Telluride Q1 2020 Micro Market Report

MICROMARKET REPORT

TELLURIDE | Q1 2020

TELLURIDE

SAN MIGUEL COUNTY

1. Telluride 2.

Mountain Village

3. Norwood 4. Ridgway

4

3

2

1

Pictured on cover: 3 Tunnel Lane, Mountain Village

coloradomicroreports.com

TELLURIDE MARKET UPDATE In Colorado’s Southwestern corner sits San Miguel County, a mountain community consisting of the Town of Telluride, Mountain Village, and other surrounding neighborhoods. Telluride is a historic mining town that has put itself and its neighboring town of Mountain Village on the map as destinations for skiers, hikers, and lovers of all thing’s nature.

These close-knit communities keep residents and visitors entertained all year-long with a host of outdoor adventure activities and an assortment of festivals and events. The charm and character found within these towns make living there a dream and keeps visitors coming back for more, year-after-year.

LIV Sotheby’s International Realty produces a Micro Market Report analyzing Telluride’s real estate performance Q1 2020 compared to that of Q1 2019. In its entirety, San Miguel County saw an astounding 83.6% increase in total sales volume for all residential property types through March of 2020 compared to the same time frame in 2019.

An equally impressive 77.2% increase in average sold price likely contributed to the rise in total sales volume. The average sold price for all residential property types in San Miguel County during Q1 of this year was $2,481,286, compared to Q1 of 2019 when the average sold price was $1,400,429.

SAN MIGUEL COUNTY January through March

2019

2020

% Change

Sold Listings (All Properties)

55

57

3.6%

Sold Single Family

19

21

10.5%

Sold Townhouse/Condo/Duplex

36

36

0.0%

271

305

12.5%

$1,400,429

$2,481,286

77.2%

93.9%

93.1%

-0.9%

$77,023,586

$141,432,250

83.6%

Average Days on Market Average Sold Price % Sold Price to Original List Price Total Dollar Volume Sold

In the Town of Telluride, the total number of properties sold for all residential property types increased by 66.7%, the largest increase in San Miguel County. Looking at single family homes, Mountain Village saw the largest increase in homes sold during Q1 of this year, rising 166.7% from 2019 when three homes sold compared to 2020 when eight homes sold. More condominiums, townhomes, and duplexes sold in the Town of Telluride than any other community in San Miguel County during Q1 of this year. Through March of this year, 24 residences in this category were sold, a 71.4% increase from the same time frame of 2019 when 14 condominiums, townhomes, and duplexes sold.

For consumers who want to escape the ordinary and experience the extraordinary, Telluride and all of San Miguel County is the place to be. With more homebuyers investing in this mountain lifestyle the community has to offer, this region’s real estate market continues to thrive.

Based on Information from flexmls/Telluride Association of Realtors. This representation is based in whole or in part on data supplied by flexmls/Telluride Association of Realtors. flexmls/ Telluride Association of Realtors does not guarantee nor is in any way responsible for its accuracy. Data maintained by flexmls/Telluride Association of Realtors may not reflect all real estate activity in the market.

MICROMARKET REPORT | Telluride resprts.livsothebysrealty.com

JANUARY - MARCH 2020 • COLORADOMICROREPORTS.COM

126.6%

TOWN OF TELLURIDE January through March Average Price Average Price per Square Foot Average Days on Market

The average sold price for all residential properties in the Town

Highest Price

of Telluride increased by 126.6% January through March 2020

Properties Sold

compared to that of 2019.

% Sold Price to List Price

2019

2020

% Change

$1,385,611

$3,139,925

126.6%

$954

$1,310

37.3%

237

312

31.6%

$3,625,000

$11,200,000

209.0%

18

30

66.7%

95.0%

92.7%

-2.5%

All Residential Properties

TOWN OF TELLURIDE January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

TOWN OF TELLURIDE

2019

2020

% Change

January through March

$2,362,250

$3,342,000

41.5%

Average Price

$966

$1,409

45.9%

Average Price per Square Foot

301

337

12.0%

Average Days on Market

$3,625,000

$5,900,000

62.8%

Highest Price

4

6

50.0%

Properties Sold

94.9%

95.1%

0.3%

% Sold Price to List Price

2019

2020

% Change

$1,106,571

$3,089,406

179.2%

$950

$1,286

35.4%

219

306

39.7%

$1,955,000

$11,200,000

472.9%

14

24

71.4%

95.2%

92.1%

-3.3%

Single Family Homes

Condos, Townhomes, Duplexes

TOWN OF TELLURIDE January through March Average Price Average Days on Market Highest Price Properties Sold

Due to Telluride’s signiďŹ cant role in the history of the American West, the core area of Telluride was designated a National Historic Landmark District in 1964.

% Sold Price to List Price

2019

2020

% Change

$5,025,000

$638,000

-87.3%

92

974

958.7%

$12,750,000

$638,000

-95.0%

3

1

-66.7%

98.5%

85.1%

-13.7% Land

coloradomicroreports.com

MOUNTAIN VILLAGE January through March Average Price

2019

2020

% Change

$1,415,343

$2,305,833

62.9%

$654

$723

10.6%

295

349

18.3%

$4,025,000

$6,335,000

57.4%

25

18

-28.0%

94.5%

94.1%

-0.3%

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

62.9% The average sold price for all residential

properties in the Town of Mountain Village increased by 62.9% January through March 2020 compared to that of 2019.

