Q1 2021
Micro Market Report TELLURIDE
115 Francisco Way, Telluride
135 Polecat Lane, Mountain Village
Telluride
MARKET UPDATE
Telluride is a picture-perfect mountain town nestled in a dramatic box canyon in the southwest corner of Colorado. Offering residents an isolated respite from the bustle of more populated areas, those who choose Telluride as their home are often seeking thrills off the beaten path. Whether it’s due to the town’s world-famous skiing, legendary summer festivals, Victorian architecture, or close-knit community, Telluride has always lured adventurers from afar. As Americans encounter far more opportunities to work from home, Telluride’s real estate market continues to thrive. The housing surge experienced by the rest of the country is even more pronounced in and around this tiny town in the San Juan Mountains, where people arrive seeking a lifestyle that can be both more relaxed or more active, but is always a little more purposeful. LIV Sotheby’s International Realty produces a Micro Market Report analyzing the Town of Telluride, Mountain Village, and the surrounding neighborhoods’ real estate performance for the first quarter of 2021, compared to the first quarter of 2020. Residential properties in San Miguel County, where Telluride is located, saw a whopping 214% increase this year compared to the beginning of 2020. Carving out a niche in paradise got a little more competitive too, with properties staying on the market 25.9% fewer days than they did last winter. In the Town of Telluride, the average price of single family homes increased by a drastic 50.1%, from $3,342,000 to $5,018,000, showing that buyers may be looking for bigger, more permanent places to park their skis. The number of land buyers also increased from one to five in the Town of Telluride—a 400% escalation from 2020. Mountain Village, which is perched above Telluride at 9,500 feet and connected to the town by a scenic gondola, enjoyed a 366.7% increase in all residential property sales. Soaring prices matched those soaring views, with a 29% uptick in average sold price,
from $2,305,833 to $2,975,632. Of those properties, sales of single family homes increased 62.5% while sales of condos and townhomes increased 380%, and land sales increased an incredible 1,050% over the first quarter of 2020. Buyers also sought out more land and properties in the surrounding mesas, with the average price of land sales increasing 49.3% and the number of properties sold up 271.4%. Norwood had a particularly large jump in sales—83.3% more than last year at this time—and Ridgway in Ouray County saw a 75% increase in sales of all residential properties as well. Sellers of single family homes reaped the benefits most of all by enjoying a 29.4% increase in home prices. The current flexibility in remote employment combined with Telluride’s unique appeal should continue to make this beautiful area a popular place not just to visit, but to call home.
SAN MIGUEL COUNTY January through March
2020
2021
% Change
Sold Listings (All Properties)
57
179
214.0%
Sold Single Family
21
37
76.2%
Sold Condos/TH/DP
36
73
102.8%
305
384
25.9%
$2,481,286
$1,549,999
-37.5%
93.1%
96.7%
3.9%
$141,432,250
$277,449,886
96.2%
Average Days on Market Average Sold Price % Sold Price to List Price Total Sales Volume
All Residential Properties
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.
coloradomicroreports.com
TELLURIDE
NEIGHBORHOODS
1.
Telluride
2.
Mountain Village
3.
Norwood
4.
Ridgway
4
3
2
1
MICROMARKET REPORT | Telluride livsothebysrealty.com
JANUARY - MARCH 2021 • COLORADOMICROREPORTS.COM
January through March Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$3,139,925
$2,063,147
-34.3%
$1,310
$1,482
13.1%
312
329
5.4%
$11,200,000
$9,550,000
-14.7%
30
32
6.7%
92.7%
96.3%
3.9%
TOWN OF TELLURIDE
All Residential Properties
50.1%
The average sold price for single family homes in the Town of Telluride increased by 50.1% January through March 2021 compared to that of 2020.
The historic Town of Telluride, designated as a National Historic Landmark District in
January through March Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
January through March Average Sold Price
canyon surrounded by incredible 13,000
Average Price per Square Foot
long by eight blocks wide, the town is a menagerie of colorful Victorian homes,
2021
% Change
$3,342,000
$5,018,000
50.1%
$1,409
$1,599
13.5%
337
200
-40.7%
$5,900,000
$9,500,000
61.0%
6
5
-16.7%
95.1%
94.3%
-0.9%
Single Family Homes
1964, is near the end of a picturesque box and 14,000-foot peaks. Just 12 blocks
2020
Average Days on Market Highest Price
superb restaurants, historic buildings,
Properties Sold
and independent boutiques, galleries and
% Sold Price to List Price
outfitters.
2020
2021
% Change
$3,089,406
$1,583,623
-48.7%
$1,286
$1,469
14.2%
306
190
-37.9%
$11,200,000
$9,550,000
-14.7%
24
22
-8.3%
92.1%
98.9%
7.4%
Condominiums, Townhomes, Duplexes and Triplexes
January through March Average Sold Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$638,000
$1,218,200
90.9%
974
1,070
9.9%
$638,000
$2,300,000
260.5%
1
5
400.0%
85.1%
90.0%
5.8%
Land
January through March Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2021
% Change
$2,305,833
$2,975,632
29.0%
$723
$742
2.6%
349
338
-3.2%
$6,335,000
$7,795,000
23.0%
18
84
366.7%
The number of residential properties
94.1%
97.6%
3.7%
sold in Mountain Village increased by
All Residential Properties
January through March Average Sold Price Average Price per Square Foot Average Days on Market
Properties Sold % Sold Price to List Price
Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
compared to that of 2020.
