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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While everyone is still coming down from the high of the most epic winter EVER, it's finally starting to feel like Spring in Telluride! With our snowpack peaking at 200% of normal and warmer temps on the way, lots of water adventures and wildflower hikes are sure to be enjoyed soon. With summer in mind, I wanted to reach out and give you a quick update on a few important things (see below). Let me know if you plan to be in Telluride this summer. I'd love to see you!

It's Almost Festival Season

MOUNTAINFILM
May 25 - 29 / get tickets
Speakers include Bill McKibben, Teal Lehto, Cheryl Strayed, & Tom Shadyac, discussing topics from climate change and water to disturbance and artificial intelligence.

TELLURIDE BLUEGRASS FESTIVAL
June 15 -…

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It’s fair to say that as 2022 came to a close, the Telluride Real Estate Market was grappling to re-establish its value position in the post-covid-boom world. Interest rates, inflation, and political unrest had everyone on edge regarding what was in store for 2023.

Well, here we are, already through the first quarter of 2023. At first glance, the percentage decrease in the number of transactions and dollar volume YTD may seem significant. Yet, as the market normalizes, comparing it to the highs of the boom is an unfair assessment. To put things into perspective, San Miguel County’s dollar volume for the first quarter of 2023 was the third-highest on record.

Mountain Village sales accounted for 57% of the dollar volume in the first quarter. The…

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The year 2022 has retreated into our rear-view mirror. The short-term message relative to the Telluride Real Estate Market in early 2023 indicates that mortgage rates may have eased off from their meteoric rise and the buying frenzy of the past two years has subsided.

A snapshot of year-end market data indicates a slowdown in the market evidenced by a retreat in dollar sales volume down 22% (2022 vs. 2021) and the number of transactions down 38%. Segregating the year-to-date (December) data from 2021 to 2022 within our larger regional markets (Telluride, Mountain Village, and the remainder of San Miguel County) reveals declines of 29%, 15%, and 25% respectively.

An optimistic data point reveals that total property sales of $5mm and above…

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On December 21, 2022, the San Miguel County District Court reversed the May 2022 decision by the Board of County Commissioners (BOCC) to rezone a 39-acre portion of the Diamond Ridge property to the newly created high-density Community Housing (CH) zone. This reverts the property to its original low-density Forestry-Agricuture (F) zone.

This means that the proposed "The Ridge" affordable housing development on Deep Creek Mesa, planning to consist of 150-780 units on 39 acres, will no longer be possible under the F zoning that allows for 1 dwelling per 35 acres.

The court deemed the rezoning to be unlawful for two reasons:

  1. San Miguel County Commissioner Hilary Cooper was found to be biased due to extensive ex parte communications over the…

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The famous ski tree has been lit, marking the official start of the holiday season here in Telluride. It's great to be skiing again and there are some exciting events and adventures on deck for the winter - see details below. I hope to see you in the coming weeks, please reach out so that we can take some runs together or meet up for dinner. If you have any questions in anticipation of your visit, I'm happy to help!

HOLIDAY HAPPENINGS

ALPENGLOW IMMERSIVE ART
NEW! An interactive, multi-media art installation that evokes the wonder of the mountains. Happening daily at 5pm at Reflection Plaza.
more info
MURDER MYSTERY NIGHT
Get thrown into a night of mystery, intrigue, and murder you will…

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The Gondola closed for the summer season at midnight on Sunday, October 16th, marking the unofficial start of Telluride's fleeting fall "off-season." Many local business owners use this quieter time as an opportunity to deep clean their spaces, restock, travel, or simply take some well-deserved time off in order to regroup before the upcoming ski season. 

However, not all businesses close for the entire shoulder season (or at all). Below is a list of restaurants that remain open, organized by meal:
Breakfast & Coffee:
Cindy Bread (Lawson Hill): Open M-F 7AM-12:30PM Silver Pick Coffee (Mountain Village): Open 7AM-3PM daily Telluride Coffee Company (Mountain Village): Open M-F 8AM-2PM The Pick (Mountain Village):…

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Telluride has really been showing off as of late! Recent snowfall in the high country has created a dramatic backdrop for the radiant golden waves of Aspen trees. As the days grow colder, I'm reminded that ski season kicks off in less than 2 months. With that in mind, here's an update on what's been going on and some info to help you plan your winter trip to Telluride. I love giving recommendations on where to stay, eat, and play, so please reach out with any questions you may have. I hope to see you soon!
 
 
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GET EXCITED FOR SKI SEASON!

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As the summer selling season comes to a close, we are seeing the dollar volume of sales down only 9% from last year, however, the number of transactions is down 31% in San Miguel County. Not to much surprise, average sales prices in the county have increased 31% YTD over the record-setting 2021. Overall, the dollar volume for the Telluride and Mountain Village markets are down YTD 11% and 7% respectively, yet average sales prices are up 12% and 38%. In general, the Telluride area market now seems to have reached a plateau.

Even as buyer demand has moderated, inventories still have not increased much as most people are very happy with their ownership and are not looking to sell. Limited affordability (exclusivity), low inventory, and moderate demand are…

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Ask anyone for their favorite real estate app, and what do you think they’ll say? Zillow, probably. And I can’t blame them - it’s user-friendly, it works all over the country, so no matter where you’re traveling, you can hop on Zillow to find homes for sale near you.

And I’m sure know about the most common issues with Zillow, like Zestimates being way off, etc etc. But did you know that if you're a serious home buyer, there's over a 30% chance that you'll miss out on your dream home if you use Zillow for your Telluride property search?

Watch the video below to find out why! 

 

 

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