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How’s the Market? Telluride Real Estate Quarter 3 Market Report

Telluride: In July, there were three Telluride single-family home sales and four Telluride condo sales. TREC brought in the record setting sale of 235 E. Columbia Ave for $7.625M ($1,914 PSF). August brought the sale of the Telluride Transfer condo Unit 2 for $5.5M and the Town of Telluride saw 15 condominium sales. September’s largest sale was TREC’s Significant Sale of the Senate-Wick at 123 S. Spruce Street for $7.1M. TREC also teamed up on the sale of The Butcher & The Baker at 201 E. Colorado Avenue for $3.2M. There has been a striking trend toward condominium sales with 3-4 times more condos being sold than single-family homes in both Telluride and Mountain Village. The number of pending single-family home sales is the same as this time last year, and pending condo sales is up 1 for the Town of Telluride.

Mountain Village: There was one Mountain Village single-family home sale, as well as three Mountain Village condo sales in July. August provided a much needed boost for the market, with the TREC Significant Sale of 109 Polecat Lane for $6.55M and the sale of 274 Benchmark Drive for $6.2M. TREC also brought the Significant Sale of 225 Benchmark Drive for $4.5M. Mountain Village saw 11 condominium sales in August, including TREC’s Significant Sale of Dakota Place at 133 Lost Creek Lane for $2.3M. The increase in condo sales is likely driven by the movement to more stress-free living and closer proximity to ski acess and the Mountain Village core. The number of pending single-family home sales is up 29% and the number of pending condo sales is up 83% from last year.

Telluride & Surrounding Area: In August, there was a large increase in the number of vacant land sales throughout the county. There has also been an increase of 5% in home sales outside the Mountain Village and Telluride area indicating that high prices may be driving buyers further out on the Mesas, Placerville and Norwood areas. If historical trends hold true, it is expected to continue to see increased activity through October as August through October is normally the strongest three-month stretch of the year per the historical five-year average. The number of pending single-family home and condo sales is up 1, while pending vacant land is down 24%.

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