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Telluride 2015 Year End Market Analysis Report

Posted by Steve Cieciuch on Tuesday, February 2nd, 2016 at 11:41am.

In my third quarter update, I stated we were anticipating an El Nino winter, and boy has it come to fruition, with 208 inches of snow since November! That's over 17 feet! The skiing has been absolutely tremendous! 

Regarding the real estate market, 2015 ended up 6% in transaction volume but down 9% in total dollar volume. All in all, 2015 was the second biggest year for total dollar volume and recorded the highest number of transactions since the height of the market in 2007. 

Mountain Village condominiums were a very active sector of the market with a 36% increase in dollar volume and a 26% increase in transaction volume. 

An important takeaway from 2015 year end statistics is that certain market sectors are experiencing steady appreciation. The median price of a Mountain Village condominium rose 12.4% and the average price rose 7.9%.

The median price of a Mountain Village home rose 16.7% and the average price rose 3.8% to $3,510,000.

The average price of a home in Telluride rose 8% to $2,262,000.

Another active sector of the market were regional homes in San Miguel County located outside the Town of Telluride and Mountain Village. This sector was up 12% in total dollar volume versus 2014 and 4% in transaction volume. 

Notable Sales in the fourth quarter of 2015 for the Town of Telluride and Mountain Village are as follows:

Town of Telluride Residential

Address Sold Price Asking Price % off Asking Price SQ FT Bedrooms/Baths Price/S.F. Days on Market
405 E. Depot $4,350,000 $4,350,000 0% 3,451 5/5.5 $1,261  0
308 N. Aspen $3,437,500 $3,700,000 7% 2,855 2/2.5 $1,204 196

Town of Telluride Condominiums

Address Sold Price Asking Price % off Asking Price SQ FT Bedrooms/Baths Price/S.F. Days on Market
205 S. Oak #A $2,550,000 $2,700,000 5.5% 2,170 4/4.5 $1,175 155

100 W. Colorado #303 & #304

$3,450,000 $3,850,000 10.4% 2,713 3.5/3.5 $1,271 132

Mountain Village Residential

Address Sold Price Asking Price % off Asking Price SQ FT Bedrooms/Baths Price/S.F. Days on Market
184 & 180 Butch Cassidy Drive $13,700,000 $13,700,000 0% 8,220 5/6.5 $1,667 495
108 Benchmark Drive $2,665,000 $2,950,000 9.6% 4,037 4/3.5 $660 90

Mountain Village Condominiums

Address Sold Price Asking Price % off Asking Price SQ FT Bedrooms/Baths Price/S.F. Days on Market
Elkstone, Unit 6 $2,150,000 $2,395,000 10.2% 3,575 4/3.5 $601 71
Madeline Residences, Unit 633 $2,650,000 $2,699,900 1.8% 3,313 4/4.5 $799 298
Centrum, Unit 401 $1,940,000 $2,100,000 7.6% 3,338 4/4.5 $581 1937

With global financial markets experiencing significant turbulence in January of 2016, money is beginning to flow back into hard assets. The Telluride region is fully zoned so no new large developments can increase inventory to detrimental levels. Come visit Telluride this winter and let me know how I can be of assistance in any facet of your Telluride experience!

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