Telluride Market Update April 2011
Telluride: Condo Real Estate For Sale
Currently there are 109 condos for sale in the town of Telluride. In 2011, a total of 42 condos sold in town. 22 of those that sold were asking 600,000+, of which 11 of them sold for $1+ million. Only one condo sold so far this winter asking $1+ million. Looking back an additional 12 months to 2010 shows another 8 condos sold in town for over $1 million. There are no other $1+ million condo sales in town so far this winter, although one $1+ million condo at the Willow is under contract as are nine condos at the luxury ski-in/out development Element 52. The remaining six condos under contract have asking prices ranging from $158,400 to $795,000. Four of those contracts are either bank owned or short sale.
In 2011, average sold price for a condo in town was $1,122,478; median sold price was $663,750 with an average days on market of 474 days. 38 free market condos sold in town in 2011. For 2010, the average sold price for a condo in town was $825,754; median sold price was $560,000 with an average days on market of 221 days. 42 free market condos in town sold in 2010.
Mountain Village: Condo Real Estate For Sale
Currently there are 151 condos for sale in Mountain Village. In 2011, a total of 75 condos sold in Mountain Village totaling $46.8 million compared to a total of 44 condos in 2010 for $50.4 million. Fifty of those that sold last year were asking $500,000 or less, 42 which were Peaks hotel rooms. Fourteen $1+ million condos sold in the Mountain Village in 2011 and just two were bank-owned/short sale. Looking back an additional 12 months to 2010 shows another 24 condos sold in Mountain Village for over $1 million. Currently there are 19 condos under contract, 17 of which have asking prices less than $500,000 and the other two asking $2.775m each. Five of those contracts are either bank owned or short sale, including the two condos at $2.775m.
In 2011, average sales price for a condo in Mountain Village was $557,123; median price was $201,875 with an average days on market of 364 days. 73 free market condos sold (including 42 Peaks hotel rooms that brought the averages down). For 2010, average sales price for a condo in Mountain Village was $1,197,621; median price was $1,120,000 with an average days on market of 282 days. 39 free market condos sold.
Of the 111 condos that sold in town or Mountain Village in 2011, 86 sold for $1m or less. 15 sold between $1m-$2m (12 of those in Mountain Village). 6 sold between $2m-$3m. 4 sold for $3+m.
For condo buyers, the best luxury condo buying opportunities in many years should be happening in the next 12 months as several condo developments that are currently overpriced or off the market reset their pricing to the new, entrenched realities of this era. This pricing pressure will continue until significant price adjustments are made in order for more buyers to be comfortable making a purchase. A few astute sellers have already taken that into account with their asking prices. There continues to be compelling purchase opportunities for a few condos in both towns (in most price segments) with asking prices set to today’s market.