Telluride 1st Quarter Market Update 2017
Telluride 1st Quarter Market Update:
The first quarter of 2017 is off to a roaring start with the total dollar volume up 46% over 2016, our best first quarter since 2007. In fact, the average transaction dollar amount increased 22% over last year as buyers feel stronger about our market and inventories have decreased causing some gentle appreciation particularly in the Town of Telluride home market where prices have approached pre-Recession values. Contributing to this run appears to be the improved air service to Telluride, the second best snowfall recorded, post election clarity and the sophisticated new product being brought to the market.
There are presently under contract 45 properties priced over $1m with 24 of those priced over $2m and 14 priced over $3m. Of particular note are the 6 homes under construction/spec projects in Town that are pending for $2-6m, three of which are over $5m. While this activity is exciting, there are still many attractive properties priced well, particularly in Mountain Village where there are tremendous opportunities on beautiful properties still below pre-Recession pricing. Sage buyers continue to find excellent opportunities to begin the Telluride lifestyle in Town, MV and outlying areas where values abound especially when compared to similar ski town markets.
Below are links to the rather unique Bear Creek Reserve custom home project, which we sold out prior to completion at over $5m each, and Transfer Telluride, which promises to be the new coveted Telluride address as Meriwether Development, CCY Architects from Aspen and Finbro Construction combine to create a peerless product in Telluride. These projects along with other custom homes in the area have started Telluride on a new, elevated design path that promises to invigorate buyers in our market. Telluride will always be Telluride, but it is likely we will see our funky become a little more funky cosmopolitan.
Please feel free to contact us to discuss the market in more detail or to discover what great opportunities exist.
TELLURIDE IN THE NEWS:
Telluride Summer Events Schedule:
FILM & THEATER
MOUNTAIN FILM: May 26 – 29
SHAKESPEARE IN THE PARK: July 15 – 22
TELLURIDE FILM FESTIVAL: September 1 – 4
TELLURIDE HORROR SHOW: October 13 – 15
TELLURIDE BLUEGRASS FESTIVAL: June 15 – 18
THE RIDE FESTIVAL: July 8 – 9
TELLURIDE JAZZ FESTIVAL: August 4 – 6
TELLURIDE CHAMBER MUSIC FESTIVAL: August 10 – 20
TELLURIDE BLUES & BREWS FESTIVAL: September 15 – 17
TELLURIDE FARMERS MARKET: June 2 – October 13
TELLURIDE JULY 4TH CELEBRATION: July 4
FESTIVAL OF CARS & COLORS: September 21 – 24
TELLURIDE WOW FESTIVAL: June 8 – 11
TELLURIDE YOGA FESTIVAL: July 20 – 23
IMOGENE PASS RUN: September 9
MOUNTAINS TO DESERT RIDE: September 23
TELLURIDE BALLOON FESTIVAL: June 2 – 4
TELLURIDE WINE FESTIVAL: June 22 – 25
TELLURIDE PLEIN AIR FESTIVAL: June 28 – July 4
FIBER ARTS FESTIVAL: August 4 – 6
TELLURIDE MUSHROOM FESTIVAL: August 17 – 20
“The Telluride-area residential real estate market has been slowly rebounding since the Great Recession of 2008-2010, as proven by comparing 2016 data against figures from 2007, generally considered the market’s best year.
The information comes from Brian F. O’Neill, director of Telluride Properties, who recently prepared an update on area real estate trends for his clients and shared the information with The Daily Planet in an interview last week.
“When comparing 2016 to 2007 (our finest year),” O’Neill wrote his client report, “it is interesting to note that sales of homes and condos in both towns tell interesting stories, while the overall market data for those years exhibit the new normal.”
Thank you for reading, and we hope to see you soon!
-The O’Neill Stetina Group