Despite the worst winter drought since 1976, San Miguel County real estate boasted its second best year since 2007 with $537.5M in total sales based on 499 transactions. Dwindling inventory in a variety of market sectors and trying to keep pace with the stellar year of 2017 contributed to a year-over-year decline of 13% in overall sales volume and 19% decrease in transaction volume. Homes in the Town of Telluride continued to be a hot market sector. Four bedroom homes ranging from $1,150,000 to $5,290,000 drew the most attention with 15 sales. A trend emerged that homes considered as projects with potential upside or new and remodeled homes finished to a high level were in greatest demand. Town of Telluride Condominiums showed continued strength, however, diminishing inventory proved to be a factor with 14% less sales in this market sector.
Mountain Village demonstrated a surge in activity for 4 and 5 bedroom homes priced between $1,300,000 and $4,300,000. Mountain Village condominiums were also an active market sector. All 3 and 4 bedroom, single level condominium units listed in Mountain Village sold in 2018 or have been placed under contract with no inventory of this kind currently on the market. The Mountain Village market also responded well to new and remodeled single family and condominium product. Lastly, improved ranch properties on 100 acres or greater rebounded with several sales leaving very limited inventory for this type of product heading into 2019.
The region has been blessed with great snow in 2019 and with Mountain Village experiencing 4 sales in the first two weeks of the first quarter, early signs indicate that the market is holding steady despite a tedious interest rate environment and trade war concerns with China. The Christmas holiday was a smashing success and I anticipate the Telluride region will experience continued demand for quality product with sales escalating in February and March which will set the tone for another strong year.
For more information, view the below 4th Quarter Market Report, provided by Telluride Properties:
Steve Cieciuch, Telluride Area Real Estate
Blog provided by Anna Henderson of Team [Chet-chu]