We are well past the halfway point of 2019. With eight months already gone, how has Telluride and Mountain Village’s real estate markets fared so far? Let’s find out in this mid-year market update.
San Miguel County real estate market performance
The first half of 2019 brought about positive changes in San Miguel County real estate.
The biggest news is that the average days on the market dropped down from 310 in 2018 to 247, which is a -20.3 percent decrease. It’s typical for real estate in San Miguel County to stay in the market for longer, but the shortened average period indicates the demand for homes and properties here are high.
Activity in San Miguel County’s various neighborhoods also picked up within the same period, most notably in Telluride.
Telluride, CO real estate: January through June 2019
- Average price: There was hardly any change in the average price between January through June 2018 and the first half of 2019. There was a very tiny increase, from $1,386,146 last year to $1,386,452.
The average price for single-family homes dropped from $3,665,016 to $2,129,333, showing a decrease of -41.9 percent.
It’s a different story for condos and land for sale in Telluride. The average price for condos, duplexes, and townhomes increased by 30.3 percent, from $966,354 in 2018 to $1,259,015 this year. It’s the same trajectory for land, with the average price soaring from $857,143 to $3,838,750, which represents a massive increase of almost 350 percent.
- Properties sold: Overall, the total number of properties sold in Telluride dropped from 45 in 2018 to 41 in 2019. To break down the numbers, six single-family homes, 35 condos/townhomes/duplexes, and four parcels of land were sold in the town from January through June.
- Average days on the market: Properties sold in Telluride spent less time on the market in this period. Last year, they usually had to wait for 331 days, but the numbers plunged down by -32 percent to only 225 days this year. Land spent the least time, from 371 last year to only 69 days, which marks a decrease of -81.5 percent.
Mountain Village, CO real estate: January through June 2019
- Average price: The average price for all properties in Mountain Village fell by -8.4 percent, from $1,476,858 last year to $1,352,326.
Upon a closer look, the average price of single-family homes also dropped, while the average price for townhomes and duplexes rose. For the former, there was a -10.2 percent decrease, while the latter enjoyed a positive growth of 10.1 percent.
- Properties sold: Like in Telluride, Mountain Village sold less homes from January through June this year than last year, falling by -26.3 percent. Within this period, five single-family homes, 37 condos/townhomes, and seven plots of land were sold.
- Average days on the market: Despite the decrease in average price and number of properties sold, activity also rose in Mountain Village. From January through June last year, properties sold in the community spent an average of 310 days in the market. This year, covering the same period, the average number of days on the market dropped to 304 days or almost a -2 percent decrease.
It’s a great time to buy homes for sale in Telluride and Mountain Village
Get in touch with us here or give us a call at 970.728.0213 to explore your options in Telluride, Mountain Village, and the rest of San Miguel County.
Jim Lucarelli, Broker/Owner