MICROMARKET REPORT |
Telluride • Mid-Year 2019
SAN MIGUEL COUNTY
6
5
1. Telluride 3
4
2. 2
1
Mountain Village
3. Placerville 4. Sawpit 5. Norwood 6. Ridgway
Pictured on cover: 101 Albert J Road, Telluride
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TELLURIDE market update Recently ranked as the No. 1 best small town to visit in the country by U.S. News, Telluride attracts visitors from all over the world with captivating scenery, year-round activities, and a downtown boasting unique and memorable places. Surrounded and nestled in Colorado’s renowned mountains is the town of Telluride. For most, Telluride is known for the lifestyle, the views, and the activities – but for locals, this is a place unlike anywhere else on earth. LIV Sotheby’s International Realty produces a Micro Market Report
SAN MIGUEL COUNTY
analyzing Telluride’s real estate performance for January through June
January through June
2019 compared to that of 2018. The Mid-Year Report proves outstanding
Sold Listings (All Properties)
increases in activity for many of the neighborhoods of San Miguel County.
2018
2019
% Change
135
126
-6.7%
Sold Single Family
50
45
-10.0%
As a whole, San Miguel County witnessed a 20.3% decrease in average
Sold Condos/TH/DP
85
81
-4.7%
days on market, bringing the average days on market for 2019 to 247 days
Average Days on Market
310
247
-20.3%
compared to 310 days in 2018 – given the remote landscape of this beautiful
Average Price
$1,246,637
$1,159,000
-7.0%
resort town, it’s not uncommon for homes to sit on the market for a longer
% Sold Price to List Price
95.7%
92.5%
-3.3%
period of time. The decrease in average days on market does show the
Total Dollar Volume Sold
$168,565,974
$146,044,851
-13.4%
increase in competition for San Miguel County real estate.
All Properties
There were extremely impressive increases in average sold price for the various neighborhoods of San Miguel County including a record-breaking 347.9% increase for Town of Telluride land, bringing the 2019 average sold price to $3,838,750 from $857,143 in 2018. This extreme increase in average sold price was due to a $12,750,000 land sale, the highest ever historically in the Town of Telluride. As no surprise, Telluride continues to prove to be an extremely active market for real estate. While this mountain town is tucked away, many value the resort life that the Colorado mountains offer and especially the lifestyle found nowhere else than in Telluride.
resorts.livsothebysrealty.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.
MICROMARKET REPORT | Telluride 2019 • COLORADOMICROREPORTS.COM
TOWN OF TELLURIDE January through June
2018
Average Price
$1,386,146
$1,386,452
0.0%
$834
$926
11.0%
331
225
-32.0%
$6,250,000
$5,700,000
-8.8%
45
41
-8.9%
98.7%
92.9%
-5.9%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
2019
All Residential Properties 536 W Pacific Avenue, Telluride
TOWN OF TELLURIDE January through June
2018
Average Price
$3,665,016
$2,129,833
-41.9%
$1,171
$995
-15.0%
340
343
0.9%
$6,250,000
$3,625,000
-42.0%
7
6
-14.3%
102.5%
94.6%
-7.7%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
2019
Founded in 1878, Telluride is tucked into a box canyon surrounded by 13,000 and 14,000-foot peaks. The Town of Telluride is just eight blocks wide and twelve blocks long, sitting at an elevation of 8,750 feet. Because of its significant role in the history of the American west the core area of Telluride was designated a National Historic Landmark District in 1964.
Single Family Homes
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
2018
TOWN OF TELLURIDE % Change
2019
January through June
$966,354
$1,259,015
30.3%
Average Price
$772
$914
18.4%
Average Days on Market
329
205
-37.7%
Highest Price
$4,300,000
$5,700,000
32.6%
Properties Sold
38
35
-7.9%
96.2%
92.4%
-4.0%
% Sold Price to List Price
2018
% Change
2019
$857,143
$3,838,750
347.9%
372
69
-81.5%
$3,200,000
$12,750,000
298.4%
7
4
-42.9%
92.2%
98.5%
6.8%
Land
Condos, Townhomes, Duplexes
coloradomicroreports.com
MOUNTAIN VILLAGE Mountain Village is perched above the Telluride valley floor at 9,500 feet, providing access to the Telluride Ski Resort and Uncompaghre National Forest. This European-style village was founded in 1987 and includes approximately 2,100 acres of rolling apsen and sprucecovered mountainsides. Telluride and Mountain Village are connected by a free, scenic Gondola – the only transportation system of its kind in North America.
