Telluride MARKET UPDATE
With some of Colorado’s most gorgeous views, including Bridal Veil Falls and the box canyon surrounding this historic mining town, Telluride offers an escape to nature, outdoor recreation, and a charming downtown area with local shops and restaurants.
San Miguel County has seen a normalization in the real estate market following the extremely high sales volume throughout 2020-2021. County-wide sold prices and price per square foot increased, but overall sales volume declined. In the first quarter of 2023, the Town of Telluride had an average sold price for all properties of $3,500,637 which was a 1% increase over 2022. The average price per square foot dipped 2.1% from $1,802 to $1,764. Mountain Village saw a healthy 16.5% jump in average sold price from $3,331,270 to $3,881,500 as demand stayed strong for that area. The average price per square foot for Mountain Village also rose 8.8% from $1,166 to $1,268.
The San Juan Mountains feature an array of peaks soaring over 13,000 and 14,000 feet, and mountains that beckon visitors for hiking, skiing, and 4x4 adventures. Combined with Telluride’s historical architecture and remote location in Southwestern Colorado, this area continues to attract visitors and homebuyers who are searching for a unique destination.
SAN MIGUEL COUNTY
coloradomicroreports.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.
January through March 2022 2023 % Change Sold Listings (All Properties) 78 38 -51.3% Sold Single Family 34 19 -44.1% Sold Condos/TH/DP 44 19 -56.8% Average Days on Market 137 134 -2.2% Average Sold Price $3,278,561 $3,515,316 7.2% % Sold Price to List Price 94.50% 95.51% 1.1% Total Sales Volume $255,727,760 $133,582,010 -47.8% All Residential Properties
MICRO MARKET REPORT | Telluride JANUARY - MARCH 2023 • COLORADOMICROREPORTS.COM livsothebysrealty.com
TELLURIDE NEIGHBORHOODS
4 3 2 1
1. Telluride 2. Mountain Village 3. Norwood 4. Ridgway
8.3%
The average sold price for single family homes in the Town of Telluride decreased by 8.3% January through March 2023 compared to that of 2022.
The historic Town of Telluride , designated as a National Historic Landmark District in 1964, is near the end of a picturesque box canyon surrounded by incredible 13,000 and 14,000-foot peaks. Just 12 blocks long by eight blocks wide, the town is a menagerie of colorful Victorian homes, superb restaurants, historic buildings, and independent boutiques, galleries and outfitters.
TOWN OF
Condominiums, Townhomes, Duplexes and Triplexes January through March 2022 2023 % Change Average Sold Price $2,033,619 $1,473,333 -27.6% Average Price per Square Foot $1,801 $1,662 -7.7% Average Days on Market 87 124 42.5% Highest Price $5,900,000 $3,200,000 -45.8% Properties Sold 21 6 -71.4% % Sold Price to List Price 98.80% 95.96% -2.9% All Residential Properties January through March 2022 2023 % Change Average Sold Price $3,465,812 $3,500,637 1.0% Average Price per Square Foot $1,802 $1,764 -2.1% Average Days on Market 113 148 31.0% Highest Price $14,000,000 $9,067,010 -35.2% Properties Sold 31 11 -64.5% % Sold Price to List Price 97.30% 92.56% -4.9% Single Family Homes January through March 2022 2023 % Change Average Sold Price $6,473,418 $5,933,402 -8.3% Average Price per Square Foot $1,805 $1,885 4.5% Average Days on Market 167 $177 6.0% Highest Price $14,000,000 $9,067,010 -35.2% Properties Sold 10 5 -50.0% % Sold Price to List Price 96.30% 91.60% -4.9% Land January through March 2022 2023 % Change Average Sold Price $1,267,667 $3,125,000 146.5% Average Days on Market 142 334 135.2% Highest Price $2,100,000 $3,125,000 48.8% Properties Sold 9 1 -88.9% % Sold Price to List Price 98.00% 89.4% -8.8%
TELLURIDE
32.0%
The average days on the market of single family homes in Mountain Village decreased by 32.0% January through March 2023 compared to that of 2022.
Founded in 1986 and incorporated in 1995, the Town of Mountain Village was inspired by modern ski villages in Europe with cobblestone plazas, European architectural accents and a mix of 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.
