Monthly Market Update

Monthly Market Update

Want to keep abreast of what's happening in the Telluride Market?   We provide monthly updates on new additions to the market, what has sold and how prices and activity compare to previous years.

March Update

The total number of year to date sales are notably lower than last year!  For the first time in recent memory, Telluride is experiencing a slight slow down in the market, although pricing to date remains un-phased to higher.  Average sales prices year-to-date are higher in every category.

New Listings in March

Vacant Lots:  Two vacant lots made their debut in the market in the month of March.  A gorgeous lot in Mountain Village on the very quiet and prestigious Touchdown Drive is now available at $1,400,000. In Telluride, an oversized, East Columbia Avenue residential lot located just west of the intersection with Columbine Street is now offered for sale at $1,495,000. This lot slopes gently from East Columbia Avenue on the north end to Shadow Lane on the south end, with highly desirable views directly up Bear Creek Canyon.

Condominiums:  Twelve condos were newly offered for sale in March, five of which are in Mountain Village and seven are in Telluride.  In town, a 2-bedroom Needle Rock condo came on the market for $1,250,000.  This completed renovated property is located just one short block from the Gondola and two blocks from Colorado Avenue.   

At $1,495,000, in the Mountain Village core a fully furnished ski-in/out 2-bedroom condo is brand new to the market. The sunny, oversized deck captures big views of both Wilson and Palmyra Peaks. Custom upgrades include a rocked-in fireplace, closet built-ins, and travertine floors. Both luxurious baths feature steam showers and jetted tubs. This property is offered for sale by its original owner and it's never been rented!

Single Family Homes:  Eight single-family homes came on the market in Telluride and Mountain Village in March.  At the high end of the market, there is a beautiful ski-access home on Palmyra, with an asking price of $6,485,000.  This home has it all, including six bedrooms with two grand master suites, beautiful decks and a great home theatre.

On the west side of town, there is a new listing that has been completely remodeled with high end finishes offered at $1,199,000. With a large sunny yard, it is perfect for kids, pets or a huge garden.

In addition, 14 homes adjusted their price in March, many of these being great re-development opportunities in town.

Sales in March

Condominiums:  Seven condominiums located in town sold in March, for an average price per square foot of $854.  The seven sales spanned the spectrum from a $240,000 Tomboy lodge studio to a $2 million 2-bedroom Ice House Lodge condo.  In Mountain Village, a 2-bedroom Mountain Lodge condo sold for $535,000.

Homes:  No homes sold in Telluride or Mountain Village in March. 

HENRY's 2 Cents-

While the national real estate market continues to remain dismal, I expect the recent speed bump in the Telluride area to be relatively short-lived.  What sets us apart from the pack is our inverse supply/demand ratio that other markets can't match.  My gut feeling is that most true sellers in this market will not cede to transparent pricing pressure sought by savvy resort buyers.  Therefore, one must realize that in order to find ANY price weakness in today's market, offers need to be written and presented.  We have found some success with this strategy recently and continue to seek leads within the local real estate circles as to which properties offer this opportunity.  Let's talk!

For more information on specific properties or the Telluride market in general, contact Henry C. Lystad at henry@telluride.com.