Telluride Micro Market Report | Quarter 1, 2022

Q1 2022

Micro Market Report TELLURIDE, COLORADO

180 Liberty Bell Lane

110 Palmyra Drive

Telluride

MARKET UPDATE

Perched at 8,750 feet and tucked into a beautiful box canyon, Telluride is a staple of the American West, surrounded by the stunning San Juan Mountains and designated as a National Historic Landmark District in 1964. Known for its small-town mountain lifestyle and incredible high alpine adventures, Telluride is home to 2,000+ acres of in-bounds skiing, over 4,000 feet of vertical drop, and thousands of acres of backcountry exploration. While winter is a huge draw, there are many other perks to visiting or relocating to this unique area—acres of rolling mountainside, a free scenic gondola, endless events, and plenty of art galleries, restaurants, and shops to keep guests and locals happy year-round.

Getting to Telluride has never been easier with Montrose Airport, just 60 miles away, offering direct service to and from 10 major hubs, while the Telluride Regional Airport, located just 6 miles from town, offers direct service to Denver and Phoenix.

Aside from relishing in the 280 inches of average annual snowfall, the Town of Telluride offers a festival for every person and passion, from jazz, film, bluegrass, or culinary delights.

Above all, the scenery astounds, whether you’re enjoying views of the lush canyon or one of the area’s many 13,000- to 14,000foot peaks.

Every quarter, LIV Sotheby’s International Realty produces a Micro Market Report analyzing real estate performance in San Miguel County, where Telluride is located. For quarter one, this report is a year-over-year comparison of the first quarter of 2021, compared to the first quarter of 2022, analyzing January through March. Bountiful in scenery and outdoor adventure, it is no wonder that the highly sought-after region saw a 29.1% decrease in listings sold, yet a 22.2% increase in total sales volume compared to the same timeframe last year. The Town of Telluride recorded a 69.7% increase in average sold price across all residential property types, a 67.6% increase in the average price per square foot, and a 47.4% increase in the highest sold price, increasing from a $9,500,000 property last year to $14,000,000 this year. Single-family homes in Telluride increased in value by 67.6% from an average sold price of $3,863,182 in 2021 to $6,473,418 this year, and condominiums and townhomes throughout town saw a 79.8% increase on average from $1,131,250 to $2,033,619.

Mountain Village, which is accessible from Telluride by the free gondola and nestled in the center of the world-renowned Telluride Ski Resort, experienced high demand during the first quarter of 2022.

Much like its neighboring town, Telluride, Mountain Village saw a 56% increase in average sold price, and a 37.9% increase in the highest sold residential property price raising from $7,795,000 in 2021 to $10,750,000. Land values also increased in this slope-side town, with the average sold price raising from $603,647 to $995,889, an increase of 65%. The closer to the resort, the higher the appreciation value for Telluride and Mountain Village properties. In 2021, the outlying agricultural communities in San Miguel County offered buyers higher volumes of inventory and steadying property values, however, in the first quarter of 2022, these communities reflected the high-demand trends of their resort town neighbors. Just 40 minutes away from Telluride, Norwood saw a 33% increase in average sold price and a 63.6% decline in residential properties sold from 11 in 2021 to 4 in 2022. Demand for the Surrounding Mesas was up as well with an astonishing 103.1% increase in average sold price, rising from $2,403,906 to $4,936,030, and a 25% decrease in properties sold.

Overall, every community in San Miguel County saw a strong rise in demand from 2021 to 2022. Rising appreciation values, lessening inventory, and a fast-paced market resulted in most listings lasting an average of 137 days on market compared to 248 last year. Telluride and its surrounding areas continue to show promise for those looking to pass along their properties to the next generation of owners, and continued competition for those looking to migrate to the mountains.

SAN MIGUEL COUNTY January through March

2021

2022

% Change

110

78

-29.1%

Sold Single Family

44

34

-22.7%

Sold Condos/TH/DP

66

44

-33.3%

248

137

-44.8%

$1,902,450

$3,278,561

72.3%

96.2%

94.5%

-1.7%

$209,269,450

$255,727,760

22.2%

Sold Listings (All Properties)

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 2022 • 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

2021

2022

% Change

$2,041,894

$3,465,812

69.7%

$1,075

$1,802

67.6%

219

113

-48.4%

$9,500,000

$14,000,000

47.4%

33

31

-6.1%

96.6%

97.3%

0.7%

TOWN OF TELLURIDE

All Residential Properties

67.6% The average sold price for single family homes in the Town of Telluride increased by 67.6% January through March 2022 compared to that of 2021.

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

2022

% Change

$3,863,182

$6,473,418

67.6%

$1,051

$1,805

71.7%

276

167

-39.5%

$9,500,000

$14,000,000

47.4%

11

10

-9.1%

96.4%

96.3%

0.0%

Single Family Homes

The historic Town of Telluride, designated as a National Historic

January through March

Landmark District in 1964, is near the end

Average Sold Price

of a picturesque box canyon surrounded

Average Price per Square Foot

by incredible 13,000 and 14,000-foot peaks. Just 12 blocks long by eight blocks

Average Days on Market

wide, the town is a menagerie of colorful

Highest Price

Victorian homes, superb restaurants,

Properties Sold

historic buildings, and independent

% Sold Price to List Price

boutiques, galleries and outfitters.

