Market Update – Q3 2016
Market Update Q3 2016:
Summary: As some global uncertainties (Election, Brexit, etc.) that have plagued the luxury market seemingly gain some clarity, pent up demand has begun to bubble over. This trend has become evident in the month of September, as an increase in activity indicates that we are now progressing out of the bottom of the market associated with the election lull. By comparison, September 2016 has been more than twice as productive as September 2012; the same period in the last election cycle, when election results were still murky. The market is off last year by 12% Year To Date but it is being revived as buyers look to secure a place in the area before the holidays. Now is the time to get serious for buyers who have been waiting to time the market.
Town of Telluride:
Town of Telluride Single Family Homes has been the hottest segment in the market, specifically the East End of Town. Total sold volume in this segment is up 57% Year to Date over 2015. The condo market has not seen the same growth, with $36m trading since the first of the year, about 33% below 2015’s pace, due to a lack of inventory.
Town of Mountain Village:
Mountain Village overall has been consistent, with a 3% increase in Sold Volume for Single Family Homes in 2016 year to date; still significantly below totals posted in 2014. The market for large homes in The Village remained relatively stagnant through the summer, with only 12 transactions in the last 6 months over $3m; easily the weakest segment of the market but very recent contracting of homes promises a strong year. Mountain Village condos have remained the bright spot in the Village market, with 46 units trading in 2016, on pace with last year’s 49 units year to-date.
Supplemental Market Research:
Our team at O’Neill Stetina Group is constantly perusing market statistics, searching for trends in our own market as well as comparable markets abroad. View these links leading to a few resources that we have been especially tuned-in to of late:
Telluride Regional Airport is pleased to announce that commercial flights will be returning to Telluride on December 17th. Click on the map for more information, and for the Winter Flight Schedule.