Telluride Q1 2024 Market Report

THE TELLURIDE REPORT

WHAT’S SELLING IN THE TOWN OF TELLURIDE

The year to date (YTD) price per square foot for the Town of Telluride Single-Family Homes (SFH) did fall slightly from 2023 ($2,036) to $1,823 in 2024. The Telluride Condominium price per sq. ft. increased to $2,028 (from $1,665 in ‘23).

$2,849,633

The growth observed in both the Telluride and the Remainder of County markets bolstered overall sales performance in Q1 2024 with year to date dollar sales increasing 48% and 205% respectively, compared to the same period last year. Noteworthy sales include TREC’s 180 Liberty Bell Lane at $12.83M.

$1,859,178

YTD Average Sale Price 2024

113 Lost Creek Lane 7 | $2,150,000

Listed by TREC/Forbes: JW Group Andrew Williamson, Ben Jackson

Mountain Village

IN PERSPECTIVE

$ $ $

WHAT’S SELLING IN THE MOUNTAIN VILLAGE

13%

YTD MV Avg. Sale Price

7%

YTD MV Condo Price Per Sq. Ft. 24%

YTD MV SFH Price Per Sq. Ft.

20%

6 Mountain Village

Single-Family Home Sales $55.5M

25%

12 Town of Mountain Village Condo Sales $19.2M

The YTD price per square foot for the Town of Mountain Village Single-Family Homes (SFH) increased from $1,311 in ‘23 to $1,628 in ‘24. The Mountain Village Condominium price per sq. ft. decreased to $1,200 (from $1,295 in ‘23).

Reflecting on the first quarter of 2024, the Town of Mountain Village remains at the forefront of buyers looking for value, with $97 million in sales compared to $66 million in the Town of Telluride. A large part of the quarter’s success was due to the sale of six Single-Family Homes in both the the Town of Telluride ($33.56M) and the Town of Mountain Village ($55.45M).

The price per square foot for Condominiums ($1,201) and Single-Family Homes ($1,629) in Mountain Village continues to be lower than that of Telluride, where Condos are $2,029 per sq. ft. and SingleFamily Homes $1,824 per sq. ft. The lack of inventory is encouraging the trend of buyers exploring options outside town limits, while the low supply and consistent demand has successfully upheld property values.

Across the county there were 29 transactions for Single-Family Homes at a total volume of $154,082,450, with an average price of $5,313,188. Additionally, there were 15 Vacant Land sales at an average price of $1,853,233 totaling $27,798,500. Mountain Village boasted 38% of the volume and Telluride 27%

Aldasoro and Diamond Ranch saw 8% of the volume, with $19,870,000 in transactions. Gray Head and Hastings Mesa also contributed 4% each. TREC’s significant Idarado/East End sale contributed $12,830,000 - 5% of the total volume. Ski Ranches contributed 1% to the volume with $3,561,150.

The first quarter concluded with a total dollar volume of $245.67 million across 104 transactions. This is a 46% increase in total dollar volume and a 16% increase in total transactions compared to the same period last year. The total dollar volume for Q1 2024 ranks third-highest of all time.