While most of the nation reports economic
slowdowns and leveling in real estate activity,
2007
Record-Breaking
Figures
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the Telluride region continues
to boast a very solid market with strong, even record-breaking, figures. As reported by the Telluride Association of Realtors, the summer season showed superb revenue-producing
months and currently (January through August), the market’s total annual dollar volume is higher than it has ever been. TAR’s data comes from its own multiple listing service (MLS) and includes all transactions handled by its 240-plus broker members.
| Year-to-Date* Dollar Volume |
| 2007 | $509 million |
| 2006 | $478 million |
| 2005 | $388 million |
| 2004 | $323 million |
| 2003 | $198 million |
| 2002 | $182 million |
| 2001 | $209 million |
*Year-to-Date in this piece refers to January through August
IN THE HEAT OF THE SUMMER
Smack in the middle of summer, the market was on fire as total dollar volumes
for July and August 2007 were off the charts. Not only were they the highest
figures, they were also vastly ahead of any previous figures for July and August in TAR history. July 2007 garnered
$81 million in total dollar volume,
while August garnered $71 million.
In 2006, July totals were at $63 million,
while August brought in $47 million,
meaning that in just one year, dollar volumes for July and August increased by 28.5% and 51%, respectively.
DON’T FORGET SPRING...
The glory of July and August 2007 shouldn’t deter from the spring months that preceded them as they, too, were extremely impressive.
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April 2007, in particular, was a banner month, bringing in a whopping
$77 million, 196% higher than April 2006, which was $26 million. May 2007 also outdid May of 2006, with $64 million in 2007, compared
to $62 million in 2006. While June wasn’t the strongest month of the spring/summer, probably
due to it’s proximity to off-season, it still netted $41 million in total dollar volume.
SIGNIFICANT SALES
BEHIND THE NUMBERS
Property values are undoubtedly still on the rise in the region. Currently, the average price for real estate in the Telluride region is $1.1 million. This is in comparison to last year’s year-to-date average of $798,000, 2005’s yearto-
date average of $803,000 and 2004’s yearto-
date average of $730,000. Furthermore, the compound annual growth rate, with respect to total dollar volume, has increased by a rate of 13.56% since 2001.
As the market continues to appreciate, several
large transactions contributed to the sizeable
dollar volumes recorded recently. The most notable sale in April was a 480-acre ranch property located south of Telluride near the historic
town of Dunton, which sold for $10.5 million.
April also recorded the sale of a $4.45 million golf course home and a $3.5 million slopeside condominium in Mountain Village,
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as well as the sale of the historic Depot building in Telluride.
May was highlighted by several notable sales in Mountain Village — a $6.2 million home and a $4.6 million townhome — and on Deep Creek mesa just outside of Telluride — where a $5.175 million home, and a $3.3 million land sale were completed.
Home sales in July were outstanding as two residences sold for over $13 million
— one in the Preserve and one in Mountain Village — while a home in Raspberry Patch sold for $7.5 million and another sold in Mountain Village for $5.3 million. In addition, there was a large Mountain Village multi-family land sale for $6.2 million.
And last, August’s most notable sale was the 70-plus-acre historic Faraway Ranch on Wilson Mesa that closed for $13.5 million. The month also witnessed
a $3.3 million land sale on Deep Creek Mesa, as well as a $3.9 million home in Mountain Village, $3.7 million home in Telluride and a $4.2 million condominium in Mountain Village.
SUMMER AS A WHOLE
In examining the spring/summer months as a whole, TAR is very pleased to announce that April through August 2007 was the highest spring/summer in history in regards to total dollar volume. Totals for the five-month period were recorded at $334 million, compared to $264 million in 2006, $252 million in 2005, and $220 million in 2004. There has been widespread activity not only in Telluride and Mountain Village, but in all corners of the region, including the outlying mesas and towns. Substantial figures have had a very positive impact on the year-to-date totals, and put the market in a very advantageous position for finishing off the year with a bang. ©
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