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Telluride 2015 2nd Quarter Market Report

Posted by Steve Cieciuch on Tuesday, November 24th, 2015 at 3:23pm.

In my first quarter update for 2015 I stated that I was eager to see if 2015 would prove to buck a “W” recovery trend as 2014 was a significant crest year in the wave recovery that started in 2010. The 1st quarter of 2015 started 9% down in dollar volume and 2% down in transaction volume which was lending early support that 2015 could be a trough year.  I also stated that the “off season” consisting of the months of April and May were as busy as I could ever remember over my 28 year career.  It turns out that this busy time period for many in the brokerage community morphed into a significant amount of closings.  As a result, the 2nd quarter was up 1% in dollar volume and 5% in transaction volume despite competing against a record June of 2014 that was 41% stronger in dollar volume and 3% stronger in transaction volume compared to June of 2015.

Total Dollar Volume through June 2015 was $198.6M compared to $197.2M through June of 2014 and there have been 234 county-wide transactions versus 223 transactions in 2014.

Currently there are 24 homes under contract in San Miguel County totaling $36.1M in pending transactions, 31 condominiums in Telluride and Mountain Village under contract totaling $36.2M in pending transactions, 25 vacant parcels under contract in San Miguel County totaling $22.1M in pending transactions and 2 commercial properties under contract totaling $5.4M in pending transactions.   Currently there is $99.8M of property under contract county-wide which indicates that San Miguel County may experience two consecutive years of positive gains in dollar volume and transaction volume.

Mountain Village has had a solid run with 5 homes closing in the second quarter for a total of $15.6M and 14 condominiums totaling $16.6M.  The Town of Telluride, which has been the epicenter of the real estate comeback, experienced 8 home sales in the second quarter totaling $9.1M and 21 condominium sales totaling $14.2M.

Notable sales in the first quarter of 2015 were as follows:

Town of Telluride Condominiums

 Address

 Sold Price

Asking Price

% off Asking Price

 SQ FT 

 Bedroom/Baths

 Price/S.F. 

 Days on Market

605 W. Colorado #C $2,017,500 $2,495,000 19% 2,140 3/3.5 $942 296
290 S. Townsend $3,950,000 $3,950,000 0%  7,747 6/6 $510 995

 

Town of Telluride Residential

 Address

 Sold Price

Asking Price

% off Asking Price

 SQ FT

 Bedroom/Baths 

 Price/S.F. 

 Days on Market

214 E. Galena $2,000,000 $2,100,000 4.7% 2,831 4/3 $706 763

 

Town of Mountain Village Condominiums

 Address 

 Sold Price

Asking Price

% off Asking Price

 SQ FT 

 Bedroom/Baths 

 

 Price/S.F. 

 

 Days on Market

Lorian at Prospect Creek #2  $2,250,000  $3,500,000   36%  3,938 4/4.5  $521  481
See Forever Village #4133  $2,125,000  $2,300,000  7%  2,529  3/4  $840  531
Granita #402  $2,355,000  $2,635,000  10%  2,938  4/4.5  $801  455

 

Town of Mountain Village Residential

 Address 

 Sold Price

Asking Price

% off Asking Price

 SQ FT 

 Bedroom/Baths 

 Price/S.F. 

 Days on Market

20 Trails Edge Ln.  $2,875,000 $2,850,000 1% 3,795 4/4 $777 745
130 High Country $4,166,950 $4,298,000 3% 7,070  6/5 $589 959
538 Benchmark  $3,075,000 $3,400,000 9% 2,970 3/4 $1,035 504
101 Autumn Ln  $3,599,000 $3,599,000 0% 5,480 5/5 $656 87

 

Outlying Area Residential

 Address

 Sold Price

Asking Price

% off Asking Price

 SQ FT

 Bedroom/Baths 

 Price/S.F.

 Days on Market

1422 Wagner Way $4,550,000 $4,950,000 8% 2,036 3/3.5 $2,235 825
 1725 & 1727 McKenzie  Springs Rd. $3,500,000  $3,995,000  12% 7,417  5/6  $471  329

 

Town of Telluride Commercial

 Address

 Sold Price

Asking  Price

% off Asking Price

 SQ FT

 Bedroom/Baths 

 Price/S.F

 Days on Market

228 W. Colorado $3,475,000 $3,450,000 1% 9,192  N/A $375 84

 

I anticipate continued consistent activity, especially in Mountain Village and outlying markets such as Aldasoro Ranch, Elk Run, The Preserve and mesa properties as there is tremendous value in these market sectors and buyers are migrating towards these values.  The Town of Telluride continues to show consistent activity as there is high demand for quality homes and for investors seeking upside on remodel candidates.

Our region was blessed with significant snow in May and a consistent monsoon this summer. Consequently, the wildflowers are booming in the high country and its is what I like to call “Hawaii” green, truly amazing!

As always, please feel free to call me for detailed information regarding specific market sectors.  Thank you and hope to see you this August!

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