MICROMARKET REPORT
TELLURIDE | MID-YEAR 2020
TELLURIDE
SAN MIGUEL COUNTY
D r t
1. Telluride 2.
Mountain Village
L s 2 $ t t a a
3. Norwood 4. Ridgway
4
3
2
1
M M n h h h f n c
T s c h
R s J o Pictured on cover: 102 Singletree Ridge, Mountain Village
coloradomicroreports.com
W t
TELLURIDE MARKET UPDATE
Despite the impact that the COVID-19 pandemic had on the community of Telluride, consumers have not slowed down but rather picked up activity within the local real estate market. San Miguel County, a gorgeous area with ample opportunities to get outside and explore Southwest Colorado, has seen tremendous success in the housing market so far this year. LIV Sotheby’s International Realty produces a Micro Market Report analyzing the Town of Telluride, Mountain Village, and surrounding neighborhoods real estate performance from January to June of 2020 compared to the same time period in 2019. Total sales volume in San Miguel County rose by an impressive 74.3%, from $133,527,739 through June of 2019 to $232,710,473 through June of this year. What’s more, the overall number of listings sold grew by 17% and the average sold price increased by 49% bringing the January through June 2019 2020 % Change average sold price for residential properties in the Sold Listings (All Properties) 106 124 17.0% area to $1,876,697.
SAN MIGUEL COUNTY
Sold Single Family
40
59
47.5%
Many neighborhoods and communities within San Sold Townhouse/Condo/Duplex 66 65 -1.5% Miguel County saw impressive increases in the Average Days on Market 271 273 0.7% number of properties sold. The Town of Telluride Average Sold Price $1,259,696 $1,876,697 49.0% has also made strides in the number of single family % Sold Price to Original List Price 92.6% 93.5% 1.0% homes sold, growing by 150% from 2019 when six Total Dollar Volume Sold $133,527,739 $232,710,473 74.3% homes sold, to 2020 when 15 homes have sold so far. Mountain Village also saw immense growth in the number of single family homes sold through June of 2020. In this community, 12 homes have been sold so far in 2020, compared to the five homes that were sold through Q2 in 2019, a 140% increase. The Town of Telluride not only increased the number of properties sold throughout 2020, but this community has also seen an increase in the average sold price. This once historic mining town has seen average single family home sold prices climb from $2,129,833 in 2019 to $2,838,400 thus far in 2020, a 33.3% increase. Mountain Village’s average sold price has also increased, climbing 32% which brings the average sold price for single family homes in the area $3,605,992. Ridgway, within Ouray County, experienced the most notable rise in average sold price for land parcels, due to the significant sale of a 1,681-acre ranch which sold for $9,175,000 in Q1 of 2020. In a comparison between January through June of 2020 to 2019, this community had a 1,100% increase in the number of land parcels sold. In Q1 and Q2 of last year, one parcel of land sold but in the same time frame of 2020, 12 parcels of land have sold. With enhanced real estate activity fueling the housing market in San Miguel County, this mountain community will continue to be an incredible place to live and invest.
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 resorts.livsothebysrealty.com
JANUARY - JUNE 2020 • COLORADOMICROREPORTS.COM
TOWN OF TELLURIDE
89.5%
January through June 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 89.5% January through June 2020
Properties Sold
compared to that of 2019.
% Sold Price to List Price
2019
2020
% Change
$1,310,276
$2,483,576
89.5%
$953
$1,163
22.0%
222
267
20.3%
$3,625,000
$11,200,000
209.0%
39
56
43.6%
93.7%
93.1%
-0.7%
All Residential Properties
TOWN OF TELLURIDE January through June 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 June
$2,129,833
$2,838,400
33.3%
Average Price
$995
$1,291
29.7%
Average Price per Square Foot
343
396
15.5%
Average Days on Market
$3,625,000
$5,900,000
62.8%
Highest Price
6
15
150.0%
94.6%
92.0%
-2.8%
Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,161,265
$2,353,762
102.7%
$945
$1,116
18.1%
200
220
10.0%
$3,400,000
$11,200,000
229.4%
33
41
24.2%
93.5%
93.6%
0.2%
Single Family Homes
Condos, Townhomes, Duplexes
TOWN OF TELLURIDE January through June Average Price Average Days on Market Highest Price Properties Sold
Due to Telluride’s significant 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
$3,838,750
$569,000
-85.2%
69
662
859.4%
$12,750,000
$638,000
-95.0%
4
2
-50.0%
98.6%
58.4%
-40.8% Land
coloradomicroreports.com
MOUNTAIN VILLAGE January through June Average Price
2019
2020
% Change
$1,506,530
$2,203,554
46.3%
$665
$707
6.3%
340
298
-12.4%
$4,650,000
$7,766,900
67.0%
36
30
-16.7%
91.9%
95.5%
3.9%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
46.3% The average sold price for all residential properties in the Town of Mountain Village increased by 46.3% January through June 2020 compared to that of 2019.
