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Telluride Real Estate Market Report
2013 SIGNIFICANT SALES
End-of-Year Review: January - December 2013
By Market Segment
As we transition from 2013 into 2014, the Telluride Real Estate Market continues to strengthen with signs of sustainable sales activity finally evident across nearly all market segments. According to Telluride Consulting, there were 410 sales in 2013, compared with 444 in 2012, a drop of 8 percent. The dollar value of properties sold in 2013 was $342.2 million, down from $364.7 million in 2012, a drop of 6 percent. 2013 saw the biggest December in dollar volume and number sales since at least 2008, as the surge we saw in activity December of 2012 was mostly attributed to closings associated with the sun-setting of more favorable capital gains rates. 2013 also had the second largest number of sales since 2008 which optimistically furthers the case for a stabilized market.
$8,700,000 - 111 Autumn Lane / Mountain Village Single Family Home
$2,021,000 - Mountain Village Condominium
$4,800,000 - Mountain Village Vacant Lot
$5,900,000 - 609 E Columbia Ave / Town of Telluride Single Family Home
$2,733,450 - Town of Telluride Condominium
$2,067,500 - Town of Telluride Vacant Lot
$4,175,000 - Idarado Legacy Project SFH
$4,150,000 - Aldasoro Ranch
$5,050,000 - Brown Ranch
$17,000,000 - JC Mesa Ranch / Telluride Mesas / Vacant Land
$6,000,000 - Ridgeway Mesas / Vacant Land
TIME FRAME / $ VOLUME / SALES NUMBERS 2013
$342.2 Million
410
2012
$364.7 Million
444
2011
$247.4 Million
383
2010
$317.6 Million
327
2009
$265.7 Million
276
TOWN OF TELLURIDE
M O U N TA I N V I L L A G E
The strongest segment of the market continued to be the Town of Telluride, with single family homes leading the way, demonstrating the highest prices/sq. ft. for new/newer construction (including 5 sales in the 27 at over $1000/ sq. ft.). Interestingly, while the number of sales in the Town of Telluride was down 22% from 2012, dollar volume held steady, indicating an increase in values, with the average price per sale trending upward from $1.8M to $1.9M.
Mountain Village home sales are lagging far behind the other market indicators with just $24.4M closed YTD vs. $36M for the same period of 2012. In 2012 there were 23 sales, while in 2013 there were only nine. Sales are a long way off of the high-water market in transactional volume of 2006 when 45 homes were sold in Mountain Village.
TOWN OF TELLURIDE - STRONGEST MARKET SEGMENT
MOUNTAIN VILLAGE CONDOMINIUMS GROSS DOLLAR SALES
TOWN OF TELLURIDE CONDOMINIUM SALES INCREASED 22%
INCREASED 53% YEAR-OVER-YEAR
Architectural firms, general and subcontractors all report a surge in plans in development, going through the permitting, within the design review process and under construction, all signs signaling a resurgence in the entire construction economy which plays a critical role in the local economic engine of the region.
Foreclosure rates on county properties were down 60% from 2012 according to county records. While local housing sales were down slightly from 2012, many say the decline in foreclosures is a sign
Mountain Village Condominiums accounted for 77 total sales
These 77 total sales were the largest amount of increase across 26 categories that saw activity in 2013
30 sales above $500,000 in 2012
47 sales above $500,000 in 2013
of recovery in the housing market. Fewer foreclosures could signal higher real estate prices in the region, which in turn could mean more tax revenues for local governments.