Telluride Market Update
Greetings from Telluride ~
We have had an excellent winter in Telluride with over 17 feet of snow and an uptick in both retail sales and skier days. The Historic Town of Telluride reports that retail sales year end 2011 were the highest in 20 years. After rather lackluster real estate sales in the month of January, it appears as though transactions for February and March are tracking attained numbers for those same months of 2011.
$18.9M of sales closed in February (vs. $19.8M in February of 2011) and $38.1M of sales have closed in March (vs. $27.3M in March of 2011) – – a 40% increase in sales dollar transactions with a 26% increase in transaction volume. So, it certainly seems that momentum is gaining in our marketplace and has nearly made up for slow sales in the month of January.
On another very positive note, over $91M is currently under contract which bodes well for April and May which realized approximately $42.6M in total sales for those months in 2011. 44 properties sold or contracted YTD are over $1M with 25 between $2M – $12.5M, so it appears as the upper end of the market is experiencing a bit of a revival.
During the past 12 months, the Town of Telluride seemingly has been the market leader with 18 sales over $1M, 10 sales above $2M, 4 sales between $2.9M – $6M and those four sales averaged $934 PSF. The Telluride Mountain Village Market continues to present excellent buyer opportunities with 76 homes currently in market above $1M. The Mountain Village experienced 27 transactions over $1M during the same period, 13 of those transactions were over $2M and 5 between $5M – $12.5M. This compares to the prior 12 months where there were 39 sales above $1M, 17 above $2M and 6 between $5.1M and $9.5M.
Telluride has also been the recipient of some very good press as of late, being acknowledged by both National Geographic and Conde Nast Traveler as being one of the top ski resorts in the world (see links below).
Below is a list of our outstanding summer festivals.
Mountain Film Festival – May 25-28, 2012
Telluride Bluegrass Festival – June 21-24, 2012
Telluride Wine Festival – June 27 – July 1, 2012
Telluride Plein Air Festival – June 29-July 5, 2012
Fireman’s Fourth of July Celebration – July 4, 2012
Telluride Playwright’s Festival – TBA, 2012
Telluride Yoga Festival – July 12-15, 2012
Telluride Americana Music Festival – July 18-21, 2012
Telluride Jazz Celebration – August 3-5, 2012
Telluride Festival of the Arts – August 10-12, 2012
Telluride Film Festival– August 31 – September 3, 2012
Telluride Blues & Brews Festival – September 14-16, 2012
We look forward to seeing you in the mountains this summer.
TD Smith, Chris Sommers and Alex Smith
President / Managing Broker
Telluride Real Estate Corp.
232 W. Colorado Ave.
Telluride, CO 81435
c | 970.729.1577
o | 970.728.1606