Is There Still Time to Buy or Sell in Telluride?
We don’t claim to be the best realtors of all time who know every single thing there is to know about real estate – but one thing we do know everything about is Telluride.
If we were to tell you back in January 2020 that the ski mountain would close early, all lodging would be put on hold for several months, all festivals would be canceled, and sales tax revenues would fall off a big cliff but that real estate would go bonkers, you wouldn’t have believed us.
However, in June 2020, we predicted a huge rise in real estate showings and purchases throughout our region. And that is exactly what happened. You can read that prediction here or watch the video below.
Those who took our advice and purchased at that time are currently settling into their Telluride homes and integrating themselves into the community. But the rise in home purchases also caused a rise in another area – land sales.
Buyers flocked to land in 2021 more than any other type of property – residential vacant land saw an increase of 325% in purchases compared to YTD 2019. No other category came close; homes in Telluride increased by 164% and Mountain Village by 143%.
The average dollars spent per transaction have also continued to climb. This year, it is $1.41m YTD (711 transactions), up from $1.3m in 2020 and $918k in 2019. Ultimately, the total dollar volume and number of transactions in YTD 2021 is record-setting from an already record-setting year prior.
Currently, there are just over 200 properties for sale in San Miguel County, while historically there have been about 1,200+ for sale in all categories (homes, land, condos, fractionals, commercial) and neighborhoods (from Norwood to Telluride, Ophir and beyond). Additionally, we are still experiencing multiple offers and the length of time a property sits on the market remains far lower than historical norms. That doesn’t mean it’s too late for you.
Looking to buy? The market may be difficult, but we have been able to help many of our clients find their dream properties – even during COVID. Give us a call and we can get specific with what you are trying to purchase and we can do our best to find you a property even before it comes on the market.
If you’re a seller, we can absolutely help you maximize your value and save time with our team of six working for you. We’re here to market your property and get it sold for top dollar.