Telluride’s real estate market shows no signs of slowing down as 2017 closed out at a 10-year record high. Dollar volume was up 36% YOY and transaction volume was up 10% YOY indicating the market has built up an appetite for higher-priced properties.
The single-family home market in the Town of Telluride continues to be met with high demand and very limited inventory. This demand has spurred a construction boom not seen in years. A quick stroll through town and you’ll notice heavy machinery and crews on nearly every block. The increase in newly constructed homes has aided in driving sales in town with the number of sales up 11% and total dollar volume up 38%.
Mountain Village, with its ease of access to world-class skiing and golfing, continues to trend upwards as well. Most significant was the 46% increase in dollar volume for homes in the Village. The condo market has also seen continued growth with a 27% increase in dollar volume over 2016. Some of the most exciting news affecting this market is the release of Telluride Ski & Golf’s updated comprehensive plan outlining multiple improvements to terrain and infrastructure on the ski resort. These improvements will have an impact on winter and summer activities and although this will impact the entire region, the Mountain Village will be the core of the action and therefore stands to benefit the most. All of this combined with finite inventory in the Town of Telluride will continue to drive value-oriented buyers towards the village.
We saw a 23% increase in dollar volume in the remainder of the county. Stand out neighborhoods include the Ski Ranches and Aldasoro. A dog ban that had been in effect for many years, and likely stifled home values, was finally repealed by the Aldasoro Homeowner’s Association. With an increase in existing home values throughout the region, constructing a new home has become more attractive. This is most evident with vacant land sales in the Ski Ranches increasing nearly 4x when compared to 2016 figures.
Looking forward to 2018, we believe we will see continued growth in our market. We feel that this growth will be propelled by strong economic conditions throughout the nation and increasingly limited inventory throughout our region. Additionally, our buyer pool continues to grow larger as technological advances are increasingly allowing families to relocate and live in the region full-time.