In examining this year’s county-wide real estate figures from January through October, sales surpassed those from 2003 for the same months by $137 million. Total numbers for all transactions were approximately $443 million in 2004 versus $303 million in 2003, a rise of approximately 31 percent. These statistics correspond to the 646 transactions in 2004 compared to the 596 in 2003, thus reflecting the average purchase price as $685,000 for 2004 over 2003’s $508,000.

In terms of property types, single family residential was the strongest contributing force, boasting the biggest sales totals so far in 2004 at approximately $203 million. This was also the strongest property type for 2003, which totaled almost $138 million between January and October.

The largest number of transactions were led by vacant land sales. At this point in 2004, there have been 220 vacant land sales. Vacant land sales transaction numbers in 2003 were similar to those in 2004, yet dollar amounts in 2003 trailed 2004 by 32 percent ($113 million in 2004 and $76 million in 2003). This therefore translates to an overall rise in land values for 2004. Condominium sales came in behind land and single family residences with 165 transactions in 2004 totaling $100 million and 135 transactions in 2003 totaling $71 million.

MONTHLY COMPARISONS
As far as monthly breakdowns, market revenues in 2004 from January through May crushed those same months from 2003. In March, total real estate sales more than doubled with $60 million in 2004 as opposed to $24 million in 2003. February and April of 2004 were also banner months with total sales reaching $47 million and $61 million, respectively, compared to $24 million and $31 million, respectively, in 2003. May presented considerable growth as well with $50 million in 2004 compared to $30,500,000 in 2003; and January 2004 claimed $31 million in sales, while January 2003 came in at $18 million.

Although summer months didn’t present variances of the same magnitude as winter months, numbers were still considerably higher, for the most part, in 2004. July’s sales totaled $40 million compared to last year’s $23 million, while August totaled $40 million compared to $19 million in 2003. June’s sales were 15 percent higher in 2004 than in 2003 with numbers totaling $28 million and $24 million, respectively. The only month of the year that didn’t bring in bigger numbers for 2004 over 2003 was September. September 2004 trailed 2003 by a sizeable amount as totals were $39 million and $64 million, respectively. September 2003, however, was the year’s record sales month due to the whopping $30 million in single family residential home sales, 61 percent of which was from five Mountain Village homes totaling approximately $18 million.

Single family residential sales, reached $31 million in April 2004 compared to $6 million in April 2003. March, too, hit $33 million as opposed to $9 million in 2003. In fact, single family residence sales saw a 35 percent increase in 2004 over 2003.

Condominium sales witnessed a 28 percent increase in 2004, with particularly wide gaps in August and March. August saw $14 million in 2004 over $4 million in 2003, while March saw $6 million in 2004 over $800,000 in 2003.

The year 2004 has definitely been one for condominium sales as 165 units have sold between January and October. In 2003, 135 condominium units sold during the same time period. Approximately 82 of the 165 condominium transactions in 2004 were in the town of Telluride, where prices ranged from $1.7 million to $180,000. In Mountain Village, 66 condominiums were sold with prices ranging from $2.8 million to $235,000.

Of the 207 single family residential homes sold between January and October in 2004 (compared to the 174 in 2003), 20 were in the town of Telluride, three of which broke the $3.4 million mark. The highest residential home sale in the town of Telluride was $4.4 million in February. In Mountain Village, there were 27 sales, with topselling homes closing at upwards of $6 million. The highest residential home sale in Mountain Village was $11 million, also in February.

Since 2003, average prices for condominiums and single family residential homes in San Miguel County have both exhibited substantial increases. Condominiums swelled from $529,000 in 2003, to $602,000 in 2004, an escalation of approximately 12 percent. Single family residential homes jumped from $793,000 in 2003 to $985,000 in 2004, representing an increase of almost 19.5 percent.

From the Telluride Association of Realtors Market Update, November 12, 2004