Blog :: 04-2020

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Telluride Real Estate Market Report Quarter One 2020

JANUARY 2020:

  • San Miguel County closed out a record-breaking year of real estate sales with the largest dollar volume month the county has ever seen with $96.9M in sales compared to December 2019.
  • Downtick in dollar volume of sales in early 2020 to $48.6M
    • Common as many are trying to buy or sell at the end of the fiscal year for tax purposes
    • Jan ’20 was well above Jan ’19 with a 123.7% increase in dollar volume and 38.7% increase in number of sales for San Miguel County
    • Compared to the prior year average we are up 53% in total dollar volume and 14.3% increase in number of sales for January
  • The Telluride market had a great start to the new year with $33M in sales compared to only $12M in Mountain Village the first month of Q1. However, Mountain Village and the surrounding county is a potential buyer’s market for Single Family Homes and condos with much lower price per square foot.

FEBRUARY 2020:

  • February was another strong month for real estate in the county. The total dollar volume and number of transactions were up for February 2020 from both the prior year and the prior 5-year average. They were also higher than any February from 2015-2019. The total dollar volume (+45%) and total number of transactions (+13%) both showed an increase for 2020 YTD compared to the prior 5-year average. February represented the fifth straight month that dollar volume of sales per month exceeded that of the prior 5-year average for the same time period.
  • By February of 2020, Telluride continued to be a place buyers were looking with $60M in sales Feb ’20 compared to $29M in sales Feb ’19.
    • Price per square foot of Telluride condos reached an all-time high of $1,252, mainly driven by the Telluride Transfer Condo sales.

MARCH 2020:

  • We have yet to see how the global pandemic, COVID-19 will impact the local real estate market, but it is inevitable. The effects on the market will likely be seen beginning in May. The good news is there was a 38% increase in dollar volume in Q1 ’20 ($151.84M) compared to the prior 5-year average for Q1 ($110.06M). There was also a large uptick in the number of Telluride vacant land sales in March, 9 sales totaling $4.8M.
  • For Q1, Telluride is seeing an increase in year to date dollar volume and number of sales. Mountain Village is seeing decreases in both number of monthly sales and number of year to date sales. In March there was strong activity in Telluride and Mountain Village Single Family Home sales and Vacant Properties in the remainder of the county (Elk Run, The Preserve, Ski Ranches and Aldasoro).
  • Telluride continues to be a hot market with $86M total sales in Q1 2020 compared to $52M total sales for Mountain Village. Price per sf of Telluride Single Family Homes are at an all-time high of $1,272, mainly due to 3 Single Family Home sales in March at an average of $1,521 per sf. There were 4 Single Family Homes that sold in Mountain Village in March, with a combined average sale price of more than $5M, indicating a demand for larger homes with expansive views, ski access and high-end furnishings.