TREC is pleased to present its First Quarter 2018 Market Report. The first quarter of 2018 compared to the first quarters of 2014-2016 was up 18%, but down 21% compared to 2017 – an anomaly. $110.3M in contracts closed in the first quarter with the number of transactions down 27%. Local influences on slowed sales include lack of snow this ski season and tightened inventory levels. On a national level, buyers pulled the trigger at the end of 2017, which the Telluride real estate market saw, but showed hesitation in the new year while trying to understand how the new tax laws will impact them.
Despite a slight dip in sales in the first quarter, we are not too troubled as December 2017 was a significant month for closings before the new year. Additionally, January 2017 was one of the largest months in sales on record for comparison. So, 2018 out-performed the prior 6 years with the exception of 2017. One quarter “does not a market make” in a smaller boutique marketplace and with over $120M in contracted sales, we look forward to a strong second quarter.