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