All Residential Properties
MOUNTAIN VILLAGE January through June Average Price
2019
2020
% Change
$2,732,000
$3,605,992
32.0%
Average Price
$642
$813
26.6%
Average Price per Square Foot
675
300
-55.6%
$4,650,000
$7,766,900
67.0%
5
12
140.0%
85.5%
95.7%
11.9%
Average Price per Square Foot Average Days on Market Highest Price
MOUNTAIN VILLAGE
Properties Sold % Sold Price to List Price Single Family Homes
January through June
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,308,874
$1,268,595
-3.1%
$669
$636
-4.9%
286
297
3.8%
$3,700,000
$2,975,000
-19.6%
31
18
-41.9%
94.2%
95.0%
0.8%
Condos, Townhomes, Duplexes
MOUNTAIN VILLAGE January through June Average Price
2019
2020
% Change
$1,187,778
$390,714
-67.1%
181
1,074
493.4%
$3,975,000
$560,000
-85.9%
9
7
-22.2%
96.3%
91.3%
-5.2%
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 resorts.livsothebysrealty.com
JANUARY - JUNE 2020 • COLORADOMICROREPORTS.COM
SURROUNDING NEIGHBORHOODS January through June 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
$2,945,000
$1,490,786
-49.4%
$620
$501
-19.2%
241
318
32.0%
$8,400,000
$2,040,000
-75.7%
5
7
40.0%
90.5%
93.4%
3.3%
All Residential Properties
140 W Serapio Drive, Aldasoro Ranch
January through June
2019
2019
2020
% Change
$870,000
$644,732
-25.9%
426
567
33.1%
$1,400,000
$1,775,000
26.8%
3
7
133.3%
86.0%
85.9%
-0.1%
133.3%
January through June 2020, the number of land parcels sold in Surrounding Neighborhoods
increased by 133.3% compared to that of 2019.
Land
Surrounding Neighborhoods: Aldasoro Ranch, Elk Run, GrayHead, Idarado Legacy, Raspberry Patch, Ski Ranches, The Preserve, West Meadows
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SURROUNDING MESAS January through June Average Price
2020
% Change
$983,090
$1,108,375
12.7%
$361
$539
49.3%
332
318
-4.2%
$3,200,000
$2,040,000
-36.3%
residential properties in Surrounding Mesas
10
14
40.0%
increased by 49.3% January through June 2020
92.9%
91.4%
-1.6%
compared to that of 2019.
Average Price per Square Foot Average Days on Market Highest Price
49.3%
2019
Properties Sold % Sold Price to List Price
The average price per square foot for all
All Residential Properties
71.4%
January through June 2020, the number of
properties sold in Surrounding Mesas increased by 71.4% compared to that of 2019.
SURROUNDING MESAS January through June Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$391,786
$462,177
18.0%
570
442
-22.5%
$950,000
$1,775,000
86.8%
7
12
71.4%
82.3%
84.2%
2.3%
Land
Surrounding Mesas: Deep Creek Mesa, Hastings Mesa, Iron Springs/Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, Wilson Mesa
MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com
JANUARY - JUNE 2020 • COLORADOMICROREPORTS.COM
80.0%
The number of properties sold for all residential
properties in Norwood increased by 80.0% January through June 2020 compared to that of 2019.
NORWOOD January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$281,900
$506,236
79.6%
$191
$241
26.2%
278
271
-2.5%
$550,000
$2,850,000
418.2%
10
18
80.0%
93.9%
89.9%
-4.3%
All Residential Properties
NORWOOD January through June
2019
2020
% Change
$117,786
$132,125
12.2%
1,097
422
-61.5%
$325,000
$275,000
-15.4%
7
8
14.3%
87.2%
77.6%
-11.0%
Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Land
47.0%
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.
RIDGWAY: OURAY COUNTY January through June Average Price Average Price per Square Foot Average Days on Market
The average sold price for all residential properties
Highest Price
in Ridgway increased by 47.0% January through
Properties Sold
June 2020 compared to that of 2019.
% Sold Price to List Price
2019
2020
% Change
$409,050
$601,500
47.0%
$235
$331
40.9%
113
106
-6.2%
$573,000
$1,100,000
92.0%
7
5
-28.6%
96.7%
98.2%
1.6%
All Residential Properties
coloradomicroreports.com
RIDGWAY: OURAY COUNTY January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$442,000
$601,500
36.1%
$232
$331
42.7%
124
106
-14.5%
$573,000
$1,100,000
92.0%
6
5
-16.7%
96.5%
98.2%
1.8%
42.7%
The average price per square foot for all single family homes in Ridgway increased by 42.7% January through June 2020 compared to that of 2019.
Single Family Homes
RIDGWAY: OURAY COUNTY
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.
January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$211,350
-
-
$253
-
-
49
-
-
$211,350
-
-
1
No Sales
-
98.8%
-
-
Condos, Townhomes, Duplexes
RIDGWAY: OURAY COUNTY January through June Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$70,000
$1,044,017
1,391.5%
320
322
0.6%
$70,000
$9,175,000
13,007.1%
1
12
1,100.0%
93.5%
97.1%
3.9%
Land
314 Hummingbird Trail, , Ridgway
MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com
JANUARY - JUNE 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.