MICROMARKET REPORT
TELLURIDE | YEAR END 2020
TELLURIDE
SAN MIGUEL COUNTY
1. Telluride 2.
Mountain Village
3. Norwood 4. Ridgway
4
3
2
1
Pictured on cover: 118 Prospect Creek Drive, Mountain Village
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TELLURIDE MARKET UPDATE
Welcome to Telluride, a town unlike any other, located in Colorado’s southwest corner. The jaw-dropping beauty of Telluride is truly unbeatable, as it’s situated among the San Juan Mountains within San Miguel County. While 2020 presented a new way of life for us, one thing was clear – people sought after their dream home. Telluride and the surrounding areas feature a dreamed-about lifestyle for many, with world-class skiing, the lively vibe of Main Street, and a tight-knit community. Plus, being located a bit off the beaten path makes this a picturesque escape for those who want to feel like they are worlds away. Because of these incomparable amenities and the shift of consumers focusing on their lifestyle – real estate in Telluride boomed in 2020. LIV Sotheby’s International Realty produces a Micro Market Report analyzing the Town of Telluride, Mountain Village, and the surrounding neighborhoods’ real estate performance throughout the year of 2020, compared to 2019. All metrics revealed that 2020 was a record year. Total sales volume increased a dramatic 91.3%, with the number of sold listings increasing 42.3% revealing an increase in average price, which increased by 34.4%. Average days on market decreased 7%, showing the competitive nature of buyers looking for their Telluride slice of paradise.
SAN MIGUEL COUNTY January through December
2019
2020
% Change
Sold Listings (All Properties)
345
491
42.3%
Sold Single Family
129
190
47.3%
Sold Townhouse/Condo/Duplex
216
272
25.9%
Average Days on Market
257
239
-7.0%
$1,435,770
$1,930,247
34.4%
93.2%
96.3%
3.4%
$495,340,551
$947,751,182
91.3%
Average Sold Price % Sold Price to Original List Price Total Dollar Volume Sold
Not only did demand increase across San Miguel County, but specifically the demand for land increased dramatically. Impressively, all areas included in the report increased by 100% or greater in the number of land properties sold in 2020 compared to 2019. Ridgway, located in Ouray County, stood out with one of the highest increases of 233.3% from nine land listings sold in 2019 to 30 land listings sold in 2020. The highest price also grew in many areas, once again proving the rise in demand for the year 2020. For all residential properties in the Town of Telluride, the highest price increased by a notable 45%, from $7,725,000 in 2019 to $11,200,000 in 2020. In addition to increases in the highest price, there were many increases in the average price. Mountain Village reported an impressive 16.9% rise in average price, landing at $2,198,857 in 2020 compared to $1,881,428 in 2019. It’s clear that Telluride’s fresh mountain air, endless recreation opportunities, and an ideal community make it a place that many people want to call home. With record-breaking performances in 2020, Telluride proved to be the mountain retreat that buyers were searching for. As lifestyle continues to be a focus, the housing market in this breathtaking San Juan Mountains community should continue 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 resorts.livsothebysrealty.com
JANUARY - DECEMBER 2020 • COLORADOMICROREPORTS.COM
TOWN OF TELLURIDE
56.2%
January through December Average Price Average Price per Square Foot
The average price for all residential properties in the
Average Days on Market
Town of Telluride increased by 56.2% January through
Highest Price
December 2020 compared to that of 2019.
Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,387,878
$2,167,363
56.2%
$870
$1,081
24.3%
219
211
-3.7%
$7,725,000
$11,200,000
45.0%
143
197
37.8%
94.0%
97.9%
4.1%
All Residential Properties
TOWN OF TELLURIDE January through December 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 December
$2,774,952
$3,845,194
38.6%
$1,309
$1,428
9.1%
268
302
12.7%
Average Days on Market
$7,625,000
$10,000,000
31.1%
Highest Price
21
37
76.2%
Properties Sold
93.6%
94.3%
0.8%
Average Price Average Price per Square Foot
% Sold Price to List Price
2019
2020
% Change
$1,149,119
$1,564,298
36.1%
$794
$957
20.5%
211
185
-12.3%
$7,725,000
$11,200,000
45.0%
122
144
18.0%
94.2%
98.9%
5.0%
Single Family Homes
Condos, Townhomes, Duplexes
TOWN OF TELLURIDE January through December 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
$2,431,875
$1,493,905
-38.6%
125
311
148.8%
$12,750,000
$6,100,000
-52.2%
8
21
162.5%
96.3%
91.0%
-5.5% Land
coloradomicroreports.com
MOUNTAIN VILLAGE January through December Average Price
2019
2020
% Change
$1,881,428
$2,198,857
16.9%
$670
$718
7.2%
345
243
-29.6%
$16,250,000
$8,917,526
-45.1%
115
169
47.0%
92.2%
96.6%
4.8%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
47.0%
The number of all residential properties sold in the town of Mountain Village increased by 47.0% January through December 2020 compared to that of 2019.
