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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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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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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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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Summer is underway in Telluride, as the 4th of July marks the unofficial leap into the season. We’ve seen a lot of early monsoon rains this year, which is a great sign after a dry and windy spring. The San Juan high country is green and popping with wildflowers, creating the perfect backdrop for hiking and biking adventures.

In the real estate world, despite the first decrease in overall dollar volume in recent history, average sales prices are still up 31% in San Miguel County (SMC). Still, it feels like we are on the cusp of a shift in the local market. Obviously, it’s hard to know exactly what that means, but here are the tea leaves we’re reading:

  • Inventory Continues To Be Low:

    Down 50% in Telluride…

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As we parse through 2022’s first quarter data here at Telluride Properties, we find that most resort markets have seen a decline in the number of sales year-over-year due to a lack of inventory but mixed results for dollar volume of sales. While a few markets such as Jackson Hole may be experiencing dollar volume declines, significant dollar volume increases are still happening in Telluride, Big Sky and Aspen (while the Hamptons remain steady). This may indicate a change as we emerge from the pandemic, where radically low inventories are our own “new normal” (only 5 homes currently available in Telluride and 9 in Mountain Village), causing an overall decline in sales volume while values in these areas continue to rise…

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The dust has settled on 2021 and it’s another one for the history books! San Miguel County’s real estate sales exceeded 2020’s dollar volume of $1.1b with a new record of $1.4b. That’s exciting news, yet most likely a peak for now. Buyer demand is still very strong; however, current owners aren’t anxious to give up their Telluride retreats without good reason.

Mountain Village continued to lead the market as the number of sales in Town decreased by 25% due to limited offerings. Vacant land sales were bolstered greatly by the lack of inventory in home and condo segments, with sales volume increasing by as much as 99% in certain areas of the county. The upper-end of the market also saw more action in 2021, with 65…

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Nothing like a pandemic to lift a market! San Miguel County real estate sales have surpassed $1b through the end of September and are on track to eclipse last year’s $1.16b record. Mountain Village and surrounding areas have carried the market, as buyers have come to recognize the attractiveness of values and lifestyle opportunities there. Downtown Telluride sales have slowed, simply because there has been very little inventory. Of recent importance, is the advent of properties contracting over $10m and $20m. No longer are sales over these thresholds considered an anomaly. Telluride is clearly maturing quickly and with its limited supply, suggests continued appreciation.

Despite historically low inventories, we at…

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Telluride Real Estate Agent

As we cross the halfway mark of 2021, the Telluride Region’s real estate market continues charging full speed ahead. As inventories have dwindled over the past year-and-a-half, San Miguel County’s dollar volume of sales has continued to rise, increasing 207% year-to-date over the prior 5 year-to-date average. Amazingly, at $684M, the year-to-date dollar volume of sales has surpassed the yearly totals for the last 10+ years (with the exception of 2020). Due to very limited inventory in Town, we have seen Mountain Village and outlying areas surge, carrying the market.

There is still plenty to buy in today’s market, even though it may not be exactly what you are looking for today. Buying into the market to begin…

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