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 prices below (note the huge jump for Mountain Village YTD.)
The inventory of homes, condos, and land in Telluride and Mountain Village remains thin. The number of listings in the Town of Telluride is, on average, down 50% from pre-pandemic levels (except homes), while Mountain Village is averaging around 60% down. Take a look at the chart of listing inventory below.
It’s easy to obsess over the data points and national news in an effort to try and “time the market”. So, take everything that we’ve mentioned above with a grain of salt. Truth be told, investing in the Telluride Market isn’t about ROI. It’s about slowing your crazy life down, connecting with your family, and resetting your mind in the sanctuary of nature. What’s that worth to you?
Posted by Anna Wilson on