The Telluride Home Market Is Hot Right Now, But What's Next?
We’ve all heard murmurings about how hot the real estate market is right now in Telluride – but what does that really mean? How does it impact selling and buying? Home values? Will things die down? What about building now? Our team of local experts has you covered.
However, Mountain Village’s sale prices stayed relatively the same (6% increase), while Telluride’s average home price increased 31% over the last year. Price appreciation happened in a big way in the town of Telluride, while other buyers found high-end, larger homes for superb value in Mountain Village. Homes in Mountain Village saw a decrease in average time on the market by 41%.
With properties flying off the shelves, many of the homes that needed work or remodeling that had been sitting on the market were finally absorbed. We predict there will be an influx of remodeled and renovated homes hitting the market in a few years.
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In addition to home sales, land sales have been on the rise, too. Telluride vacant properties have seen a 145% increase in dollar volume, while Mountain Village has seen a 800% increase in sales and a 1,225% increase in dollar volume. Outlying areas have also seen an 800% increase in sales and 1,782% increase in dollar volume. But these sales are so much more than impressive numbers – they’ll have an impact on construction pricing and labor resources for years to come.
With the surge in land sales and absorption of already-constructed property, the foreseeable future will show a continued escalation in pricing for both new builds and improved properties. Being a small mountain town community, part of the continued upward pressure will also be a product of the overwhelming demand for services in every aspect of construction from architects to laborers. Anyone considering building or remodeling should expected lengthy timelines and more expensive price points.
However, we do not recommend sitting on the sidelines for a bubble or downtick – now is the time to make a move.
Our clients are certainly not wasting any time! We currently have seven clients in the design or groundbreaking stage of building, in addition to another handful in the remodeling phase. Several new builds and remodels recently completed by our clients even reach the $9-million range.
We currently have a builder client aiming to break ground on a ~3,500 square foot, 4-bedroom home in the Adams Ranch neighborhood with huge views. Pricing and plans will be available this summer.
Contact us to make sure you are being informed of the opportunities that we often know about prior to hitting the market, or if you want more information about the current building situation in Telluride. Our storied history in Telluride has given us access to the best architects, builders and interior designers in the area.
More now than ever, our clients will benefit from Shimkonis Partners’ vast connections based on our vast connections based on our cumulative 70+ years in the Telluride community.