2021

2022

% Change

$1,131,250

$2,033,619

79.8%

$1,088

$1,801

65.5%

191

87

-54.5%

$2,400,000

$5,900,000

145.8%

22

21

-4.5%

97.1%

98.8%

1.8%

Condominiums, Townhomes, Duplexes and Triplexes

January through March Average Sold Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$1,445,655

$1,267,667

-12.3%

725

142

-80.4%

$4,495,000

$2,100,000

-53.3%

21

9

-57.1%

94.6%

98.0%

3.6%

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

2022

% Change

$2,135,148

$3,331,270

56.0%

$764

$1,166

52.6%

269

145

-46.1%

$7,795,000

$10,750,000

37.9%

57

33

-42.1%

96.1%

98.8%

2.9%

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

2022

% Change

$4,775,588

$6,248,150

30.8%

$837

$1,111

32.7%

with cobblestone plazas, European

412

291

-29.4%

architectural accents and a mix of

$7,795,000

$10,750,000

37.9%

13

10

-23.1%

95.6%

98.2%

2.8%

Single Family Homes

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

2022

% Change

$1,355,018

$2,063,061

52.3%

$742

$1,191

60.5%

227

82

-63.9%

$5,750,000

$5,875,000

2.2%

44

23

-47.7%

96.6%

99.6%

3.1%

Condominiums, Townhomes, Duplexes and Triplexes

January through March Average Sold Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$603,647

$995,889

65.0%

556

388

-30.2%

$1,500,000

$1,850,000

23.3%

23

9

-60.9%

93.1%

94.3%

1.3%

Land

1995, the Town of Mountain Village was inspired by modern ski villages in Europe

residential and commercial structures.

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.

60.5% The average price per square foot of condominiums, townhomes, duplexes and triplexes in Mountain Village increased by 60.5% January through March 2022 compared to that of 2021.

MOUNTAIN VILLAGE

Highest Price

Founded in 1986 and incorporated in

2021

SURROUNDING MESAS

103.1% The average sold price for all residential properties in Surrounding Mesas increased by 103.1% January through March 2022 compared that of 2021.

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

2022

% Change

$2,430,906

$4,936,030

103.1%

$608

$1,388

128.3%

273

246

-9.9%

$6,222,500

$15,000,000

141.1%

16

12

-25.0%

96.2%

84.2%

-12.6%

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

2021

2022

% Change

$998,455

$3,549,077

255.5%

623

227

-63.6%

$4,495,000

$32,000,000

611.9%

28

13

-53.6%

95.4%

93.2%

-2.3%

Land - Deep Creek Mesa, Hastings Mesa, Iron Springs/Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, Wilson Mesa

The Town of Norwood, about a 40-minute

January through March

drive from Telluride, is located on a western

Average Sold Price

plateau and is primarily agricultural in

Average Price per Square Foot

nature featuring ranch lands, cattle and

NORWOOD

other livestock operations. Outdoor

Average Days on Market

activities are plentiful, with no shortage

Highest Price

of options for hunting, fishing, hiking and

Properties Sold

mountain biking nearby.

% Sold Price to List Price

2021

2022

% Change

$350,182

$465,875

33.0%

$220

$300

36.4%

166

110

-33.7%

$535,000

$592,499

10.7%

11

4

-63.6%

97.5%

98.1%

0.6%

All Residential Properties

January through March Average Sold Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$88,125

$389,750

342.3%

581

201

-65.4%

$111,500

$600,000

438.1%

4

4

0.0%

85.7%

85.5%

-0.2%

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

2022

% Change

$777,085

$1,037,333

33.5%

$235

$400

70.2%

215

274

27.4%

$1,788,500

$1,565,000

-12.5%

12

3

-75.0%

97.2%

103.0%

5.9%

All Residential Properties

January through March Average Sold Price

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

2022

% Change

$868,002

$1,037,333

19.5%

$225

$400

77.8%

241

274

13.7%

$1,788,500

$1,037,333

-42.0%

10

3

-70.0%

97.0%

103.0%

6.2%

77.8% The average price per square foot for single family homes in Ridgway increased by 77.8% January through March 2022 compared to that of 2021.

Single Family Homes

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

2022

% Change

$322,500

-

-

set in the beautiful Uncompahgre Valley,

$284

-

-

is the Town of Ridgway. Often referred

85

-

-

$340,000

-

-

2

-

-

several outlying subdivisions and the

100.0%

-

-

expansive Log Hill Mesa.

Condominiums, Townhomes, Duplexes and Triplexes

January through March Average Sold Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$124,794

$182,250

46.0%

248

125

-49.6%

$275,000

$449,000

63.3%

17

4

-76.5%

94.7%

87.6%

-8.2%

Land

A 30-minute drive north of Telluride, and

to as the “Gateway to the San Juans,” Ridgway is a close-knit community with a picture-perfect downtown as well as

RIDGWAY: OURAY COUNTY

Average Price per Square Foot

2021

WHY COLORADO?

04

NATIONAL PARKS

07

MOUNTAIN RANGES

28

SKI AREAS & RESORTS

03

AVG DAYS OF SUNSHINE ANNUALY

+ 05 3

CRAFT BREWERIES

MICROMARKET REPORT | Telluride JANUARY - MARCH 2022 • COLORADOMICROREPORTS.COM