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Telluride 2015 3rd Quarter Market Report

Posted by Steve Cieciuch on Tuesday, November 24th, 2015 at 3:25pm.

San Miguel County Real Estate transaction volume remains strong as the third quarter finished up 3% compared to third quarter 2014. Over all dollar volume is down 24%, however, this is primarily attributable to a $40M sale that occurred in August of 2014 for the Hotel Madeline. Sans this sale, 2015 is right on track to match or exceed 2014, which was the biggest year in terms of dollar volume and transaction volume since the downturn in 2008.  

Total dollar volume through September 30th in 2015 was $346.9M compared to $383.9M in 2014, although September turned out to be the second biggest September in the last 6 years with $53.1M in recorded sales.

I anticipated that Mountain Village would see a surge of activity based on evidence of great value for quality product and that has come to fruition. Condominium sales in Mountain Village through three quarters were up considerably at 35% versus third quarter 2014. 

Single family residence inventory in Mountain Village has been shrinking steadily over the last three years with 77 residences for sale in 2013, 64 homes for sale in 2014 and 56 available through the third quarter of 2015. Of the 14 single family residences that have sold in Mountain Village through the third quarter of 2015, 92% were purchased between the prices of $2M and $4.72M.  The median home sale price in Mountain Village was $3,649,5000 and the average home sale price was $3,405,000.   

The Town of Telluride has cooled a bit as Condominium sales were off by 8% and homes sales have backed off by 39% in total dollar volume. I believe this is attributable to less inventory and steady price appreciation. Currently there are 33 single family residences for sale in the Town of Telluride compared to 46 residences for sale in 2013 and 30 homes for sale in 2014.  The median home sale price of single family residences in the Town of Telluride through the end of the 3rd quarter was $1,400,000 and the average home sale price was $2,208,500.  

Notable Sales in the third 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

 Bedroom/Baths 

 Price/S.F. 

 Days on Market

602 W. Columbia $6,210,000 $6,995,000 11% 5,320 6/6.5 $1,167 174
609 E. Columbia $6,200,000 $6,200,000 0% 5,509 7/7.5 $1,125 0
227 N. Alder $3,370,000 $3,490,000 3.5% 2,869 4/4.5 $1,175 0
205 S. Oak, Unit C $2,550,000 $2,775,000 9% 2,781 4/4 $916 631

 

Mountain Village Residential

 Address

 Sold Price

Asking Price

% off Asking Price

 SQ FT

 Bedroom/Baths 

 Price/S.F. 

 Days on Market

139 A.J. Drive $4,275,000 $4,600,000 8% 5,066 4/4.5 $727 430
111 Adams Way $2,800,000 $2,950,000 6% 4,433 4/5.5 $564 761

 

Town of Telluride Development Parcel

 Address

 Sold Price

Asking Price

% off Asking Price

Land

SQ FT

 Bedroom/Baths 

 LandPrice/S.F. 

 Days on Market

Lots 1, 3, 5, & 7, Parcel A, Block 15 $9,000,000 $9,000,000 0% 23,500 N/A $383 0

 

The 4th quarter already looks promising with 62 properties currently under contract in San Miguel County.  In addition, showing activity has been more active this off-season than in previous years.   A strong El Nino has established itself in the Pacific Ocean which typically generates heavy winters for SW Colorado.  The region has already received three good winter storms with the latest storm depositing 14 inches of new snow on the the Ski Area on November 10th. This bodes well for great early season skiing and a very promising winter!

 

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