Has the Telluride Market Plateaued?
Summer flew by and we’re already headed into Q4 of 2022! We’ve taken a look at the trends for Q3 in Telluride real estate and there are some revealing details.
Despite dollar volume of sales being down only 9% from last year, the number of transactions are down 31% in San Miguel County. To no one’s surprise, average sales prices in the county have increased 31% YTD over the record-setting 2021. As we predicted last quarter, it appears that things are beginning to plateau in Telluride.
What does that mean for you? Click here to read the full report or take a peek at some of our insight below.
The key trend we are keeping an eye on now is inventory. Despite a decline in sales activity, inventory is historically low and prices are up 30%. If we continue to see inventory increase, we may see more price improvements, but quality, coveted properties are continuing to get interest.
Newly-remodeled and updated homes and condos have been getting sellers top-dollar, while land has been trending due to sellers willing to negotiate on pricing. However, it is important to remember that contractors and builders are essentially booked for the foreseeable future.
We are also keeping an eye on the global economy and how it is impacting our market. Buyers feel as if it’s a bargaining chip to lower pricing, while sellers will tend to be patient and enjoy their asset instead of selling. We will see if sellers continue to hang onto their properties or if buyers reap more negotiating power.
Want more personalized details about your 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 ski runs, don’t hesitate to contact us. If you’re ready to start your search now, click here. We’d love to show you around.