Total sales for the first quarter is on par, in both dollars and numbers, with the first quarter of 2014, the latter registering the highest gross dollar sales since 2007. The modest downturn of Historic Town of Telluride sales is largely the result of a lack of quality inventory, which was seriously depleted during 2014. The increase in gross dollar sales of Mountain Village condominiums and homes in the first quarter of this year helped maintain overall market stability as compared to the first quarter of 2014. Currently as of March, $83.3M in transactions are under contract with $41M closed in March alone, with almost $92M closed YTD.
How the Major Market Segments have performed:
Town of Telluride
- Gross Dollar Sales down 7.4% ($39.5M vs. $42.7M)
- Sales Numbers down 4.7% (40 vs. 42)
Town of Mountain Village
- Gross Dollar Sales up 1% ($37.1M vs. $36.6M)
- Sales Numbers down 7.6% (37 vs. 43)
Remainder of County
- Gross Dollar Sales up 1% ($14.9M vs. $14.8M)
- Sales Numbers up 48% (31 vs. 21)
Specific Sub-market Segment Performances of Note:
- Town of Telluride Condominiums up 9% ($23.9M vs. $21.9M)
- Town of Telluride Homes down 54% ($5.5M vs. $12M)
- Mountain Village Condominiums up 24% ($16.4M vs. $13.2M)
- Mountain Village Homes up 67% ($16.7M vs. $10M)
With the increase in commercial leasehold rates within the Historic Town of Telluride and redevelopment opportunities of commercial structures, the commercial segment of the market has rebounded dramatically since the beginning of 2014. Values of this property type have increased nearly 50% since the end of 2013. For value driven investors, Telluride Mountain Village homes and condominiums continue to be quite attractive together with regional homes. For those interested in a design / build process, excellent vacant ground opportunities exist in nearly all market segments. With the lack of standing inventory in the Town of Telluride, we believe that vacant lots will be a focal point for investors / developers this summer.