A Resilient Market
As we step into the latter half of 2023, it’s time to take a closer look at the real estate landscape in San Miguel County. In our latest recap, we find that the local market remains resilient, driven by increasing transaction prices across all segments. The numbers through October confirm a market that, while not reaching the sales volume of pandemic years, continues to thrive thanks to a unique blend of continued demand for the Telluride lifestyle, low inventory and rising prices. It’s a trend that’s set to keep San Miguel County’s real estate scene strong.
Sales Volume Remains Strong
One thing that stands out in our October 2023 report is the sustained strength of sales volume in San Miguel County. Despite not quite reaching the peaks of the pandemic years, the Telluride market remains remarkably robust compared to what you are being told by national media outlets. The driving force behind this continued vigor is the increase in transaction prices, which have enticed both buyers and sellers to engage in real estate transactions.
Transaction Prices on the Rise
San Miguel County has witnessed a steady climb in transaction prices throughout 2023. Whether you’re looking to buy a slope-side condominium with rental potential or a spacious family home in Mountain Village, the data shows that prices are steadily on the rise. This trend is not only benefitting sellers but also indicative of strong buyer demand in the region.
Inventory Remains Low
One key factor contributing to the market’s dynamics is the persistently low inventory. While we’re not seeing the same high volume of transactions as in the pandemic years, the limited supply of homes has kept the market competitive. Buyers are faced with the challenge of finding their dream property in a tight market, leading to increased competition for well-positioned properties and, in turn, higher prices.
Closing Out Stronger Than Pre-Pandemic Years
The unique blend of low inventory and rising transaction prices has set the stage for the San Miguel County real estate market to close out 2023 on a high note. While we may not reach the number of sales seen during the height of the pandemic, the market’s resilience and strength are impressive. If current trends continue, we may even surpass the levels seen in the years preceding the global health crisis.
What Does the Future Hold?
As we look ahead to the remainder of 2023 and into 2024, it’s important to remain mindful of the evolving real estate landscape. While it’s difficult to predict with certainty, the current market conditions suggest that San Miguel County’s real estate will continue to thrive, driven by increasing transaction prices and the persistent interest of both buyers and sellers.
If you’re considering buying or selling property in San Miguel County, now may be a great time to take advantage of the market’s strength. For more specific insights and guidance on navigating the local real estate scene, don’t hesitate to reach out to one of us for the latest information tailored to your unique situation.
As we move forward, it’s crucial to stay informed and work with an expert to make the most of this dynamic and competitive real estate landscape.
