In 2008, The Town of Telluride acquired the 560-acre 'Valley Floor', a three-mile stretch of land to the west of Town limits for $50M, effectively walling in the .7 square mile community and guaranteeing that there would always be a very finite real estate inventory in the community. A dramatic rise in construction costs and lack of land inventory over the last few years have escalated the asking prices of new inventory to new highs.
In 2016, 69 units sold in Telluride. Sales ranged from $ 140K to $ 3.425M, and the sold price per square foot ranged from $ 356 to $ 1247. The average sale was $ 923K. The average sold price per square foot was $ 741. Each sale averaged 96% of the asking price.
In 2017, 100 units sold in Telluride. Sales ranged from $ 146,000 to $ 4.9M, and the sold price per square foot ranged from $ 487 to $ 1479. The average sale was $ 859K. The average sale price per square foot was $ 745. Each sale averaged 97% of the asking price.
In 2018, 84 units sold in Telluride. Sales ranged from $ 160K to $ 7.85M, and the sold price per square foot ranged from $ 455 to $ 1447. The average sale was $ 1,028,000. The average sale per square foot was $ 789. Each sale averaged 95% of the asking price.
There are currently 41 condominiums for sale in Telluride. Asking prices range from $ 160,000 to $ 8.15M, the asking price per square foot ranges from $ 579 to $ 1748. The average asking price is $1100 per square foot. The average listing is $ 2.7M.
With a dwindling inventory of not only new condominium product but also land to develop, prices within the Town of Telluride are destined to continue rising.