Telluride Q3 2019 Micro Market Report

MICROMARKET REPORT |

Telluride • Q3 2019

SAN MIGUEL COUNTY

4

3

1. Telluride 2

1

2.

Mountain Village

3. Norwood 4. Ridgway

Pictured on cover: 500 Elk Run Drive, Telluride

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TELLURIDE market update Telluride attracts visitors from all over the world with captivating scenery, year-round activities, and a historic downtown known for unique and memorable places. Nestled in southwest Colorado’s renowned mountains, the remote locale intrigues many. Telluride is known for the lifestyle, the views, and the activities – but for those who have been, this is a place truly unlike anywhere else on earth.

LIV Sotheby’s International Realty produces a Micro Market Report analyzing Telluride’s real estate performance for January through September 2019 compared to that of 2018. The Quarter 3 Report shows impressive increases in activity for many of the neighborhoods of San Miguel County. As a whole, San Miguel County continues to see a steady decrease in average days on market, witnessing a notable 15.5% drop, bringing the average days on market for 2019 to 257 days compared to 304 days in 2018. Given the remote landscape of this beautiful resort town, it’s not uncommon for homes to be on the market for a longer period of time. The decrease in average days on market demonstrates the increased competition for San Miguel County real estate.

SAN MIGUEL COUNTY January through September Sold Listings (All Properties)

2018

2019

% Change

219

206

-5.9%

90

76

-15.6%

Sold Condos/TH/DP

129

130

0.8%

Average Days on Market

304

257

-15.5%

$1,265,067

$1,255,686

-0.7%

94.5%

92.4%

-2.2%

$277,049,600

$258,671,412

-6.6%

Sold Single Family

Average Price % Sold Price to List Price Total Dollar Volume Sold

All Properties

Various neighborhoods of San Miguel County saw remarkable increases in average price including a 23.8% increase for Town of Telluride condos, townhomes and duplexes, bringing the 2019 average price to $1,176,788 from $950,916 in 2018. Likewise, Mountain Village single family homes saw an increase of 11.2%, bringing the 2019 average price to $3,248,750 from $2,922,500 in 2018.

Telluride continues to become more popular with an extremely active market for real estate. While this mountain town is tucked away deep in the San Juan’s, many value the resort lifestyle only the Colorado mountains offer and especially a 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 September

2018

Average Price

$1,475,925

$1,394,905

-5.5%

$858

$942

9.8%

309

221

-28.5%

$7,850,000

$7,625,000

-2.9%

76

73

-3.9%

96.6%

92.9%

-3.8%

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

% Change

2019

All Residential Properties 520 E Columbia Avenue, Telluride

TOWN OF TELLURIDE 2018

Average Price

$3,444,710

$2,503,667

-27.3%

$1,235

$1,238

0.2%

Average Price

292

301

3.1%

Average Days on Market

$7,688,000

$7,625,000

-0.8%

16

12

-25.0%

96.7%

91.6%

-5.3%

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

% Change

TOWN OF TELLURIDE

January through September

2019

Single Family Homes

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

Highest Price Properties Sold % Sold Price to List Price

2018

% Change

2019

$868,750

$2,536,429

192.0%

345

106

-69.3%

$3,200,000

$12,750,000

298.4%

8

7

-12.5%

88.9%

97.3%

9.4%

Land

TOWN OF TELLURIDE January through September

January through September

2018

% Change

2019

$950,916

$1,176,788

23.8%

$757

$884

16.8%

314

206

-34.4%

$7,850,000

$7,550,000

-3.8%

60

61

1.7%

96.7%

93.6%

-3.2%

23.8%

The average price for Town of Telluride condos, townhomes, and duplexes increased by 23.8% January through September 2019 compared to that of 2018.

Condos, Townhomes, Duplexes

coloradomicroreports.com

MOUNTAIN VILLAGE January through September

2018

2019

-23.2%

Average Price

$1,429,453

$1,447,522

1.3%

408

-29.7%

Average Price per Square Foot

$626

$639

2.1%

$8,150,000

$3,975,000

-51.2%

Average Days on Market

317

317

0.0%

17

13

-23.5%

Highest Price

$6,510,000

$6,550,000

0.6%

79.7%

94.9%

19.1%

81

76

-6.2%

93.2%

91.3%

-2.0%

January through September

2018

Average Sold Price

$1,289,735

$990,385

580

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

MOUNTAIN VILLAGE

% Change

2019

Properties Sold % Sold Price to List Price

Land

% Change

All Residential Properties

11.2%

MOUNTAIN VILLAGE January through September

2018

Average Price

January through September 2019 the average price for single family homes in Mountain Village increased by 11.2% compared to that of 2018.

