A strong summer sales season has significantly improved the real estate market. Through the first nine months of 2019, the market has seen $328.7M in total sales, 8% off pace from last year, and 358 total sales which is a 4% increase from last year. If historical trends hold, it is expected to see another strong month in October to continue the impressive second half of 2019.
TREC brokers were part of the top three significant sales in Quarter 3 2019 - 235 E. Columbia Avenue, Senate-Wick 123 S. Spruce Street and 109 Polecat Lane - totaling $21M. TREC accounted for 32% of all transactions and 35% of dollar volume for the quarter. YTD TREC accounted for 51% of all transactions and 54% of dollar volume excluding mining claims, parking spaces, fractionals and deed restricted properties.
TREC’s Significant Sale of the Town of Telluride single-family home 235 E. Columbia in July was the largest for the quarter at $7.625M, $1,914 per square foot. Q3 2019 is in almost lock step with Q3 2018, down only 2 transactions and $3M, with the average price holding steady around $1.17M.
The Town of Telluride gross dollar sales totaled $135.2M through Q3 2019, down only $1.5M from Q3 2018 and the number of sales increased by 1. The average price of single-family homes decreased by 29.5%, from $3,617,647 to $2,549,455.
For Mountain Village, the dollar volume decreased by 13%, and the number of transactions by 23%. The remainder of the county saw a decrease of 25% in dollar volume and a 4% decrease in number of transactions.
In July, there were three Telluride single-family home sales and one Mountain Village single-family home sale, along with four Telluride condo sales and three Mountain Village condo sales. TREC saw significant sales in the Mountain Village condo 12 Trails Edge Lane 7 for $1.875M and the Town of Telluride single-family home sale of 771 Prospect Avenue for $1.24M.
During peak summer, Telluride single-family homes were nearly double the price PSF than that of Mountain Village single-family homes, with the Town of Telluride coming in at $1,037.55 PSF in July compared to $652.46 PSF for the Town of Mountain Village.
August saw a needed boost for the market with three sales occurring over $5M, the top sale being TREC’s Significant Sale of 109 Polecat Lane for $6.55M. 274 Benchmark Drive came in close second at $6.2M and the Telluride Transfer condo on 150 W. Pacific Avenue followed closely behind at $5.5M. There was also an increase in the number of condominium and vacant land sales in August. Telluride and Mountain Village saw 15 and 11 condominium sales respectively, and there were 16 total vacant land sales.
Other notable August TREC sales include Mountain Village Dakota Place condo 133 Lost Creek Lane for $2.3M, Mountain Village single-family home 232 Country Club Drive for $1.695M and Town of Telluride condo 240 S. Mahoney Drive for $1.25M.
With August through October normally the strongest three-month stretch of the year per the historical five-year average, September continued strong with the TREC Significant in-house Sale of Senate-Wick at 123 S. Spruce Street for $7.55M. TREC also brought the buyer for The Butcher & The Baker at 201 E. Colorado Avenue for $3.2M. Other notable sales for September include Mountain Village single-family homes 225 Benchmark Drive and 225 Adams Ranch Road for $4.5M and $1.3M respectively. Overall in Q3, the market saw 117 transactions for $137.2M.