Telluride Real Estate Quarterly Indicators
Percent changes calculated using year-over-year comparisons.
Housing seemed to have a slow start to the spring selling season, but appearances deceive. Dig into that spring soil and you begin to unearth differences in individual areas and market segments. Inventory is slowly rising in some areas. Activity is picking up in the upper price tiers. Rents continue to climb in most metros. And interest rates are generally lower than a year ago, to the surprise of some and the delight of others.
New Listings were down 13.8 percent for single family homes and 81.1 percent for townhouse-condo properties. Pending Sales increased 50.0 percent for single family homes but decreased 19.4 percent for townhouse-condo properties.
The Median Sales Price was up 59.0 percent to $1,362,500 for single family homes and 18.9 percent to $785,000 for townhouse-condo properties. Months Supply of Inventory increased 5.0 percent for single family units but decreased 64.1 percent for townhouse-condo units.
Housing is one part of a broader ecosystem that thrives on a strong economy that churns out good jobs. First-quarter employment figures were adequate but not thrilling, but second-quarter numbers figure to be more positive. Access to mortgage capital remains an ongoing concern. As cash and investor deals fade, first-time buyers typically step to the forefront, but tight credit can and has been a real hurdle.