As we enter 2020 with significant optimism (setting aside politics - both domestic and international), a
look over our shoulder at the 2019 Telluride Real Estate market revealed a record setting year. To begin,
an extraordinary year in-general resulted in an 11% increase over 2018 in San Miguel County’s overall
dollar volume to $594.3 mm. Additionally, a broader fourth quarter push in sales showed exceptional
strength at $265.5 mm. December capped the year with a dollar volume of $96.9 mm, the highest
grossing month of sales in San Miguel County’s history.
The Town of Telluride showed record-setting metrics beginning with strong sales in the condominium
sector. A significant pent-up demand for new and contemporary inventory was satisfied with completion
of the Transfer Telluride project. Transfer’s 15 diverse offerings saw 10 sales and under contracts in 2019,
setting records along the way with the sale of “Fir House Penthouse 3” for $7,725,000, a record-setting
Similarly, this same demand for new or remodeled single family homes in town was evident with
significant inventory being sold, culminating in a Columbia Ave home selling for $7,625,000. This set
another dollar per square foot record of $1,914/sf.
Strong sales in both categories have depleted the available inventory and put upward pressure on
prices in town. A notable shift in market activity towards Mountain Village seems to be the response to
increasing prices in town.
Mountain Village’s 2018 single family market sales numbered 26, with four sales over $4.0 mm. In 2019,
single family sales increased to 29, with 13 sales over $4.0 mm. This was a remarkable increase within
the upper-end of the market. With that said, both condominium and homes continue to be a value play
compared to Telluride as we move into 2020.
Down Valley, Mesa and outlying area home sales continue to be strong, particularly under $1.0 mm. The
town of Norwood shows ongoing strength as its price point and lifestyle benefits become evident to a
younger set of buyers.
In closing, big snows have blessed the New Year, exciting skiers and all of us who value water and the
vitality it provides throughout the year. Ongoing low interest rates create continued opportunities for
purchasers in our region and life in our happy valley is simply ... AWESOME!
CLICK HERE to view the full market report. Contact Steve Cieciuch with any questions pertaining to the Telluride real estate market.