THE
Quarter 1 2024
TELLURIDE
REPORT
REAL ESTATE MARKET
In Perspective
The first quarter of 2024 concluded with a Total Dollar Volume of $245.67 million across 104 Transactions. This represents a 46% increase in total dollar volume and a 16% increase in total transactions compared to the same time-period last year. The Total Dollar Volume for Q1 2024 ranks third-highest of all time.
The Surge in Dollar Volume for Q1 can be attributed in part to six transactions exceeding $10M, including the sale of 180 Liberty Bell Lane by the Martin | Ostromecki Team on March 1. It’s notable that three of the six high-end transactions occurred outside of town limits, which suggests that the lack of inventory within town limits, where consistent demand has successfully upheld property values, is encouraging Buyers to explore other options.
Across San Miguel County, total Dollar Volume for 26 Single-Family Home Sales was $151.5M at an average sale price of $5.8M. And total Dollar Volume for 16 Vacant Land Sales was $28.0M for an average sale price of $1.8M. Mountain Village represented 38% of the total dollar volume, and Telluride 27%.
Bottom line - values in our market are at an all-time high and continuing to improve, so whether you're thinking about Buying or Selling, now is the time to discuss current market trends and strategies as we approach the upcoming summer season. Call us today to get started on a more personalized approach to your real estate objectives in Telluride.
Despite a decrease in average sale price, the Mountain Village produced the greatest dollar volume and number of transactions in Q1 2024. The price per square foot for Mountain Village SFH increased 24% ($1,628 vs $1,311)while the price per square foot for Mountain Village Condos slightly fell 7% ($1,200 vs $1,295). There was an uptick in vacant land sales hich totaled $12.8M over 7transactions.
Avg. Sale Price Volume SOLD otal Transactions 59% 6 Mountain Village Single-Family Home Sales $55.4M 58% 12 Mountain Village Condo Sales $19.2M
Mountain Village $ $$$$
Town of Telluride
The Town of Telluride saw dollar and transaction volumes increase for both Single-Family Home and Condominium sales in Q1 2024 compared to Q1 of 2023. The price per square foot for Telluride SFH decreased 10% ($1,823 vs $2,036) while the price per square foot for Telluride Condos rose 22% ($2,028 vs $1,665). With limited inventory, there were only two vacant land salestotaling$2.84M.
Acontributingfactortothe increasedcountryaverage salepricewasthe Significant Sale of 180 Liberty Bell Lane at $12,830,000 sold by the Martin | Ostromecki Team.
22% YTD Avg. Sale Price 48% YTD Total Dollar Volume SOLD
21% YTD Total Transactions 33% 6 Town of Telluride Single-Family Home Sales $33.6M 174% 11 Town of Telluride Condo Sales $29.0M 174% YTD Avg. Sale Price 205% YTD Total Dollar Volume SOLD $ Remainder of Count y 12% YTD Total Transactions SFH Average Sale Price Q1 '24 $1,689,455 SFH Average Sale Price Q1 '23 $$ $$ $$ $4,462,675 263% 14 County Single-Family Home Sales $62.5M 119% 6 County Vacant Land Sales $11.7M
620 Mountain Village Blvd. | Palmyra #3B Represented Buyer | $1,300,000 180 Liberty Bell Lane Represented Buyer | $12,830,000 Benchmark Drive Lot 311 Represented Seller | $1,350,000 Q1 Noteworthy Sales Alex Martin Broker Associate alex@gotelluride.com | 970.729.1691 Marcin Ostromecki Broker Associate marcin@gotelluride.com | 970.708.4119 gotelluride.com Defined by Service and Expertise Explore new opportunities.