Single Family Homes January through March 2022 2023 % Change Average Sold Price $6,248,150 $6,067,857 -2.9% Average Price per Square Foot $1,111 $1,307 17.7% Average Days on Market 291 198 -32.0% Highest Price $10,750,000 $9,500,000 -11.6% Properties Sold 10 7 -30.0% % Sold Price to List Price 98.20% 98.11% -0.1% All Residential Properties January through March 2022 2023 % Change Average Sold Price $3,331,270 $3,881,500 16.5% Average Price per Square Foot $1,166 $1,268 8.8% Average Days on Market 145 129 -11.0% Highest Price $10,750,000 $9,500,000 -11.6% Properties Sold 33 20 -39.4% % Sold Price to List Price 98.80% 96.75% -2.1% MOUNTAIN VILLAGE
Condominiums, Townhomes, Duplexes and Triplexes January through March 2022 2023 % Change Average Sold Price $2,063,061 $2,704,231 31.1% Average Price per Square Foot $1,191 $1,247 4.7% Average Days on Market 82 92 12.2% Highest Price $5,875,000 $5,700,000 -3.0% Properties Sold 23 13 -43.5% % Sold Price to List Price 99.60% 95.16% -4.5% Land January through March 2022 2023 % Change Average Sold Price $995,889 $1,036,532 4.1% Average Days on Market 388 319 -17.8% Highest Price $1,850,000 $1,200,000 -35.1% Properties Sold 9 4 -55.6% % Sold Price to List Price 94.30% 94.19% -0.1%
The average price per square foot for all residential properties in Surrounding Mesas decreased by 10.5% January through March 2023 compared that of 2022.
The Town of Norwood, about a 40-minute 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 plentiful, with no shortage of options for hunting, shing, hiking and mountain biking nearby.
SURROUNDING MESAS All Residential Properties - Deep Creek Mesa, Hastings Mesa, Iron Springs/ Horse y Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, Wilson Mesa January through March 2022 2023 % Change Average Sold Price $4,936,030 $4,608,333 -6.6% Average Price per Square Foot $1,388 $1,242 -10.5% Average Days on Market 246 150 -39.0% Highest Price $15,000,000 $7,600,000 -49.3% Properties Sold 12 3 -75.0% % Sold Price to List Price 84.20% 97.79% 16.1% Land January through March 2022 2023 % Change Average Sold Price $389,750 $282,500 -27.5% Average Days on Market 201 42 -79.1% Highest Price $600,000 $430,000 -28.3% Properties Sold 4 2 -50.0% % Sold Price to List Price 85.50% 96.58% 13.0% Land - Deep Creek Mesa, Hastings Mesa, Iron Springs/Horse y Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, Wilson Mesa January through March 2022 2023 % Change Average Sold Price $3,549,077 $428,000 -87.9% Average Days on Market 227 126 -44.5% Highest Price $32,000,000 $575,000 -98.2% Properties Sold 13 3 -76.9% % Sold Price to List Price 93.20% 88.98% -4.5% All Residential Properties January through March 2022 2023 % Change Average Sold Price $465,875 $751,000 61.2% Average Price per Square Foot $300 $354 18.0% Average Days on Market 110 195 77.3% Highest Price $592,499 $865,000 46.0% Properties Sold 4 2 -50.0% % Sold Price to List Price 98.10% 94.23% -3.9%
NORWOOD
10.5%
The average sold price for all residential properties in Ridgway increased by 16.4% January through March 2023 compared to that of 2022.
A 45-minute drive north of Telluride, and set in the beautiful Uncompahgre Valley, is the Town of Ridgway. Often referred to as the “Gateway to the San Juans,” Ridgway is a close-knit community with a picture-perfect downtown as well as several outlying subdivisions and the expansive Log Hill Mesa.
RIDGWAY: OURAY COUNTY Land January through March 2022 2023 % Change Average Sold Price $182,250 $260,571 43.0% Average Days on Market 125 71 -43.2% Highest Price $449,000 $440,000 -2.0% Properties Sold 4 7 75.0% % Sold Price to List Price 87.60% 92.78% 5.6% All Residential Properties January through March 2022 2023 % Change Average Sold Price $1,037,333 $1,207,500 16.4% Average Price per Square Foot $400 $500 25.1% Average Days on Market 274 254 -7.3% Highest Price $1,565,000 $3,100,000 98.1% Properties Sold 3 6 100.0% % Sold Price to List Price 103.00% 92.84% -9.9% Single Family Homes January through March 2022 2023 % Change Average Sold Price $1,037,333 $1,207,500 16.4% Average Price per Square Foot $400 $500 25.1% Average Days on Market 274 254 -7.3% Highest Price $1,037,333 $3,100,000 198.8% Properties Sold 3 6 100.0% % Sold Price to List Price 103.00% 92.84% -9.9%
Condominiums, Townhomes, Duplexes and Triplexes
16.4%
January through March 2022 2023 % Change Average Sold Price - -Average Price per Square Foot - -Average Days on Market - -Highest Price - -Properties Sold - -% Sold Price to List Price - - -
04 07 28 NATIONAL PARKS MOUNTAIN RANGES SKI AREAS & RESORTS
WHY COLORADO?
AVG DAYS OF SUNSHINE ANNUALY CRAFT BREWERIES 300 350+
MICRO MARKET REPORT | Telluride JANUARY - MARCH 2023 • COLORADOMICROREPORTS.COM
