Wow, what an unprecedented and unpredictable year 2020 was. Full of heartbreak and turmoil for so many, we in Telluride were reminded time and time again how lucky we are to enjoy the lifestyle provided by our quaint town in the San Juan Mountains. As we reflect on the trajectory of the Telluride real estate market over the past 12 months, it seems that very lifestyle sentiment was the prevailing force in driving an extraordinary influx of demand, as the dollar volume of sales reached all-time highs. In fact, the previous high dollar volume mark set in 2007 at $756.6m was blown out of the water in 2020, increasing more than 50% for a total dollar volume of $1.16b. Incredibly, every month of the year exceeded $125m in dollar volume for San Miguel County.
All across ski country, from Aspen to Jackson Hole to Big Sky, a flood of new demand has been the story of the past year, driving prices to new heights in many areas. 46% of Aspen’s 2020 dollar volume came from home sales in excess of $10m. In Jackson Hole, $3,000+/square foot is the “new normal” for properties in the upper-end. By comparison, Telluride’s surge has been more of an exacerbation of underlying dynamics; a steady increase in prices – particularly in town – and dwindling Town of Telluride inventory were influencing factors even before the pandemic. The average price-per-square-foot of Telluride and Mountain Village homes currently on the market is $1,340, up modestly from the average of $1,006 in 2019. Even with recent “outlier” sales in the upper echelon of the per-foot metric, Telluride continues to represent a more sustainable price appreciation than comparable resort towns in the west. While the highs that our market achieved this past year are completely unmatched, the dynamics behind those highs in Telluride are full of substance and longevity.
What droves of buyers sought-out in Telluride this year will remain in spades for years to come. The authenticity of the Telluride lifestyle, wide-open spaces, and fresh mountain air are here to be enjoyed, even when the pandemic is no more.
Read on for the full report, and contact me anytime to discuss current market conditions as they pertain to your goals.
Hope to see you in Telluride soon!
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