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!
Posted by Steve Cieciuch (Chet-chu) on
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