Overall, the 2010 Telluride saw a positive swing in the real estate market. Below is a thorough article that was written by our president of the Telluride Association of Realtors. The statistics in the article are pragmatically presented.
A Look at an Improving Market
Telluride Planet
Feb 18, 2011
Overall, the San Miguel County real estate market of 2010 closely resembled the market of 2008. Both 2008 and 2010 significantly outperformed 2009, which suggests that our market reached some sort of bottom that year. In 2010, total sales volume was $318 million with a total of 327 transactions. 2010 saw an increase of 20 percent in terms of sales volume and a 19 percent increase in the number of transactions over 2009.
The market rebounded most solidly in the Town of Telluride, the Ski Ranches and Aldasoro Ranch. The Town of Telluride total sales rose 110 percent over 2009 to $107 million. The Ski Ranches, which only had two sales in all of 2009, bounced back with seven sales for a total of $8.3 million. Aldasoro Ranch, which also experienced a very slow 2009 with three sales, improved strongly in 2010 with eight sales for just over $20 million.
Mountain Village experienced only 10 percent growth in terms of total sales volume ending the year with just under $150 million in sales. The remainder of San Miguel County did not rebound from the unrest of 2009 and unfortunately experienced further decline of just over 50 percent in total sales volume. Our market performance often varies widely from segment to segment.
This was true in 2010. Buyers were very focused on value opportunities of higher end houses in the Mountain Village home segment, which came on strong last year. There were 19 Mountain Village homes sold in 2010 for $85 million for an average of almost $4.5 million per sale. This is a marked increase over 2009 in terms of sales volume when 18 homes sold for $48 million for an average of $2.7 million per home. The single family home segment in the Town of Telluride improved even more significantly than Mountain Village in 2010 by more than doubling 2009 in both total sales dollars and number of homes sold.
Last year there were 25 homes sold in Telluride for a total of $45 million while in 2009 only 12 homes sold for a total of $19 million. In the condominium segments, the Town of Telluride market came back very strongly in 2010 by nearly doubling sales compared to 2009. In the Mountain Village segment, performance improved by 16 percent over the previous year. The vacant land segments continue to be the weakest segments of our market affected by a lack of financing and with the increased availability of homes on the market for replacement cost or less. Only a handful of lots sold in Mountain Village while half a dozen sold in the Town of Telluride.
The general improvement of our real estate market in 2010 was reassuring especially for the Town of Telluride, which roughly doubled the transfer taxes or RETT it collected from real estate sales in 2010 compared to the year before. Looking into 2011 we continue to stay hopefully optimistic for continued strength in real estate sales and the overall economy.
*— Stewart Seeligson is director for the Telluride Association of Realtors. *