January through June
2018
Average Price
$1,476,858
$1,352,326
-8.4%
$635
$619
-2.5%
310
304
-1.9%
$4,475,000
$6,595,000
47.4%
57
42
-26.3%
93.7%
92.1%
-1.7%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
2019
All Residential Properties
MOUNTAIN VILLAGE January through June Average Sold Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
% Change
2019
MOUNTAIN VILLAGE January through June
2018 $3,042,917
$2,732,000
-10.2%
$676
$642
-5.0%
292
675
131.2%
$4,475,000
$6,595,000
47.4%
12
5
-58.3%
94.0%
85.5%
-9.0%
$931,318
$1,503,571
61.4%
Average Price
663
192
-71.0%
Average Price per Square Foot
$3,800,000
$3,975,000
4.6%
11
7
-36.4%
88.1%
96.4%
9.4%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Land
% Change
2019
Single Family Homes
MOUNTAIN VILLAGE January through June
2018
2019
Average Price
$1,059,242
$1,165,883
10.1%
$624
$616
-1.3%
314
254
-19.1%
$2,455,000
$3,700,000
50.7%
45
37
-17.8%
93.5%
94.5%
1.1%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
Condos, Townhomes, Duplexes 225 Benchmark Drive, Mountain Village
MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com
2019 • COLORADOMICROREPORTS.COM
SURROUNDING NEIGHBORHOODS January through June Average Price
2018 $1,205,500
$2,945,000
144.3%
$337
$620
84.0%
367
241
-34.3%
$1,575,000
$8,400,000
433.3%
4
5
25.0%
92.7%
90.5%
-2.4%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
2019
All Residential Properties 229 E Serapio Drive, Aldasoro Ranch
SURROUNDING NEIGHBORHOODS January through June Average Sold Price
2018 $535,000
$870,000
62.6%
374
426
13.9%
$960,000
$1,400,000
45.8%
6
3
-50.0%
94.5%
86.0%
-9.0%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
2019
Surrounding Neighborhoods inlude Aldasoro Ranch, Elk Run, GrayHead, Idarado Legacy, Raspberry Patch, Ski Ranches, The Preserve, and West Meadows.
Land
DOWN VALLEY January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
% Change
2019
$438,750
$713,000
62.5%
$303
$322
6.3%
107
221
106.5%
$642,500
$892,000
38.8%
2
4
100.0%
95.4%
94.5%
-0.9%
All Residential Properties 21726 Highway 145, Placerville
coloradomicroreports.com
DOWN VALLEY January through June
2018
Average Sold Price
$950,000
$-
-%
967
-
-%
$950,000
$-
-%
1
-
-%
77.2%
-%
-%
Average Days on Market
Down Valley includes the towns of Placerville and Sawpit.
Highest Price Properties Sold % Sold Price to List Price
% Change
2019
Land *Zero land sales occurred in Down Valley to-date for 2019.
SURROUNDING MESAS January through June Average Price
2018 $1,333,600
$983,090
-26.3%
$390
$361
-7.4%
394
332
-15.7%
$4,725,000
$3,200,000
-32.3%
10
10
0.0%
94.4%
92.9%
-1.6%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
2019
All Residential Properties 1804 Ranch Road, Iron Springs/Horsefly Mesa
SURROUNDING MESAS January through June Average Sold Price
Surrounding Mesas incude Deep Creek Mesa, Hastings Mesa, Iron Springs/Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, and Wilson Mesa.
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
% Change
2019
$644,786
$391,786
-39.2%
931
570
-38.8%
$2,700,000
$950,000
-64.8%
14
7
-50.0%
90.2%
82.3%
-8.8%
Land
MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com
2019 • COLORADOMICROREPORTS.COM
NORWOOD January through June Average Price
2018 $393,700
$281,900
-28.4%
$198
$191
-3.5%
353
278
-21.2%
$1,070,000
$550,000
-48.6%
15
10
-33.3%
96.2%
93.9%
-2.4%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
2019
21.2%
The average days on market for all residential properties in Norwood decreased by 21.2% January through June 2019 compared to that of 2018.
All Residential Properties
NORWOOD January through June Average Sold Price
2018 $182,000
$117,786
-35.3%
351
1,097
212.5%
$307,000
$325,000
5.9%
3
7
133.3%
72.0%
87.1%
21.0%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
2019
Land 40487 Highway 145, Norwood
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
2018
% Change
2019
$341,853
$409,050
19.7%
$223
$235
5.4%
409
113
-72.4%
$620,000
$573,000
-7.6%
8
7
-12.5%
95.7%
96.7%
1.0%
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.
All Residential Properties
coloradomicroreports.com
RIDGWAY: OURAY COUNTY January through June
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.
Average Price
2018 $416,225
$442,000
6.2%
$223
$232
4.0%
235
124
-47.2%
$620,000
$573,000
-7.6%
4
6
50.0%
95.5%
96.5%
1.0%
Average Price per Square Foot Average Days on Market Highest Price
% Change
2019
Properties Sold % Sold Price to List Price Single Family Homes
12.9%
January through June 2019 the average price per square foot for condos, townhomes, duplexes and triplexes in Ridgway increased by 12.9% compared to that of 2018.
RIDGWAY: OURAY COUNTY January through June
2018
Average Price
$267,481
$211,350
-21.0%
$224
$253
12.9%
582
49
-91.6%
$339,925
$211,350
-37.8%
4
1
-75.0%
96.2%
98.8%
2.7%
Average Price per Square Foot Average Days on Market Highest Price
% Change
2019
Properties Sold % Sold Price to List Price Condos, Townhomes, Duplexes and Triplexes
RIDGWAY: OURAY COUNTY January through June Average Sold Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
% Change
2019
$203,846
$70,000
-65.7%
324
320
-1.2%
$480,000
$70,000
-85.4%
13
1
-92.3%
91.3%
93.5%
2.4%
Land
314 Hummingbird Trail, Ridgway
MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com
2019 • COLORADOMICROREPORTS.COM
WHY COLORADO?
NATIONAL PARKS: 4
MOUNTAIN RANGES: 7
AVERAGE DAYS OF SUNSHINE ANNUALLY: 300
SKI AREAS & RESORTS: 28
CRAFT BREWERIES: 350+
LIV SOTHEBY’S INTERNATIONAL REALTY
RESORT REPORT
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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.