2012 Quarter 3 Telluride Market Update

2012 has turned out to be a very strong year for the Telluride real estate market, and we continue to see a renewed interest in Telluride real estate. The 2011/2012 winter season was strong in Telluride, with increased skier visits as well as retail sales in the Town of Telluride, and that momentum has continued through the 2012 summer season. When compared to 2011, gross dollar sales rose by 18% in April, 21% in May, 49% in June, and 34% in July.

As of mid-September, roughly $70 million in real estate was under contract, indicating that 2012 should end quite strong once those Telluride properties close. 2012 is on pace to exceed the dollar volumes of both 2008 and 2010, potentially making 2012 the strongest year in five years. The average sales price for Telluride real estate listings so far in 2012 is $4.6 million. Of all the real estate sales this year, 67 were over $1 million, and 37 of those were between $2 million and $13.2 million, showing that the upper end of the market is seeing growth.

Over the past 12 months, the Town of Telluride has been the market leader over Mountain Village, although Mountain Village has proven to see growth in condo sales and higher dollar volume sales. During this time period, Telluride has seen 25 sales over $1 million, 14 sales over $2 million, and 7 sales in the $2.9 million to $6 million range. During the same time period, Mountain Village saw 32 real estate sales over $1 million, with 17 of those transactions in the $2 million to $12.5 million range. Buyers should be aware that the Mountain Village real estate market presents many great opportunities right now, with 67 homes above $1 million currently listed for sale.

Overall, the Telluride real estate market is starting to stabilize after the recession, and the Town of Telluride is experiencing appreciation.  While the market is recovering and seeing growth, there are still opportunities and deals to be had, with 25-30% discounts off pre-recession list prices in some areas. Telluride will always be one of the most resilient real estate markets around, with world-renowned skiing and recreation, a charming historic town center, and stunning natural beauty every direction you look.

View the 2011 Quarter 4 Market Update here.