Low Numbers in Telluride and San Miguel County Are Deceiving
The second quarter Telluride real estate market report by Telluride Properties is out! Several trends reveal themselves, but the highlights are that the amount of properties for sale remains very low and that high-end sales remain strong. Only 261 properties are for sale in the entire county. That means homes, land, condos, fractionals, and commercial properties in all communities such as Telluride, Mountain Village, Ophir, Norwood, Placerville, and the mesas. Pre-pandemic, there were 1,200-1,400 properties for sale. Another 64 properties are currently under contract, totaling $190 million in real estate, with a third of those contracts for properties in the town of Telluride, nearly half of the remaining contracts for properties in the Mountain Village, and the remainder sprinkled Down Valley, on the mesas and in Norwood.
Want to learn more about the current real estate market in Telluride? Click here to read the full report or take a peek at some of our insight below.
Despite the overall decrease in inventory, average sales prices are still up 31% in San Miguel County and the List-to-Sold price is 98% in SMC and 97% in Telluride. Additionally, sales over $5m are up 19% year-to-year and there have already been seven sales over $10m compared to four last year.
We have seen some price reductions on properties where lofty goals are being met with reality. However, that doesn’t necessarily mean depreciation – most sellers can be patient in a re-stabilizing market. Other properties which are unique are holding their value and selling for at or near ask.
Want more personalized details about your specific home or real estate search? We can help. Whether you’re looking for more insight about the current real estate market or simply want some local tips about the best hidden hikes or biking trails, don’t hesitate to contact us. If you’re ready to start your search now, click here. We’d love to show you around.