First quarter snowfall and real estate sales were robust with both coming close to setting record highs. San Miguel County real estate sales boasted the second highest dollar volume since 2007. While one might think this winter’s significant snowfall in comparison to last year translated into higher sales volume, the 2019 increase was a minimal 4% over 2018 in the first quarter. Thus, reaffirming that skiing is simply one of many lifestyle attributes that drive people’s motivation to buy in Telluride!
The Town of Telluride continues to drive the market with significant sales including an east end approved hotel site at $12,750,000, four single family homes ranging from $1,675,000 to $ 3,625,000 and a commercial/residential building at $5,700,000. Mountain Village home sales numbered three during the first quarter with sold prices ranging from $1,800,000 to $4,025,000, off the pace of 2018 numbers which showed five sales ranging from $2,900,000 to $4,475,000. Certain single family and condominium market segments have seen continued depletion of inventory, resulting in fewer sales but at increasing price levels.
The demand for newer contemporary product has prompted a flurry of building projects, largely condominium style, in Telluride that are coming to fruition this summer. Mountain Village does not have any significant condominium projects under construction and thus may find further depletion of inventory moving forward. The current market dynamics have created an uptick in land sales, albeit modest, that portends new product in the future. In that vein, there are a good number of end user contemporary homes currently being built and handful of single family spec projects underway by savvy investors bullish on our market.
Outlying area sales and under contract homes, many below $1,000,000, have been noticeably strong during the first quarter of 2019, especially along the San Miguel River corridor and on Wilson Mesa. Significant activity has also been seen in the outlying towns of Norwood and beyond signaling strength and optimism throughout our area.
Our snow in the high mountains and recharging water tables will make for a wonderful spring and summer. Interest rates remain attractive and it appears that our Real Estate market, in general, will remain strong for the remainder of 2019.
Blog provided by Telluride Area Real Estate