The snow has started to arrive. A mid-month storm brought close to two feet and since then we’ve seen an inch or two here and there, keeping things fresh. We were proud to again sponsor San Juan Skijoring in Ridgway over MLK weekend (see photo above). Now, with Telluride Consulting’s year-end report in hand, it’s a good time to catch our breath and take a look back at what happened in 2023.
After three years in a row of over a billion dollars of real estate sales in San Miguel County, 2023 dipped below this mark, closing out the year at $865.73 million in dollar volume and 445 sales. This is down 22% in dollar volume from 2002 and 24% in number of sales. Sales in Mountain Village represented 51% of the total at $440 million, Telluride was 27% with $231 million and the remainder of the County contributed 22% with $194 million. Interestingly, the average sales price in the County jumped 2% to $1,945,000 per transaction and we saw 50 sales over $5 million last year.
The frenzied pace of the past few years has moderated and we’re back to a more traditional cycle of sales and seasons and steadier appreciation rates across the board. Telluride remains unique among mountain towns and demand continues to outpace supply. On top of this, educated buyers are willing to pay a premium for new, or like new, construction.
As we’ve said for months now, lack of inventory, combined with consistent demand, remains a key driver of prices and sales across all segments of our market and we don’t see this changing soon. While sellers may be a tad more negotiable, buyers who wait will likely miss the boat (again) as the “top of the market” is nearly impossible to predict and, by nature, fleeting.
Looking back six years provides some interesting insights:
| Dollar Volume (in millions) | Number of Sales | |
|---|---|---|
| 2023 | $865.73 | 445 |
| 2022 | $1106.05 | 582 |
| 2021 | $1423.62 | 944 |
| 2020 | $1161.70 | 814 |
| 2019 | $594.33 | 540 |
| 2018 | $539.38 | 500 |
As we write this there are 16 sales in the MLS through January 22, 2024, totaling $56.1 million, so we are off to a strong start.
In summary, a good product, in all price points, is selling. In fact, two of our featured listings from last month are now under contract and highlighted below. Now more than ever, it is important to have help and guidance from a seasoned real estate professional as you navigate our unique market.
If you have questions about real estate we'd be happy to jump on a call with you or prepare a report. Feel free to contact us online or give Jim a call at (970) 708-2255.
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