Telluride | Mid-Year 2020
Despite the impact that the COVID-19 pandemic had on the community of Telluride, consumers have not slowed down but rather picked up activity within the local real estate market. San Miguel County, a gorgeous area with ample opportunities to get outside and explore Southwest Colorado, has seen tremendous success in the housing market so far this year.
LIV Sotheby’s International Realty produces a Micro Market Report analyzing the Town of Telluride, Mountain Village, and surrounding neighborhoods real estate performance from January to June of 2020 compared to the same time period in 2019. Total sales volume in San Miguel County rose by an impressive 74.3%, from $133,527,739 through June of 2019 to $232,710,473 through June of this year. What’s more, the overall number of listings sold grew by 17% and the average sold price increased by 49% bringing the average sold price for residential properties in the area to $1,876,697.
Many neighborhoods and communities within San Miguel County saw impressive increases in the number of properties sold. The Town of Telluride has also made strides in the number of single family homes sold, growing by 150% from 2019 when six homes sold, to 2020 when 15 homes have sold so far. Mountain Village also saw immense growth in the number of single family homes sold through June of 2020. In this community, 12 homes have been sold so far in 2020, compared to the five homes that were sold through Q2 in 2019, a 140% increase.
The Town of Telluride not only increased the number of properties sold throughout 2020, but this community has also seen an increase in the average sold price. This once historic mining town has seen average single family home sold prices climb from $2,129,833 in 2019 to $2,838,400 thus far in 2020, a 33.3% increase. Mountain Village’s average sold price has also increased, climbing 32% which brings the average sold price for single family homes in the area $3,605,992.
Ridgway, within Ouray County, experienced the most notable rise in average sold price for land parcels, due to the significant sale of a 1,681-acre ranch which sold for $9,175,000 in Q1 of 2020. In a comparison between January through June of 2020 to 2019, this community had a 1,100% increase in the number of land parcels sold. In Q1 and Q2 of last year, one parcel of land sold but in the same time frame of 2020, 12 parcels of land have sold.
With enhanced real estate activity fueling the housing market in San Miguel County, this mountain community will continue to be an incredible place to live and invest.
This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated): Telluride, Mountain Village, Placerville, Sawpit, Norwood, and Ridgway.