Telluride Colorado USA - Real Estate Market Information

Going through a first-time home buying experience can definitely be nerve-wracking, but with Mike's help, this was not the case. Thanks to his high level of patience and understanding of the local market and my situation, he made this ordeal extremely pleasurable and educational. Thanks Mike!

~Ryan Deppen
Telluride, Colorado

Market Information

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TELLURIDE MARKET STATS
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2006 Year-End Market Update for San Miguel County
Compiled and Presented by Mike Shimkonis, Broker Associate, Telluride Properties, LLC

Overall Market Points:
2006 was a near record-breaking year with $682 million in dollar volume, a figure only exceeded by 2005’s $724.5 million. While specific segments of the overall market gave mixed signals, overall statistics show that we are in an appreciating market countywide.

In the long-term, compound annual growth rates (CAGR) of both dollar volume and number of sales in San Miguel County have shown a consistent growth trend with the 22-Year CAGR weighing in at 13% and 3%, respectively.

The 10-Year CAGR for dollar volume of countywide sales is 14%, with number of sales maintaining a 3% CAGR.

The 5-Year CAGR for dollar volume of countywide sales is 21%, with the number of sales rising just 2%.

The overall trend, based on data from 1985 through 2006, illustrates continued increase in dollar volume while the number of transactions witness slow growth.

Telluride continues to march to its own beat compared to the national housing market, but displays certain similarities when compared to other Rocky Mountain ski towns. The east end of San Miguel County (Telluride, Mountain Village) is very limited in the amount of developable land, which is a key factor behind the region's overall consistent growth in dollar volume and slowing transaction numbers over the past 20+ years.

Single-family homes comprised the largest dollar volume of sales countywide in 2006, generating $257.6 million, an increase of 19% in total dollar volume over 2005, despite a decrease in number of sales from 182 to 141 (23%).

The number of countywide sales listed in the Telluride MLS in the upper-end market ($2 million+) increased by an incredible 37% over 2005. In 2006, 41 properties sold for $3+ million versus 30 in 2005. At the top of the market ($5 million+), the number of sales increased by 31% over 2005. There is, however, some price resistance shown by buyers. Many sellers have yet to price properties closer to market levels. Median sold prices have decreased in certain sub-segments of the market. The median price of homes sold in the county priced above $5 million declined from $6.4 million in 2005 to $5.9 million in 2006, yet the number of transactions in that category increased from 13 in 2005 to 17 in 2006. Another example of price resistance is that certain for-sale properties in the county are taking longer to sell with a median "Days on Market" at 202 in 2006 versus 177 in 2005.

Currently there are 57 listings asking $5+ million in the county. In 2006, 17 listings closed at $5+ million illustrating that currently, there is over three years of inventory. While supply of property in Telluride is very limited and decent appreciation seems nearly guaranteed, it remains a "Buyer’s Market" for investors and second homeowners who appreciate and enjoy Telluride’s vibe. I expect this trend to continue for the next several years, particularly in the condo market as roughly 10 NEW MAJOR DEVELOPMENTS, with 500+ units, are in various phases of planning and construction. The majority of these developments are located in Mountain Village.

My objective in presenting this year-end update is to provide a sense of Telluride's market trends. While not every segment of the market is covered in detail and the value of any individual property is certainly unique (and may vary from the calculations presented here), the data does provide an overall snapshot of general market conditions in the major segments of our region. Please contact me if you have specific questions at 970.369.5375 or email me.