The Telluride real estate market has demonstrated remarkable resilience during the first eight months of 2023. Although the first quarter of ’23 came out of the gates in slow fashion, with a nearly 50% decrease in total dollar volume compared to 2022, the period from June to August ’23 saw a significant upswing, amassing $236 million in sales. This surge has narrowed the overall dollar volume decline to 26%.
Despite prevailing high interest rates, ongoing inventory shortages, and various economic and global concerns, the demand for real estate remains robust. Although the number of sales has decreased by 34% compared to 2022, property values continue to rise, particularly in the Mountain Village area, where the average transaction price has elevated to $2,250,000, up from $1,620,000 in 2022.
Over the past two years, the Mountain Village real estate market has consistently driven the region’s real estate sector. Year-to-date total dollar sales in the Mountain Village area are approaching $300 million, constituting 51% of the county’s total sales. The town of Telluride follows at 29%, with the remainder of the county at 20%. Notably, the average sale price for a home in Mountain Village has now reached $8,500,000.
Looking ahead, it is anticipated that 2023 will surpass the real estate performance of 2019, which stood as the most significant real estate year for San Miguel County since 2007. Overall, there is a collective optimism in witnessing a return to post-pandemic normalcy, contributing to a more enjoyable pace that adds to Telluride’s appeal and unique charm.
Please contact me if you’d like to further discuss any aspects of our real estate market or the value of your property.