Telluride Real Estate 2015 Residential Statistics
2006 - 2015 Telluride & Mountain Village Residential Real Estate Market Stats
Although Mountain Village and Telluride, Colorado are often thought of as one and the same place, in terms of real estate they are not quite the same. Real properties for sale in each of these areas do vary especially with regard to single family homes. Quaint Victorian homes are the offerings in downtown Telluride while Mountain Village has very large estate homes. Telluride is a historic western gold mining town while the Town of Mountain Village is new and offers a distinctive European alpine resort feel. Both towns enjoy similar condominium and town home offerings and both towns are surrounded by the Telluride Ski Resort which is the driving factor in real estate sales.
Both Telluride and Mountain Village were riding high on the real estate boom up through 2006-2007 with record high sales volume and therefore pricing. As the bubble exploded in 2008 both towns experienced a major drop in sales volume and pricing started to falter. Resort areas across the country were hit hard as the majority of home owners in resort markets are second, third and fourth home owners and therefore the house to let go of in a financial crisis is not your primary residence. As people trying to become more liquid financially the second home properties in Telluride and Mountain Village went on the market and then sat there fore sometimes many years as price adjustments needed to be made. Banks also took plenty of properties in foreclosure as well. This all caused prices to fall drastically as there was much inventory and few buyers with cash as mortgages became more difficult to obtain. 2013 was the last year of this real estate bubble crisis in terms of properties being sold at well below the purchase price of the sellers.
2014 and 2015 increased dramatically in the sales dollar volume of residential real estate sold in both the Town of Telluride and the Town of Mountain Village. For example in the graphs here, residential sales in 2013 for the Town of Telluride where at $85.3 million dollars but shot up to almost double that in 2014 to $162.9 million dollars in sales volume. 2015 was slightly down compared to 2014 in dollar volume at $127 million as inventory was snapped up in 2014 and the number of homes and condos for sale drastically declined. In the Town of Mountain Village real estate sales volume exploded to $153.5 million dollars in 2014 up from 2013’s $93 million dollars. Mountain Village still had better inventory numbers going into 2015 and therefore held steady with a sales volume of $152.9 million dollars.
2016 look to be another strong year for sales volume with the number of properties under contract at the end of 2015 higher than any other year on record over the last 10 years. While the Town of Telluride has less inventory at higher pricing and the only new development for the town is the greatly awaited Hotel Ajax and Residences which will be the only 5 star hotel offering in the area, the Town of Mountain Village has a healthier inventory level as various newer condominium complexes have released additional inventory such as the Madeline Residences and the Villas at Cortina.