After a dismal start to 2012 where we were off last year’s dollar volume by 37% in February, the Telluride real estate market has come back to surpass last year’s volume by 11% as of July. Momentum remains strong with roughly $70m under contract from this summer with more to follow. These contracts alone will push us past 2008 and 2010’s figures with several months left in 2012, making this year our best in 5 years.
Much has been made about the success in the Town of Telluride market but Mountain Village has surprisingly been active as well with condo sales performing well due to the incredible values. Homes in Mountain Village have been perceived as sluggish due to the low number of sales but the dollar volume leads the market. A recent uptick in MV home contracts is promising as well.
Until recently, most transactions have been under $3m with the majority less than $2m. This summer we have seen this ceiling raised to the $4m mark. This activity has mirrored Aspen and Vail where their “down valley” markets have been carrying the market. Vail’s market is up 13% from last year where 82% of sales were under $1m this year and Aspen’s market is down 14% where their volume has been hindered by fewer high dollar sales due to a reduction in value plays from last year’s run up.
Telluride Properties continues to increase market share as Senior Brokers have been showing why they are considered market leaders while many of our younger brokers enjoy successes that were predicted when brought on board. Operating with sage, conservative intelligence has maintained proper expectations resulting in sales and purchases that have left clients satisfied with their decisions. This approach has furthered Telluride Properties goal of being the best firm not the biggest.