Founded in 1986 and incorporated in
2020
2021
% Change
$3,236,250
$4,775,592
47.6%
$850
$837
-1.5%
with
429
412
-4.0%
architectural accents and a mix of
$6,335,000
$7,795,000
23.0%
residential and commercial structures.
8
13
62.5%
93.5%
98.2%
5.1%
Single Family Homes
January through March
366.7% January through March 2021
2020
2021
% Change
$1,561,500
$1,285,521
-17.7%
$620
$716
15.5%
284
213
-25.0%
$2,975,000
$5,750,000
93.3%
10
48
380.0%
95.3%
97.6%
2.4%
1995, the Town of Mountain Village was inspired by modern ski villages in Europe cobblestone
plazas,
European
At over 9,500 feet in elevation, the town sits on the north end of sunny Turkey Creek Mesa and consists of over 2,100 acres of land.
Condominiums, Townhomes, Duplexes and Triplexes
January through March Average Sold Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$477,500
$591,622
23.9%
1,728
556
-67.8%
$560,000
$1,500,000
167.9%
2
23
1,050.0%
98.0%
95.7%
-2.4%
Land
1,050% The number of land properties sold in Mountain Village increased by 1,050% January through March 2021 compared to that of 2020.
MOUNTAIN VILLAGE
Highest Price
367%
2020
January through March
San Miguel County, named for the river of
SURROUNDING MESAS
the same name, covers 1,289 square miles
Average Sold Price Average Price per Square Foot
in southwest Colorado. San Miguel County is
Average Days on Market
home to the bedroom communities of Ophir,
Highest Price
Sawpit, Placerville and Norwood, all located within a short distance to the county seat, Telluride.
Properties Sold % Sold Price to List Price
2020
2021
% Change
$1,360,167
$1,512,551
11.2%
$566
$604
6.7%
500
496
-0.8%
$1,608,000
$6,222,500
287.0%
3
4
33.3%
89.9%
94.4%
5.0%
All Residential Properties - Deep Creek Mesa, Hastings Mesa, Iron Springs/ Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, Wilson Mesa
January through March Average Sold Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$668,571
$998,491
49.3%
641
623
-2.8%
$1,775,000
$4,495,000
153.2%
7
26
271.4%
86.0%
93.2%
8.4%
Land - Deep Creek Mesa, Hastings Mesa, Iron Springs/Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, Wilson Mesa
NORWOOD
83.3%
January through March Average Sold Price Average Price per Square Foot Average Days on Market Highest Price
The number of residential properties
Properties Sold
sold in Norwood increased by 83.3%
% Sold Price to List Price
2020
2021
% Change
$351,917
$295,955
-15.9%
$225
$226
0.4%
165
378
129.1%
$625,000
$535,000
-14.4%
6
11
83.3%
94.3%
93.5%
-0.8%
January through March 2021 compared
All Residential Properties
to that of 2020.
The Town of Norwood, about a 40-minute
January through March
drive from Telluride, is located on a western plateau and is primarily agricultural in nature featuring ranch lands, cattle and other livestock operations. Outdoor activities are
2020
2021
% Change
Average Sold Price
-
$88,125
-
Average Days on Market
-
367
-
Highest Price
-
$111,500
-
No Sales
4
-
-
90.3%
-
plentiful, with no shortage of options for
Properties Sold
hunting, fishing, hiking and mountain biking
% Sold Price to List Price
nearby.
Land
January through March Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2021
% Change
$658,125
$392,414
-40.4%
$326
$252
-22.7%
123
269
118.7%
$1,100,000
$776,600
-29.4%
4
7
75.0%
The number of residential proper-
98.0%
97.2%
-0.8%
ties sold in Ridgway: Ouray County
All Residential Properties
January through March Average Sold Price
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$503,819
$652,000
29.4%
$237
$266
12.2%
157
153
-2.5%
$750,000
$776,600
3.5%
5
2
-60.0%
95.5%
98.2%
2.8%
increased by 75% January through March 2021 compared to that of 2020.
Single Family Homes
January through March
2020
2021
% Change
Average Sold Price
-
-
-
Average Price per Square Foot
-
-
-
Average Days on Market
-
-
-
“Gateway to the San Juans,” Ridgway is a
Highest Price
-
-
-
close-knit community with a picture-perfect
No Sales
No Sales
-
-
-
-
Properties Sold % Sold Price to List Price
Condominiums, Townhomes, Duplexes and Triplexes
January through March Average Sold Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$1,416,525
$166,725
-88.2%
328
331
0.9%
$9,175,000
$669,000
-92.7%
8
4
-50.0%
97.7%
94.3%
-3.5%
Land
A 30-minute drive north of Telluride, and set in the beautiful Uncompahgre Valley, is the Town of Ridgway. Often referred to as the
downtown as well as several outlying subdivisions and the expansive Log Hill Mesa.
RIDGWAY: OURAY COUNTY
Average Price per Square Foot
75.0%
2020
WHY COLORADO?
04
NATIONAL PARKS
07
MOUNTAIN RANGES
28
SKI AREAS & RESORTS
300
AVG DAYS OF SUNSHINE ANNUALY
350+ CRAFT BREWERIES
MICROMARKET REPORT | Telluride JANUARY - MARCH 2021 • COLORADOMICROREPORTS.COM