2021 and 2022 were remarkably strong years for local real estate. Total dollar volume and number of sales were way up in both years. By comparison, this year has been down. However, this May had the third highest sales volume on record. So, although down over last year, we are right on track with the 5-year trend line.
Most of us consider real estate in terms of price per square foot. A review of the past five years shows Town of Telluride numbers mirror the overall market with a spike in per square foot pricing to just over $2,000 per square foot in 2021 and 2022. So far this year, Town of Telluride square foot prices have dropped back to $1,661. This is in line with the steady increases we were seeing before the pandemic.
Mountain Village numbers show a different picture. The average per square foot prices have increased steadily over the past 5 years with a high of $1,489 so far this year. For the first time in many years, Mountain Village square foot prices are approaching the Town of Telluride’s.
When looking at Telluride real estate statistics, it is important to remember that our market is relatively small. A couple of significant sales anomalies can have an outsized impact on our statistical averages. The sale of a small house on an extraordinary lot could bump residential per square foot pricing for that month. And, of course, the price of any property is unique based on its location, construction quality, views, and many other factors. We would love to help you navigate Telluride's pricing waters.