Telluride’s real estate market saw the smallest number of sales in 20 years and the lowest dollar volume in six years, according to a report by George Harvey Jr. of Telluride Properties.
The number of sales dropped to 339 last year, down 46 percent from the previous year. Sales volume was $343.3 million, down 55 percent from 2007.
“I believe 2009 will be the best year ever to make good value purchases in Telluride, but I have some caution for buyers,” Harvey wrote in his newsletter. “Many of Telluride’s sellers are quite affluent, and I see about 50 percent of them not adjusting their prices more than 10 to 15 percent.”
Other luxury real estate markets also saw significant drops from last year, according to the report. Aspen’s transaction volume was down 45 percent, to $1.4 billion. The Breckenridge area saw a 35 percent decline in transaction volume, to $1 billion; and Steamboat Springs was down 54 percent, to $725 million. Vail’s volume was off 25 percent, to $2.2 billion. Margaret Jackson, The Denver Post
