Telluride Market Update
Market conditions have been quite strong during what is typically a slower time of year, with nearly $248m in closed sales and pending contracts in the last 90 days.
Some notable statistics for the period include:
- 60 sales over $1m
- 11 sales over $4m
- 6 sales over $7m
Significant Sales included the following transactions:
- Two Mountain Village homes at $9.9m and $12.3m respectively
- Two ranch sales of $12m & $17m
- Two penthouses in the historic Town of Telluride of $4.7m and $3.4m
- Average selling price for properties in and around the resort area was roughly $2.27m
- Sold to List Price Ratio climbed from roughly 76% at the bottom of the market to nearly 90% of sales in this period
- Days on the market has come down by nearly 1/3 for this segment as well
- Average selling prices for SFH homes in the historic Town of Telluride have climbed to $1,027 psf
We have seen a brief slowdown in showing activity since the presidential election; though that can be partly attributed to seasonality, with most closings on schedule for before the first of the year in the interest of securing lower than forecast capital gains rates.
As to trends readily identifiable in this market, the highest quality assets offering perceived value in the best locations, be it ski-in/ ski-out locations or in the heart of our historic core area continue to generate the most interest and strongest pricing.
To a prosperous New Year…