All Residential Properties

MOUNTAIN VILLAGE January through March Average Price

2019

2020

% Change

$1,243,572

$1,561,500

25.6%

Average Price

$655

$620

-5.3%

Average Price per Square Foot

237

284

19.8%

Average Days on Market

$3,700,000

$2,975,000

-19.6%

Highest Price

22

10

-54.5%

Properties Sold

94.1%

95.3%

1.3%

Average Price per Square Foot Average Days on Market Highest Price

MOUNTAIN VILLAGE

Properties Sold % Sold Price to List Price Condos, Townhomes, Duplexes

January through March

% Sold Price to List Price

2019

2020

% Change

$2,675,000

$3,236,250

21.0%

$646

$850

31.6%

718

429

-40.3%

$4,025,000

$6,335,000

57.4%

3

8

166.7%

95.6%

93.5%

-2.3%

Single Family Homes

MOUNTAIN VILLAGE January through March Average Price

2019

2020

% Change

$1,581,250

$477,500

-69.8%

59

1,728

2,828.8%

$3,975,000

$560,000

-85.9%

4

2

-50.0%

99.3%

98.0%

-1.3%

Average Days on Market Highest Price Properties Sold % Sold Price to List Price Land

Mountain Village is steps away from the gondola and its slope-side location cannot be beat.

MICROMARKET REPORT | Telluride resprts.livsothebysrealty.com

JANUARY - MARCH 2020 • COLORADOMICROREPORTS.COM

SURROUNDING NEIGHBORHOODS January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

SURROUNDING NEIGHBORHOODS Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

% Change

$3,493,750

$1,585,250

-54.6%

$694

$488

-29.7%

252

324

28.6%

$8,400,000

$1,608,000

-80.9%

4

2

-50.0%

90.7%

90.8%

0.1%

All Residential Properties

1327 Elk Run, Telluride

January through March

2019

2019

2020

% Change

$1,175,000

$692,500

-41.1%

626

635

1.4%

$1,400,000

$1,775,000

26.8%

2

6

200.0%

85.1%

85.3%

0.2%

200%

January through March 2020, the number of properties sold in Surrounding Neighborhoods increased by 200% compared to that of 2019.

Land

Surrounding Neighborhoods: Aldasoro Ranch, Elk Run, GrayHead, Idarado Legacy, Raspberry Patch, Ski Ranches, The Preserve, West Meadows

coloradomicroreports.com

SURROUNDING MESAS January through March Average Price

2020

% Change

$1,132,500

$1,360,167

20.1%

$362

$566

56.4%

397

500

25.9%

$3,200,000

$1,608,000

-49.8%

properties in Surrounding Mesas increased by

6

3

-50.0%

20.1% January through March 2020 compared

94.1%

89.9%

-4.5%

Average Price per Square Foot Average Days on Market Highest Price

20.1%

2019

Properties Sold % Sold Price to List Price

The average sold price for all residential

to that of 2019.

All Residential Properties

40.0%

January through March 2020, the number of

properties sold in Surrounding Mesas increased by 40.0% compared to that of 2019.

SURROUNDING MESAS January through March Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2019

2020

% Change

$470,400

$668,571

42.1%

711

641

-9.8%

$950,000

$1,775,000

86.8%

5

7

40.0%

81.2%

86.0%

5.9%

Land

Surrounding Mesas: Deep Creek Mesa, Hastings Mesa, Iron Springs/Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, Wilson Mesa

MICROMARKET REPORT | Telluride resprts.livsothebysrealty.com

JANUARY - MARCH 2020 • COLORADOMICROREPORTS.COM

25.8%

NORWOOD January through March Average Price Average Price per Square Foot Average Days on Market

The average sold price for all residential

Highest Price

properties in Norwood increased by 25.8%

Properties Sold

January through March 2020 compared to that

% Sold Price to List Price

of 2019.

Average Sold Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

% Change

$279,750

$351,917

25.8%

$182

$225

23.6%

156

165

5.8%

$345,000

$625,000

81.2%

4

6

50.0%

89.4%

94.3%

5.5%

All Residential Properties

NORWOOD January through March

2019

2019

2020

% Change

$255,000

-

-

1,330

-

-

$325,000

-

-

2

No Sales

-

89.3%

-

Land

Norwood is a western plateau, primarily agricultural in nature.

Featuring ranch lands, cattle and other livestock operations, the area has become a bustling bedroom community for the Telluride Ski Resort.

coloradomicroreports.com

RIDGWAY: OURAY COUNTY January through March

2019

2020

% Change

Average Price

-

$658,125

-

Average Days on Market

-

123

-

Highest Price

-

$1,100,000

-

No Sales

4

-

-

98.0%

-

Properties Sold % Sold Price to List Price All Residential Properties

314 Hummingbird Trail, , Ridgway

Ridgway is also a thriving bedroom community for the Telluride Ski Resort.

A great location for those who want to live a country-quiet lifestyle, but close to the city, with the opportunity to live within 30 miles of a major regional airport.

RIDGWAY: OURAY COUNTY January through March

2019

2020

% Change

Average Sold Price

-

$1,416,525

-

Average Days on Market

-

328

-

Highest Price

-

$9,175,000

-

No Sales

8

-

-

97.7%

-

Properties Sold % Sold Price to List Price Land

MICROMARKET REPORT | Telluride resprts.livsothebysrealty.com

JANUARY - MARCH 2020 • COLORADOMICROREPORTS.COM

WHY COLORADO? NATIONAL PARKS: 4

MOUNTAIN RANGES: 7

SKI AREAS & RESORTS: 28

AVERAGE DAYS OF SUNSHINE ANNUALLY: 300

CRAFT BREWERIES: 350+

The life you love.

livsothebysrealty.com | coloradomicroreports.com Based on Information from flexmls/Telluride Association of Realtors. This representation is based in whole or in part on data supplied by flexmls/Telluride Association of Realtors. flexmls/Telluride Association of Realtors does not guarantee nor is in any way responsible for its accuracy. Data maintained by flexmls/Telluride Association of Realtors may not reflect all real estate activity in the market.