The San Miguel County real estate market closed out its incredible year with the months of August through December all exceeding $125M each month in dollar volume. The total dollar volume for ‘20 set an all time record in the county with $1.16 billion in sales, a 54% increase from the previous all-time high set in ‘07 at $756.6M. The number of transactions in ‘20 totaled 814 compared to 631 in ‘07, a 29% increase. Overall the region saw a boom in real estate sales through the COVID-19 pandemic in 2020, something never before seen in the area’s history.
The top three dollar volume states for buying in CO in ‘20 (excluding CO) were: Texas ($320M), Arizona ($91M) and California ($77.5M), with buyers from Colorado coming in at $288M The year finished strong with a 166% increase in dollar volume for the month compared to the prior 5-year average of December sales. Comparing Dec. ‘20 to Dec. ‘19, there was a 95% increase in total dollar volume and a 51% increase in total number of transactions. Year End 2020 MARKET OVERVIEW YTD DOLLAR SALES 95% INCREASE over 2019 The year-to-date (YTD) 2020 number of transactions (814) is up 51% over December 2019 (540). The year-to-date dollar sales for December ‘20 reached $1,161,696,436, a 95% increase compared to $594,325,462 in December ‘19. The YTD average sales price per unit for 2020 is $1,427,145 compared to $1,100,603 in 2019, a 30% increase.
Buyer’s were purchasing much of the available vacant land around the county in October, with 26 vacant land sales Oct. ‘20. With Single-Family Homes and Condominium inventory in the Town of Telluride and Mountain Village significantly reduced due to market activity and cost per squarre foot at all-time highs, it appears many buyers are now looking for vacant land to build. Highlights from the month of November included 16 Condominium sales in Mountain Village at an average sales price of $1.5M and 8 Single-Family Home sales in Mountain Village at an average sales price of $4.5M. Vacant land sales indicate that many investors are wanting to build dream homes to escape the cities.