Telluride Market Reports

2015 REAL ESTATE SALES ON PAR WITH RECORD 2014 NUMBERS

According to Telluride Consulting, real estate sales in San Miguel County ended the year roughly even with the record breaking 2014. All told we were up 6% in number of transactions and down 9% in dollar volume from 2014 with 555 sales and $461.8 million in total dollar volume.  2014 was a big recovery year for our market, up 48% in dollar volume and 28% in number of sales from the prior year and it included the 2014 Hotel Madeline sale for $40 million, which was essentially the difference between the 2014 and 2015 dollar volume numbers.

While roughly speaking the numbers were similar from 2014 to 2015 there are some strong differences in market segment performances. As selection diminished in Telluride (and particularly new inventory) we saw dollar volume of sales in Telluride drop 10% from 2014  and number of sales drop 5%. Mountain Village also slowed a bit with dollar volume down 18% but number of sales up 6%. Again, the large Madeline sale in 2014 is part of the reason for this. On the flip side dollar volume for the remaining segments of the county was up 16% and number of sales up 20%.

What will happen in 2016? Time will tell. Our great snow this winter should bring plenty of visitors and we’re heading in to the two busiest months of winter. Based on activity YTD we expect that the market will continue on a similar path as in 2015. In Telluride we’re seeing a bit more inventory in single family homes, but many are remodel prospects. We’re also seeing some limited new inventory. Mountain Village may continue to offer better value as there’s more supply in most segments of this market. New construction offerings will continue to appear in Telluride with Mountain Village following as the older home and condo inventory sells out.

2014 REAL ESTATE SALES STRONGEST SINCE MARKET PEAK IN 2007

Telluride’s real estate market rebounded in 2014, with San Miguel County finishing the year up 48% in dollar volume of sales over 2013 and up 28% in number of sales. All told 523 sales worth a total of $507.1 million led San Miguel County to its strongest year in both dollar volume and number of sales since 2007 when the local market peaked.

In one of the big differences between 2013 and 2014, Mountain Village property sales were up 63% over 2013 in dollar volume and 11% in number of sales. A lot of this can be attributed to single family home sales with 27 properties trading in 2014 for a total of $90,373,666 , versus only 9 in 2013 at $27,805,586. Condominium sales in Mountain Village were actually a little behind the previous year with 61 sales totaling $60,824,300 versus 77 sales for $79,873,272 in 2013.

The Town of Telluride also continued to record very strong numbers with dollar volume of property sales up 59% over 2013 and number of sales up 62%. Interestingly while single family home sales increased from 26 to 37, the increase in dollar volume was more significant and moved from $49,931,410 to $75,369,864.  Condominium sales were even stronger, increasing from 52 to 95 on dollar volumes of $43,888,199 and $85,329,754 respectively.

In the remainder of San Miguel County dollar volume was up by 8% from 2013 and the number of sales were up 17%.

What does this mean for 2015? Based on activity YTD we expect that the market will continue to remain strong with inventory in Telluride tightening even more. Mountain Village may continue to offer better value as there’s more supply in most segments of this market and the days of the bank sales and REO offerings are, for the most part, behind us. New construction offerings will again start to appear in Telluride with Mountain Village following as the older home and condo inventory sells out.

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
  • 2012 $364.7 million 444
  • 2013 $342.2 million 410
  • 2014 $507.1 million 523
  • 2015 $461.8 million 555
  • 2016 $452.8 million 562

Telluride Consulting Graphs

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.

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