Homes in the town of Telluride and the Ski Ranches ranging from $699,000 to $1.5 million account for another 30% of single family home sales while homes in Lawson Hill, Ridgway, Ouray, Hastings Mesa and the West End ranging in price from $65,000 to $415,000 make up the remaining 9%. 

Telluride and Mountain Village Condominium sales also showed the largest dollar volume so far this year with $18,252,742. In addition, they were 44% higher than the highest month of 2002 which was May with $10,104,000. Accounting for 43% of these sales was Bear Creek Lodge in Mountain Village with 13 sales averaging $594,784 and totaling $7,732,200. The Lodge was converted from fractional ownership to whole ownership condos this summer and since then 34 of the 38 units have either sold or been placed under contract. 

In the Town of Telluride, 14 condos totaling $6,383,542 for an average price of $455,967 were sold accounting for 31% of condo sales. The Plaza in Mountain Village also had 2 sales in September, at $1,350,000 and $2,150,000. The average price of a condo rose to $570,398 from September of 2002 when the average price was $440,259. 

Telluride area Land also showed the largest total dollar volume so far this year with $13,273,541 from 38 sales. The largest sale was $3,510,500 for a 70+ acre sub dividable parcel in Ridgway. In the $325,000 to $900,000 range there were 8 parcels sold on the mesas surrounding the Telluride region, 5 sales in Mountain Village and 1 in the Town of Telluride for a total of $7,554,225. The remaining $2,208,817 in sales came from 23 lots, located mostly in the Ridgway area of San Miguel County, ranging in price from $31,000 to $185,000.

October details
October was the 2nd strongest month this year, with residential single family homes in the Telluride Colorado area remaining on top at $24,615,680 and accounting for 53% of October's’ $46,496,723 in total dollar volume. 

The largest sales this month were a Mountain Village home for $5,700,000, followed by a Preserve home for $3,500,000, a Town of Telluride home for $2,750,,000 and a second Mountain Village home for $2,100,000. There were 3 homes sales in Ski Ranches totaling $4,450,000. Four homes ranging from $755,000 to $945,000 were sold in the Town of Telluride. 

Condominiums in Telluride and Mountain Village remained strong with 27 units totaling $13,77,543. Units at the Bear Creek Lodge  in Colorado continued to close with 13 units totaling $6,897,460. The remainder of Telluride and Mountain Village condos sold include 3 Eider Creek units totaling $657,500; 10 units in the Town of Telluride totaling $4,935,583 and 2 units in Mountain Village totaling $1,280,000. 

Telluride land sales increased in number from 21 to 34  while the dollar volume dropped 26% from October of 2002. Sales totaled $7,701,500 and averaged $226,514. Of the 34 sales, 29 occurred in Ridgway, Ouray and the surrounding mesas as well as Norwood Colorado and the West End and ranged in price from $40,000 to $295,000. Rounding out the category were three Mountain Village lots priced at $265,000, $980,000 and $1,875,000, a Ski Ranches lot at $450,000 and a multi-family Log Hill Mesa lot at $532,500.

Asking Price vs. Actual Selling Price
It is important to note there were several telluride real estate price reductions in sales that occurred during this time period. In July, land in the Telluride area sold for 13.6% less than the actual asking prices. The discounted sale of a Mountain Village lot for 43% less than the asking price of $530,000 accounted for most of this loss. 

In August, land sales showed an 11.6% price reduction. The largest price reduction was a 70+ acre parcel in Norwood Colorado which sold for 39% less than the asking price of $2.5 million. 

In September, Telluride area land sales were reduced 15% and home sales 8%. The two largest sales of the month were greatly reduced; a large vacant parcel in Ridgway sold for 31% less than the asking price of $5.1 million, and a Mountain Village home sold for 21% less than the asking price of $6.95 million. 

In October, Mountain Village and Telluride homes were sold for 12% less that the asking prices and the 5 largest home sales of the month were reduced between 12% and 16%.

1st Quarter Report
While first quarter Telluride real estate sales are very similar from 2002 to 2003, second quarter sales in 2003 rose $21,353,977 or 33% from 2002, according to the T.A.R. MLS. sales from July 1 through July 24, 2003 rose $4,819,400 or 44% from 2002. These numbers combined account for $26,173,377 of the $28,579,868 increase in real estate sales to date this year.

The total dollar volume of Telluride real estate sales to date in 2003 rose 21% compared to the same time period in 2002. From January 1, 2003 through July 24, 2003, $166,645,519 of real estate was sold, a gross increase of $28,579,868 over the same time period in 2002. The average price of a real estate transaction to date in 2003 increased $110,886 or 30% over 2002. To date in 2003, Mountain Village and Telluride land saw the largest increase in total dollar volume with a 50% increase, while Mountain Village and Telluride residential homes were next with a 27% increase.

April Details
April 2003 was the best month in terms of total dollar volume of Telluride real estate sales with $30,883,890.The last time a month reached that volume was six months ago, in the fall of 2002. Mountain Village Real Estate Sales account for 51% of total sales in April with 6 condos, ranging in price from $495,000 to $3,329,00 and totaling $8,369,000, 6 vacant land sales, ranging in price from $430,000 to $2,000,000 and totaling $5,902,000, 5 fractional sales totaling $509,000, and just one luxury residential home sale at $895,000.