Telluride Homes & Property Market Analysis
2023 Q2 Telluride Real Estate Market Report: Resilience and Controlled Growth
In the second quarter of 2023, the Telluride real estate market showcases resilience amid short-term fluctuations. Over the past five years, including the pandemic-impacted period, the market has averaged $1.2 billion in gross dollar sales annually. However, a broader five-year view reveals a $960 million yearly average. YTD analysis indicates a 5% increase over this average, signifying a return to the “new normal.”
A standout feature is the remarkable decline in inventory, down by up to 50% pre-pandemic. This scarcity has driven significant changes in prices: San Miguel County’s average sale prices increased 5%, the Town of Telluride remained stable, and the Mountain Village segment surged by 48%. Notably, the Mountain Village sector accounted for 60% of YTD sales volume, up from 40% the previous year. Single-family homes and condominiums in the Mountain Village also saw price per square foot rise by 37% and 16% respectively. This robust market performance is underpinned by the assurance of controlled growth due to limited private acreage, fostering stability and value resilience in the Telluride real estate landscape.