For more information on other aspects of 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 |
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The Red Door, Hampton Court, Telluride
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Open the red door of this recently refurbished historic crib and you move seamlessly from Victorian to contemporary. Located steps from...
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Lots 28 & 29, Block 10, West Telluride
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Located on West Galena Avenue, Lots 28 and 29, Block 10, West Telluride are unique creekside lots and two of the finest residential lots currently...
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560 West Columbia, Telluride
Excellent Remodel Potential
Built in 1897, this historic Victorian home sites on 1.5 town lots and is ripe for transformation into a modern home. The property is located in a quiet...
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