Greetings,
The Telluride/San Miguel County real estate market continues its record pace with $132.8 million in sales in the month of September pushing the total dollar volume over $1 billion for the first three quarters of 2021. The third quarter of 2021 produced a dollar volume of more than $373.9 million which is an all-time dollar volume record for any third quarter sales in San Miguel County. The year-to-date number of sales ( 711 ) is up 143% over the five year average for the same period of time. Click here.
Highlighting a sector of our market is Mountain Village condominium sales with 124 units sold in the first three quarters ending September 30th, which is up 130% over the first three quarters of 2020 in the number of condominium sales. What is so unbelievable is that on September 30th of this year there were only eight (8) condominiums for sale in the Mountain Village in all price ranges.
In the last two years from the date this newsletter was written, the Mountain Village hasn’t seen a home sale over $10 million. Just about a couple of weeks ago a Mountain Village home sold for $17 million at just over $2,000 per square foot. Also last week a ranch thirty minutes west of Telluride went under contract asking $24 million and a home just east of the Town of Telluride went under contract asking $18 million. While the high-end market in the Telluride region has been setting new records, so is the lack of inventory. The inventory of Mountain Village residential lots at the end of 2020 was 54. On September 30th there were only 23 listed for sale. For the years 2012 through 2019 the total amount of listings on any given month was about 900 to 1000. The total number of listings in the Telluride MLS on September 30 was 228. Generally, prices are up 50% to 100% in the last two years depending on their location and scarcity in our market area. Please take a look below at our quarterly market report below under the heading “Telluride Sales Reports” or Click here.
Telluride Ski Company Announcement: Recently the owners of the Telluride Ski and Golf Company announced over a $100 million improvement program for the ski mountain over the next several years. Per the Telluride ‘official rumor mill’, the TSGC has signed a contract for the replacement of lift nine next summer.
Other Colorado Resorts: Crested Butte sales are up 124% in the first three quarters as compared to the same period of time in 2020. The Vail market was up 66% through August as compared to the same period in 2020. That put Vail’s sales through August to nearly $2.5 billion and the sixth consecutive month with sales above $300 million.
Global: Since Covid started spreading globally and in the United States, international buyers of U.S. residential and commercial property has fallen off over 70%. It may be 2022 until we see those buyers coming back to any significant level.
Respectful Request: As many of you know, all of our hotels, restaurants and retail stores are short staffed. That is not likely to change anytime in the near future. All of the owners and employees of those businesses are doing their best to keep them open and provide their customers the best possible service they can. We ask you and your friends to please be patient and understand during this period. We all treasure your patronage and your love for all things in our wonderful towns and county.
Top Ten Fun Facts:
- Overall, real estate accounts for nearly 18% of the U.S. national GDP.
- The U.S. is facing a shortage of about six million homes to meet demand.
- Millennial trend of co-buying homes soars 771% in seven years. We hope they did good paperwork.
- NAR, the National Association of REALTORS®, reported the median price for all housing types in August was $356,700 up 14.9% from August 2020.
- Some 4.3 million people quit their jobs in August. The most was in Georgia where 35K quit their jobs in August.
- Men are more likely to be single now than women.
- At present, among those 18 and older, 92% of Democrats, 68% of Independents and 56% of Republicans have been vaccinated for Covid.
- According to the Urban Institute, 72% of White Americans own their homes, Hispanics it’s just 48% and for Black Americans 42%.
- Business travel by airplanes is off 90% since June 2020, which has affected hotels and restaurants greatly. Those businesses collectively lost $49 billion in 2020 with those losses projected to be about $59 billion this year.
- A real estate agent in New York recently posed naked with photos of a listing he had. He was fired. Whew...not a good game plan.
Real Estate Question of the Month: I’m from another state and I want my broker that I know and trust from my market to come with me to Colorado and advise me on my purchase there. Is that okay?
Answer: Yes and No. Your agent back home may come with you to look at real estate you want to purchase. However, unless they are licensed by the state of Colorado to practice real estate here, they have to walk a very fine line with any advice they may give you. Remember, they don’t have expertise in Colorado real estate markets and many towns and counties have unique local real estate laws too. They can receive a referral from a Colorado broker, but that referral should be agreed to well in advance of a trip here in my opinion so there are no surprises for anyone.
Quoted in the Press: We are most grateful for having our market information quoted in the Wall Street Journal, the Denver Post, the Colorado Sun newspaper, the Telluride Daily Planet, The Aspen Times newspaper and numerous other local newspapers all across Colorado. Thank you!
As always, thank you for taking time to read the Tellugram. If you have any questions as a seller, buyer or just curious reader, we’ll do our best to give you a straight forward answer. We can be contacted at George@TheHarveyTeam.Net or on George’s cell phone number 970-729-0111.
"Remember that guy who gave up? Neither does anyone else" – Unknown
Best to you and your family,
George Harvey, Jr.
