Friends of Telluride ~
Telluride continues to lead mountain destinations out of the recession, setting records for skier visits, tax revenues and air service over the past year, and looking to do it again this winter. For 2014, Telluride is pacing to finish up 12% in sales tax revenues, a new high, the ski resort reported a record number of skier visits,and the air organization, with 20% growth, put back on the books the largest number of seats it has brought into the region.
This season, the resort had great early snow, and pacing across the destination is up 10% – 20% to-date. Another good snowstorm or two and a strong spring break, and Telluride is set to push last year’s records even higher.
If you have an interest in learning more about “best buys” in any market category, send us an email and we will send along our top picks – – they are going fast!
Hope to see y’all on the slopes in Telluride,
TD Smith, Chris Sommers and Alex Smith
Total sales registered in 2014 was the strongest year in both dollars and numbers since 2007. Nearly every month of 2014 registered dramatic increases relative to the same months of 2013. Total combined sales have outpaced 2013 by 48% ($507.1M vs. $342.2M). Incidents of sales increased 28% indicating a steady increase of absorption of inventory. This very positive market performance in 2014 provides strong indicators for a very positive outlook for 2015. Currently, as of mid-February, $78M in transactions are under contract with $25M in gross dollar sales closed in the month of January 2015 (per the MLS).
How the Major Market Segments have performed:
Town of Telluride
- Gross Dollar Sales up 58% ($199.6M vs. $125.8M)
- Sales Numbers up 62% (190 vs. 117)
Town of Mountain Village
- Gross Dollar Sales up 63% ( $218.5M vs. $133.6M)
- Sales Numbers up 11% ( 180 vs. 162)
Remainder of County
- Gross Dollar Sales up 8% ($88.9M vs. $82.5.0M)
- Sales Numbers up 20% (153 vs. 127)
Specific Sub-market Segment Performances of Note:
- Town of Telluride Condominiums up 94% ( $85.3M vs. $43.9M)
- Town of Telluride Homes up 46% ( $75.4M vs. $51.7M)
- Mountain Village Condominiums down 31% ($60.8M vs. $79.8M)
- Mountain Village Homes up 125% ($90.4M vs. $27.8M)
Note: Mountain Village condominiums experienced a surge in sales in 2013 related to investor owned product purchased in bulk during the recession. With prices increasing and absorption on the rise, it is believed the lull in sales is temporary.
Although a “market snapshot” as to value in a boutique real estate marketplace such as Telluride can be difficult to ascertain with a great deal of accuracy, the average sales price PSF of a Town of Telluride home with an asking price above $1M YTD is $904 compared to $807 in 2013. In the Telluride Mountain Village, under the same search criteria as those stats, compare $545 in 2013 vs. $669 in 2014. As the market continues its upward momentum, increased values and velocity of sales should follow suit, as has been witnessed in the Historic Town of Telluride and Mountain Village market wherein 21 home sales have transacted above $800 PSF, of which 15 were above $900 PSF and 9 above $1000 PSF.