Foreclosures in San Miguel County Colorado down 60%!
According to county records, the number of foreclosures filed are down from 90 in 2012 to 36 in 2013. Most believe the improvement in foreclosure numbers indicates a sign of an improving housing market. Historically, most foreclosures in San Miguel County are recorded in Telluride and Mountain Village and this held true for the recession years starting in 2008 and continuing through 2012, with the highest number in 2010 with a record of 108 foreclosures filed. Thus far there have been 3 foreclosures filed in San Miguel County for 2014, however it is too early to predicted how this year will go in terms of foreclosures and their impact on the local resort housing market.
Telluride and Mountain Village resort real estate markets have been on the mend since the lows of 2009 with regard to housing sales. While fewer foreclosures is usually a precursor for rising real estate prices, there are still good values to be found in both the Telluride and Mountain Village property listings for sale. As total real estate sales for both Telluride and Mountain Village were down slightly in 2013 compared with 2012, those listing real estate for sale at increased prices based on 2012's momentum have had to make a correction in the list price versus sold price to get the properties sold in 2013.
The outlook for 2014 is hopeful as economic indicators show improvement and well priced properties for sale continue to be put under contract more quickly than in years past. For those considering a purchase, it is still a great opportunity to buy a ski resort home in Colorado as it is a "buyers market" in most Colorado ski resorts and combined with historically low interest rates makes for added value stretching your dollar per square foot, location and amenities even further.