There's good news for buyers... as the year comes to a close, an analysis of Telluride’s regional real estate market continues to favor the buyer!
In 2012 the Telluride area was brisk with real estate transactions totaling 467 properties or around $406 million in sales. And this year the market has continued its healthy trend. As of Nov. 2, 2013, there are 427 properties already closed or waiting closure. Though 63 sales might be pending, should they close at 10 percent below the asking price, everything will add up to approximately $313 million. Some of the pending sales are also likely to close in 2014, but to us at Nevasca Realty the picture is clear — we might not be as strong as we were last year, but we’re solidly ahead of 2011, when only 405 properties sold for $253 million.
Prices in this region are diverse, but the Town of Telluride tends to have highest prices due to many factors. The town has a small inventory, low available space and generally higher demand on top of its insufferable new construction approval process. But even with its limitations, Telluride’s historic charm, convenience and setting keep it as the most popular local choice for residency. In 2012 just 35 homes sold for $65.6 million in Telluride. But with the strong sales in 2012 Telluride’s market entered 2013 with a lower available inventory, and so far this year, sales have dropped a bit to 27.
Up in Mountain Village, residential sales have been somewhat anemic over the last 12 months, which has presented a superb option for home buyers. Erik Fallenius, the owner/broker of Nevasca Realty, explained that he and his wife Josephine were able to sell their own Telluride home in 2012 at a price comparable to the all-time highs of 2007. With the strong sale, the Fallenius’ began a remodel of their new home in Mountain Village which has presented them with a vast array of opportunities not available in Telluride.
"Between the sun, the views, lower density and excellent value, the decision to go to Mountain Village was ultimately a very easy one for Josephine and I," Fallenius said.
Beyond the boundaries of Telluride and Mountain Village, lower property values in the county have spurred an increase in the potential buyer base. With the increase, regional transactions have been on the rise in a market that’s been stale for a number of years.
All in all good values coupled with new opportunities continue to grow in the ski resort named No.1 in North America by Conde Nast magazine.
(Written by Colin McRann)