All Residential Properties
MOUNTAIN VILLAGE January through December Average Price
2019
2020
% Change
$4,134,552
$4,037,048
-2.4%
Average Price
$763
$746
-2.2%
Average Price per Square Foot
586
322
-45.1%
Average Days on Market
$16,250,000
$8,917,526
-45.1%
Highest Price
29
52
79.3%
Properties Sold
90.6%
96.1%
6.1%
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 December
% Sold Price to List Price
2019
2020
% Change
$1,121,653
$1,309,205
16.7%
$639
$714
11.7%
263
220
-16.3%
$3,895,000
$4,400,000
13.0%
86
112
30.2%
94.3%
96.8%
2.7%
Condos, Townhomes, Duplexes
MOUNTAIN VILLAGE January through December Average Price
2019
2020
% Change
$852,368
$538,637
-36.8%
385
824
114.0%
$3,975,000
$2,250,000
-43.4%
19
51
168.4%
93.6%
90.0%
-3.9%
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 - DECEMBER 2020 • COLORADOMICROREPORTS.COM
68.8%
The number of all residential properties
sold in the surrounding neighborhoods of
SURROUNDING NEIGHBORHOODS January through December Average Price Average Price per Square Foot Average Days on Market Highest Price
Telluride increased by 68.8% January through
Properties Sold
December 2020 compared to that of 2019.
% Sold Price to List Price
2019
2020
% Change
$2,490,783
$2,537,302
1.9%
$538
$583
8.4%
224
276
23.2%
$8,400,000
$13,250,000
57.7%
16
27
68.8%
93.3%
92%
-1.1%
All Residential Properties
SURROUNDING NEIGHBORHOODS January through December Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
255.6%
2019
2020
% Change
$790,938
$973,914
23.1%
521
521
0.0%
January through December 2020, the number
$1,800,000
$3,500,000
94.4%
of land parcels sold in the surrounding
9
32
255.6%
neighborhoods of Telluride increased by
90.4%
93.5%
3.4%
255.6% 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 December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
42.2%
2019
2020
% Change
$1,422,005
$2,022,359
42.2%
$443
$508
14.7%
256
255
-0.4%
The average price for all residential properties
$5,750,000
$13,250,000
130.4%
in the surrounding mesas increased by 42.2%
29
52
79.3%
January through December 2020 compared to
94.1%
94.4%
0.3%
that of 2019.
All Residential Properties
112.9%
January through December 2020, the number of land parcels sold in the surrounding mesas
increased by 112.9% compared to that of 2019.
SURROUNDING MESAS January through December Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$790,661
$874,687
10.6%
544
440
-19.1%
$7,250,000
$10,000,000
37.9%
31
66
112.9%
85.0%
91.3%
7.4% 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 - DECEMBER 2020 • COLORADOMICROREPORTS.COM
116.7%
The number of all residential properties sold in Norwood increased by 116.7% January
through December 2020 compared to that of
NORWOOD January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$290,583
$470,391
61.9%
$186
$220
18.3%
223
248
11.2%
$550,000
$2,850,000
418.2%
18
39
116.7%
94.9%
96.3%
1.4%
2019.
All Residential Properties
NORWOOD January through December Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$96,208
$157,333
63.5%
768
289
-62.4%
$325,000
$600,000
84.6%
12
24
100.0%
90.0%
90.3%
0.3%
Norwood is a western plateau, primarily agricultural in nature. Featuring ranch lands, cattle and other livestock operations.
Land
20.4%
The average price for all residential
properties in Ridgway increased by 20.4% January through December 2020 compared to that of 2019.
RIDGWAY: OURAY COUNTY January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$471,247
$567,390
20.4%
$239
$273
14.2%
150
163
8.7%
$750,000
$1,125,000
50.0%
18
25
38.9%
95.7%
96.8%
1.2%
All Residential Properties
coloradomicroreports.com
RIDGWAY: OURAY COUNTY January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$503,819
$606,602
20.4%
$237
$262
10.5%
157
174
10.8%
$750,000
$1,125,000
50.0%
16
22
37.5%
95.5%
96.7%
1.2%
50.0%
The highest price for single family homes in Ridgway increased by 50.0% January through December
2020 compared to that of 2019.
Single Family Homes
RIDGWAY: OURAY COUNTY Ridgway is a great location for those who want to live a country-quiet lifestyle while being close to the city and the opportunity to live within 30 miles of a major regional airport.
January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$210,675
$279,833
32.8%
$254
$276
8.7%
90
77
-14.4%
$211,350
$220,000
4.1%
2
3
50.0%
98.2%
97.3%
-0.9%
Condos, Townhomes, Duplexes
RIDGWAY: OURAY COUNTY January through December Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
233.3%
2019
2020
% Change
$2,533,111
$673,832
-73.4%
329
399
21.3%
$21,150,000
$9,175,000
-56.6%
9
30
233.3%
The number of land parcels sold in Ridgway
99.7%
94.3%
-5.4%
increased by 233.3% January through December 2020 compared to that of 2019.
Land
MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com
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AVERAGE DAYS OF SUNSHINE ANNUALLY: 300
NATIONAL PARKS: 4
WHY coloradomicroreports.com
MOUNTAIN RANGES: 7
SKI AREAS & RESORTS: 28
COLORADO? MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com
JANUARY - DECEMBER 2020 • COLORADOMICROREPORTS.COM
The life you love.
resorts.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.