Telluride Records 12 Luxury Home Sales Above $10M in Q3 2023.
Telluride had 12 Luxury Home Sales above $10M in Q3, according to the Q3 2023 Telluride Real Estate Market Report. Overall, Telluride had 16 single-family home sales in Q3 totaling $84M. In addition, another 36 condo sales totaled another $90M for Q3 of 2023 in Telluride, Colorado.
“Most notably, Telluride has long experienced investor resistance at price levels above $10,000,000, however, that notion is now in the rear-view mirror with 12 Properties closing between $10,250,000 and $18,900,00 YTD.” Says the report.
While both total home sales and total dollar volume were down year-over-year, prices increased by 13% in Telluride compared to Q3 of 2022.
Mountain Village also had a 25% increase in average sale price year-over-year. However, overall transactions were down 28% resulting in a 10% decrease in total dollar volume year-over-year. The total amount of single-family homes sold was 17, totaling $152M in sales. Condominium sales totaled to $147M, from 55 sales in Q3 for Mountain Village, Colorado.
“Mountain Village has emerged as the standout market in the initial 9 months of 2023, with approximately $350M in sales, a 51% share of San Miguel County’s entire sales volume. The high demand for properties in the Mountain Village has resulted in an increase in the price per square foot for both condos ($1,373) and Single family homes ($1,647)” Says the report.
The rest of the county experienced 31 single-family home sales, totaling $56M, and 32 vacant land sales totaling $32M. However, sales dollar volume decreased year-over-year by 48%. On average the sales price decreased 19% year-over-year, and transactions decreased 35% year-over-year.
This Market Report has been provided by T.D. Smith, LuxuryRealty.com’s Exclusive Partner for Telluride, CO.
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Sources:
Telluride Quarter 3 2023 Market Report – Forbes Global Properties