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2014 Year End Market Analysis Report

Posted by Steve Cieciuch on Tuesday, November 24th, 2015 at 2:54pm.

Wow, 2014 was the year of the turn around for the San Miguel County Real Estate Market!  Since the downturn which started in 2008 (which reached its lowest point in 2011 evidenced by $247.4M in overall sales volume) total dollar volume in 2015 more than doubled at $507.1M.

2014 experienced gains of 33% in overall dollar volume compared to 2013 with a 28% gain in the number of transactions.

The Town of Telluride Single Family homes continued to lead the way demonstrating consistent strength with a 45.8% increase in overall dollar volume of $75.4M (37 sales) versus $51.7M (27 sales) in 2013 and a 37% increase in transaction volume.  Average homes prices rose from $1.915M to $2.037M, a 6% increase.

Town of Telluride Condominiums experienced a significant 94.7% gain with $85.3M (95sales) in total dollar volume versus $43.8M (52 sales) in 2013. Transaction volume for condominiums was up 82.6%!

In 2013, I predicted a big year for Mountain Village; validation of that prediction was evidenced by significant increases in both dollar volume and transaction volume. Overall dollar volume for single family homes rose from $27.8M (8 sales) to $90.4M (27 sales) a significant 225% increase in dollar volume and a whopping 237% increase in transaction volume! Average home prices were similar in both years averaging approximately $3.3M.

Significant Sales 4th Quarter 2014, Town of Telluride

Address Sold Price Asking Price % off Asking Price SQFT Bedroom/Baths Price/S.F. Days on Market
327 N. Oak St. $3,400,000 $3,600,000 .6% 2,909 4/4 $1,169 86
465 W. Depot $2,500,000 $2,699,000 7% 3,265 4/4 $766 562
398 S. Davis  #A $2,900,000 $2,995,000 3% 2,998 3/3 $967 815
524 W. Depot #D $2,725,000 $2,950,000 8% 3,060 3/3 $891 112

Significant Sales 4th Quarter 2014, Mountain Village

Address Sold Price Asking Price % off Asking Price SQFT Bedroom/Baths Price/S.F. Days on Market
105 Highlands Way $9,050,000 $10,495,000 14% 9,406 6/5 $962 973
522 Benchmark Dr. $7,000,000 $7,600,000 8% 8,395 6/6 $834 620
115&117 Yellow Brick Road $4,325,000 $4,950,000 813% 1,360 1/2 $3,180.15 776
117 Sunny Ridge #129 $3,675,000 $4,200,000 13% 3,787 4/4 $970 468
136 San Joaquin #D401 $2,700,000 $2,995,000 10% 3,520 4/3 $767 684

Significant Sales 4th Quarter 2014, Outlying Subdivisions

Address Sold Price Asking Price % off Asking Price SQFT Bedroom/Baths Price/S.F. Days on Market
101 Christinas Way $3,100,000 $3,225,000 4% 4,985 4/4 $622 872

What I anticipate in 2015 is the continuation of demand for correctly priced product in the Town of Telluride and Mountain Village.  I anticipate increased sales activity for properties in the outlying subdivisions of Aldasoro Ranch, Elk Run and mesa properties as prices in these areas continue to be well below replacement value.

I also anticipate an uptick in vacant land sales as inventory thins and there is less improved product to choose from.

The Telluride region will shine in 2015!

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