October 2022 Telluride Market Report

The October 2022 Telluride Real Estate Market Report.  I think it should be titled:  A Return to Normalcy.

That is what it feels like.  And do you know what?  That is OK. 

Overall values in Telluride are not dropping, but the frantic pace has slowed down.  This is giving Buyers a chance to really think about their decision to buy, instead of doing it in a panic. 

The only really bummer is how the interest rates are affecting local buyers in deed-restricted properties.  But first time homebuying and affordability are a national crisis.  The broader market is not impacted much because of the wealth of Telluride and Mountain Village owners.

So what happened in October 2022?  Overall, the dollar volume as off 38% as compared to 2021.  But make no mistake, $91 million in sales is still a solid month.  But as prices go up and inventory continues to drop?  The number of transactions were cut in half.

The highlight transaction?  A record setting home sale in the Ski Ranches subdivision at 336 Ridge Road garnered $14.85 million.  In the history of that development, which was the original Telluride Ski Resort Development by Joe Zoline, in the 1970's, the highest sales price ever was $5.25 million.  Crazy.  

Year to date we are still on track to be the 2nd best year ever.  So that's good news.  We are of just 13% from 2021, which hit over $1.4 Billion in sales.  Year to date, the average price per sale in San Miguel County is up a staggering 29% year to date.