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
coloradomicroreports.com
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.