Quarter 1 Market Update

The first quarter of 2023 had gross dollar sales of $168.1 million involving 90 transactions. This represents a decrease in sales volume of 16% over the 5-year prior average. Of course, the COVID influence years of ’21 and ’22 skewed the overall 5-year average upward. Quarter 1 ’23 was the third largest first quarter of all time. Single-family homes and condominiums in the Telluride Mountain Village accounted for nearly 50% of total sales. A very strong March ($74.6 Million) bodes well for the upcoming sales season.

Given nearly a 50% decline in inventory, a decrease in sales was to be expected. The silver lining for our market is that the average sales price county wide only decreased 6% from Q1 2022 with an average price per transaction of $1.87 million. Telluride Mountain Village sales witnessed a 36% increase in incidents of sale and an increase of single-family home prices of 15% and condominiums 18% on a PSF basis.

Simple supply and demand economics support that the Telluride Real Estate marketplace, while from time-to-time experiencing a decline in sales, has remained resilient as to value during economic downturns. The Telluride Region is surrounded by federally controlled property (USFS and BLM) limiting future growth to approximately 14,000 private acres. Virtually all of the private ground is subject to a master plan which allows for the development of fewer than 4,000 single family equivalents on about one third (1/3) of the above-mentioned ground. This density is but a small fraction of allowable densities in other major resorts and it is this assurance of future controlled growth that positively drives the market place both with regard to volume and value.

Telluride Real Estate Corp. produces an in-depth analysis of real estate activity in Telluride and Mountain Village, as well as the surrounding regions. Our Quarterly Reports are YTD data collected on a quarterly basis, and our End of Year Market Report is an in-depth review of how the market performed in the last calendar year. The report is broken down by area so you can find how the market performed in each neighborhood.

SINGLE-FAMILY HOMES

The Town of Telluride market accounted for $44.7M of the annual sales within the county.