$2,922,500

$3,248,750

11.2%

$644

$700

8.7%

366

650

77.6%

$6,510,000

$6,550,000

0.6%

16

14

-12.5%

93.0%

87.0%

-6.5%

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

% Change

2019

Single Family Homes

MOUNTAIN VILLAGE January through September

2018

Average Price

$1,061,934

$1,040,793

-2.0%

$621

$625

0.6%

305

241

-21.0%

$4,700,000

$3,700,000

-21.3%

65

62

-4.6%

93.3%

94.6%

1.4%

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

% Change

2019

Condos, Townhomes, Duplexes 3 Tunnel Lane, Mountain Village

MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com

2019 • COLORADOMICROREPORTS.COM

SURROUNDING NEIGHBORHOODS January through September

2018

Average Price

$2,212,778

$2,396,250

8.3%

$460

$537

16.7%

219

223

1.8%

$7,500,000

$8,400,000

12.0%

9

8

-11.1%

89.9%

92.5%

2.9%

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

% Change

2019

All Residential Properties 106 Cristina’s Way, Aldasoro Ranch

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

2018

% Change

2019

$513,571

$961,800

87.3%

431

527

22.3%

$960,000

$1,800,000

87.5%

7

5

-28.6%

94.8%

88.5%

-6.6%

8.3%

The average price for surrounding neighborhoods increased by 8.3% January through September 2019 compared to that of 2018.

Land

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

1327 Elk Run Drive, Elk Run

coloradomicroreports.com

SURROUNDING MESAS January through September

2018

2019

Average Price

$1,729,895

$1,076,074

-37.8%

$457

$376

-17.7%

355

291

-18.0%

$7,500,000

$3,200,000

-57.3%

19

19

0.0%

91.7%

95.3%

3.9%

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

% Change

All Residential Properties 1960 W Anderson Road, Wilson Mesa

SURROUNDING MESAS

3.9%

January through September Average Sold Price Average Days on Market Highest Price

The % sold price to list price for surrounding Mesas increased by 3.9% January through September 2019 compared to that of 2018.

Properties Sold % Sold Price to List Price

2018

% Change

2019

$1,062,405

$390,971

-63.2%

848

604

-28.8%

$8,000,000

$1,800,000

-77.5%

21

17

-19.0%

93.8%

88.0%

-6.2%

Land

Surrounding Mesas include Deep Creek Mesa, Hastings Mesa, Iron Springs/Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, and Wilson Mesa.

Specie Wilderness Ranch, Speci Mesa

MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com

2019 • COLORADOMICROREPORTS.COM

NORWOOD January through September Average Price

2018 $351,923

$278,333

-20.9%

$194

$193

-0.5%

314

244

-22.3%

$1,070,000

$550,000

-48.6%

26

12

-53.8%

96.1%

94.8%

-1.4%

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

% Change

2019

66.7%

January through September 2019 the number of land parcels sold in Norwood increased by 66.7% compared to that of 2018.

All Residential Properties

NORWOOD January through September Average Sold Price

2018 $478,500

$103,450

-78.4%

364

843

131.6%

$2,100,000

$325,000

-84.5%

6

10

66.7%

87.2%

89.3%

2.4%

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

% Change

2019

Land 1448 County Road 46X, Norwood

RIDGWAY: OURAY COUNTY January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

% Change

2019

$398,277

$458,296

15.1%

$218

$426

95.4%

338

165

-51.2%

$620,000

$750,000

21.0%

12

13

8.3%

94.8%

95.9%

1.2%

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 September Average Price

Ridgway is also a thriving bedroom community for the Telluride Ski Resort. A great location for those who want to live a countryquiet lifestyle, but close to the city, with the opportunity to live within 30 miles of a major regional airport.

2018 $455,343

$503,318

10.5%

$216

$245

13.4%

235

179

-23.8%

$620,000

$750,000

21.0%

7

11

57.1%

95.5%

95.7%

0.2%

Average Price per Square Foot Average Days on Market Highest Price

% Change

2019

Properties Sold % Sold Price to List Price Single Family Homes

RIDGWAY: OURAY COUNTY

10.5%

January through September Average Price

2018 $318,385

$210,675

-33.8%

$221

$254

14.9%

484

90

-81.4%

$522,000

$211,350

-59.5%

5

2

-60.0%

93.6%

98.2%

4.9%

Average Price per Square Foot Average Days on Market

The average price for Ridgway single family homes increased by 10.5% January through September 2019 compared to that of 2018.

Highest Price

% Change

2019

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

RIDGWAY: OURAY COUNTY January through September Average Sold Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

% Change

2019

$191,666

$186,000

-3.0%

520

129

-75.2%

$480,000

$365,000

-24.0%

20

5

-75.0%

92.3%

94.4%

2.3%

Land

750 Chipeta Drive, 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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resorts.livsothebysrealty.com | coloradomicroreports.com Based on Information from SAR MLS. This representation is based in whole or in part on data supplied by SAR MLS. SAR MLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by SAR MLS may not reflect all real estate activity in the market.