Can you believe it's been five years since 2020? And what an incredible five years it has been! Property values have more than doubled in some cases, with annual average appreciation reaching 18%. The average sale price for homes in Mountain Village hit $9.8M, a significant leap from the days when $10M sales were rare. Meanwhile, the average home sale price climbed to $6.5M in the Town of Telluride. The commitment of Four Seasons to this market and Telluride’s rise to becoming a hub for high-end properties, with 38.5% of listings priced above $5M, underscores the area’s transformation.

It’s no surprise that top-tier ski resorts in the U.S. have reached ultra-luxury status, similar to their European counterparts. Ski destinations are inherently…

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It is common for real estate sales to slow down in an election year. Reports from Jackson Hole, Yellowstone Club, Vail, Crested Butte, and Sun Valley indicate that sales have slowed. In recent years, that was attributed to a lack of inventory, but today, inventories have increased in these locations. These markets appear to be stabilizing and returning to previous market conditions, where buyers and sellers may be on more even ground.

In Aspen and Telluride, the markets still show sales increasing over 2023. Telluride has a 2% increase in the number of sales, and the total dollar volume is up 15%, with the average sale price increasing 13%. Aspen is a highly coveted market that sometimes seems somewhat insulated from market conditions. Telluride…

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The tailwinds of the pandemic market that resulted in a scarcity of inventory in 2023 are in the rear-view mirror, even though demand remained relatively strong. The first six months of 2023 witnessed a decline of 25% in gross dollar sales while residential prices remained stable, except for the Mountain Village, wherein the average home price increased by 48%. This sector of the market possessed more inventory, with investors most likely recognizing better value plays. During the first 6-month period of 2024, new inventory entered the market, resulting in a 21% increase in gross dollar sales ($507.8M vs. $419.7M). During this period, Village values remained stable, with the Town of Telluride witnessing a 12% increase in single-family values and 10%…

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If you have been sitting on the sidelines waiting for prices to retreat, the trend is not great; as a rule, year-over-year values and prices continue to rise. Historically low inventory, increasing demand, and marquee developments like the Four Seasons Hotel & Residences portend more of the same for this year and the near future. In spite of only 16 more transactions year over year, in the first quarter of 2024, Telluride experienced an uptick of 46% in Total Dollar Volume vs 2023. As a consequence, the average sale price in our market is up 26% year over year. Sales over $5 million have increased 50% year over year as the upper end of our market carries the day despite persistently high interest rates, which may be impacting the lower end of the…

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In 2023, the Telluride Real Estate market's prevailing theme was scarcity. Scarcity emboldened Sellers and left many Buyers scratching their heads, even in the face of macroeconomic softening. The simple fact in Telluride is that we still have a significant lack of inventory for a consistent and even growing demand base. Consequently, Telluride area real estate values have largely returned to a steady rate of overall appreciation similar to pre-pandemic trends. The numbers bear this out: in 2023, San Miguel County’s total dollar volume was up 31% over 2019, despite 18% fewer transactions.

The lack of inventory underlined a steep decline in the number of transactions, dropping from a total of 944 trades in 2021 to a modest 445 in 2023, a 53% drop.…

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Cap Lifted on Short-Term Rental Licenses

The cap on short-term rental licenses within the Town of Telluride expired on November 2, 2023. New short-term rental business license applications are now being processed. Any new licenses received over the next two months will still be processed under the existing licensing and fee structure, and will expire on December 31, 2023.

 

Telluride Town Council Passes New Short-Term Rental Policy

The Town of Telluride will implement new short-term rental licensing software in 2024 with new licensing categories, fee structure, and compliance requirements. 2024 renewals will be available as soon as possible in 2024, but not prior to January 1, 2024.

What are the new 2024 categories and fees?…

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As the campaign season for Telluride's Town Council draws to a close, it's essential to take the time to get to know the candidates beyond their formal events. In the latest episode of my podcast series, Telluride Uncovered, we delve into the fascinating journey of Lee Shea Betton, a reformed New Yorker turned Telluride local, who transitioned from the advertising industry to lodging to real estate, ultimately becoming an active voice in local politics. Betton’s unique perspective illuminates the often misunderstood role of real estate agents in shaping our community, and offers a compelling argument for the importance of diverse representation in local politics.


Lee Shea's Telluride story begins 10 years ago in the bustling lanes of New York…

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It's the most beautiful time of year in Telluride! The aspens are golden, the peaks are white, and I'm still amazed to call this magical place home.

With Winter approaching, I wanted to check in and give you a quick Telluride Update. As always, if you have plans to be in Telluride this winter, please reach out; I'd love to see you. Please consider me your local resource - I love advising where to ski, activities for kids, places to eat, etc. 

 

 

Ski Season

Check out the new winter teaser video just released by Telski and start getting amped for ski season! 

The Mountain tentatively opens on November 23rd. Passes and tickets are on sale now! Get yours at the link below:

Get Ski Passes & Lift Tickets

 

Winter Flight…

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Since establishing the ski resort 50 years ago, Telluride's real estate market has experienced a consistent and well-regulated growth pattern marked by occasional fluctuations. With the exception of the Great Recession, the market has demonstrated remarkable resilience. During its pandemic era, the interplay between constrained supply and a swiftly expanding demand precipitated an impressive nearly 100% appreciation in property values within the most coveted sections of Telluride and Mountain Village.

As we step into 2023, we're observing a transition to a more balanced market. However, it is noteworthy that average sale prices have maintained their upward trajectory relative to 2022, boasting a 13% escalation in Telluride and…

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As we cruise past the halfway mark of 2023, speculation on where the market is headed is rife with opinions all along the spectrum. While some have been patiently waiting on the sidelines for the bottom to drop out, it just hasn’t happened. At $419.7M, YTD San Miguel County dollar volume may be down over the record-breaking years of 2021 & 2202, but it's almost 60% up over 2020. The dollar volume of sales also increased 50% from the first quarter of 2023 to the second quarter, largely attributed to robust sales in Mountain Village.

Buyers may be gaining a foothold in the market, especially when it comes to inventory that has seen longer days on market with over-ambitious pricing. However, values are holding their own. Look at the chart of average sales…

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