Telluride Real Estate For Sale
Stewart Seeligson: Telluride’s top broker
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Stewart Seeligson’s business education and diverse real estate experience set him apart from other real estate brokers in the Telluride region.
Since making Telluride his home, Stewart has been an active participant in the local community. He is an annual volunteer at the Telluride Film Festival and a board member of the Telluride Young Life. He is also a strong financial supporter of many Telluride charities including the Telluride Rotary, the Aha School, the San Miguel Resource Center, Telluride One-to-One, and the Volunteer Fire Department.
For buyers, sellers and investors
The first six months of 2019 generated $120 million in sales which fell a whopping 25% short of last year’s sales over the same period. Unexpectedly, the pullback is found across price segments. The only primary segment surpassing last year’s performance for the first half of the year is Telluride condos but only in terms of total dollar volume. The one encouraging note is that this June’s performance significantly outran last year in terms of total dollar volume. But June is a slow month for closings because very few properties go under contract in May. I remain optimistic that this summer will bring strong sales numbers across most segments especially at price points above $2 million.
Telluride home segment is starting the year fairly strong with six homes sold through June.However only one home is currently under contract. The total dollar volume is off by 50% compared to last year. The Telluride condo segment has been the work horse of the Telluride region over the last five years. Despite limited inventory of units under $1.5 million, the Telluride condos continue to perform. Through the first half of the year, this segment almost matched last year in terms of units sold or under contract, but surpassed last year in total dollar volume of units sold. The averaged price of units sold increased by 40% compared to last year. Depleting inventories of lots not yet developed has inevitably sent this segment toward a general downward trend in terms of number of units sold.
Only five homes sold in the Mountain Village during the first six months of 2019 with four additional homes under contract. During the same period in 2018, thirteen homes were either sold or pending. This lack of home sales in Mountain Village is a potential flag for the segment. Notably, 40% of the 63 homes currently on the market have an asking price of over $5 million. That percentage is down from nearly 50% of available inventory 60 days ago which is a healthy sign. Recall that only one home in the Mountain Village sold for over $5 million last year. The declining inventory of condos in Mountain Village with asking prices less than $2 million inevitably led to a pull back compared to last year’s sales. Through June, this year has 28 condos sold or under contract compared to 40 in 2018. The average price per sale has increased. Only four lots sold in the Mountain Village so far this year well behind last year’s pace.