Telluride Micro Market Reports | Quarter 2 2021

Q2 2021

Micro Market Report TELLURIDE

300 Royer Lane

71 South Point Road

Telluride

MARKET UPDATE

Once upon a time, Telluride was a tiny Victorian mining town tucked deep into a steep box canyon in the San Juan Mountains. Now, the town and its surrounding region is home to a vibrant community of residents who appreciate the stunning views, relaxed vibe, rampant wildlife, and slew of outdoor activities available just outside their doorways.

The ski resort, which was built in the 1970s, brought new industry and expansion to the town, which has been growing ever since. More recently, the number of nonstop flights from large airports like Houston and Dallas continue to expand to nearby Montrose Airport, increasing accessibility to all that Telluride has to offer. The historic town has steadily gained popularity as a resort destination over the past decade and vacationers often decide to make Telluride a more permanent part of their lives. It’s no surprise that real estate sales in this area are booming.

LIV Sotheby’s International Realty produces a Micro Market Report analyzing real estate performance in San Miguel County, where Telluride is located, for the first half of 2021 compared to the first half of 2020. Average property sales overall rose 158.7% in the county this year, with total sales volume increasing 153.3%. Residential properties in Mountain Village, Telluride’s companion town at the base of the ski area, rose an incredible 284.2% compared to the same time frame in 2020. Similarly, residential properties in the Surrounding Mesas saw an increase of 169.2%. Outlying areas like Ridgway in Ouray County also experienced an increase with 23.5% more properties sold during the first half of this year over last year. Norwood’s total sales rose 19.2%, proving that this slice of Colorado mountain paradise is growing more popular by the minute.

If those numbers aren’t impressive enough, the statistics surrounding land sales are even more dramatic. Land parcels in the Town of Telluride increased from two sold in the first half of 2020 to 17 sold in the first half of 2021—a 750% escalation. Mountain Village land parcels increased 600%, from seven sales in 2020 to 49 sales in 2021. And in the Surrounding Mesas, land was also desirable to buyers, showing a 290.9% increase over the same time last year.

Whether Telluride’s appeal comes from its striking landscapes, authentic ambiance, or adventuring opportunities, one thing is certain: there is no shortage of people eager to own a piece of it.

SAN MIGUEL COUNTY January through June

2020

2021

% Change

138

357

158.7%

Sold Single Family

46

77

67.4%

Sold Condos/TH/DP

75

123

64.0%

248

334

34.7%

$1,728,472

$1,692,609

-2.1%

96.2%

97.2%

1.0%

$238,529,100

$604,261,484

153.3%

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 - JUNE 2021 • COLORADOMICROREPORTS.COM

January through June Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$2,381,340

$1,844,706

-22.5%

$1,090

$1,360

24.8%

276

256

-7.2%

$11,200,000

$9,550,000

-14.7%

59

76

28.8%

94.2%

99.4%

5.5%

TOWN OF TELLURIDE

All Residential Properties

41.3%

The average sold price for single family homes in the Town of Telluride increased by 41.3% January through June 2021 compared to that of 2020.

January through June Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$2,838,400

$4,011,538

41.3%

$1,195

$1,926

61.2%

396

200

-49.5%

$5,900,000

$9,500,000

61.0%

15

13

-13.3%

92.3%

98.2%

6.4%

Single Family Homes

January through June Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$2,304,406

$1,302,318

-43.5%

$1,052

$1,326

26.0%

215

149

-30.7%

$11,200,000

$9,550,000

-14.7%

42

46

9.5%

98.2%

98.9%

0.7%

Condominiums, Townhomes, Duplexes and Triplexes

The historic Town of Telluride, designated as a National Historic Landmark District in 1964, is near the end of a picturesque box

January through June

canyon surrounded by incredible 13,000

Average Sold Price

and 14,000-foot peaks. Just 12 blocks

Average Days on Market

long by eight blocks wide, the town is a menagerie of colorful Victorian homes,

Highest Price

superb restaurants, historic buildings,

Properties Sold

and independent boutiques, galleries and

% Sold Price to List Price

outfitters.

2020

2021

% Change

$569,000

$1,655,353

190.9%

662

592

-10.6%

$638,000

$4,725,000

640.6%

2

17

750.0%

63.2%

107.0%

69.3%

Land

January through June Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$1,828,727

$1,826,951

-0.1%

$657

$794

20.9%

433

377

-12.9%

$7,766,900

$8,100,000

4.3%

38

146

284.2%

94.1%

97.2%

3.3%

All Residential Properties

January through June Average Sold Price Average Price per Square Foot Average Days on Market

Properties Sold % Sold Price to List Price

2021

% Change

$3,110,500

$4,879,385

56.9%

$767

$804

4.8%

with cobblestone plazas, European

361

469

29.9%

architectural accents and a mix of

$6,335,000

$8,100,000

27.9%

10

26

160.0%

95.3%

98.2%

3.0%

Single Family Homes

January through June Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$1,268,595

$1,493,000

17.7%

$635

$804

26.6%

297

206

-30.6%

$2,975,000

$5,750,000

93.3%

18

71

294.4%

98.2%

98.3%

0.1%

Condominiums, Townhomes, Duplexes and Triplexes

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

2020

2021

% Change

$390,714

$691,181

76.9%

1,074

575

-46.5%

$560,000

$1,675,000

199.1%

7

49

600.0%

95.2%

94.9%

-0.3%

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.

294.4% The number of condominiums, townhomes, duplexes and triplexes sold in Mountain Village increased by 294.4% January through June 2021 compared to that of 2020.

MOUNTAIN VILLAGE

Highest Price

Founded in 1986 and incorporated in

2020

January through June

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

$837,822

$1,815,189

116.7%

$520

$790

51.9%

374

377

0.8%

$2,040,000

$39,500,000

1,836.3%

26

70

169.2%

89.9%

95.1%

5.8%

All Residential Properties - Deep Creek Mesa, Hastings Mesa, Iron Springs/ Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, Wilson Mesa

290.9% The number of land parcels sold in the Surrounding Mesas increased by 290.9% January through June 2021 compared to that of 2020.

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

2021

% Change

$495,000

$660,326

33.4%

479

451

-5.8%

$1,775,000

$3,600,000

102.8%

11

43

290.9%

85.4%

94.2%

10.3%

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

January through June Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

NORWOOD

2020

2020

2021

% Change

$388,241

$346,709

-10.7%

$229

$246

7.4%

317

245

-22.7%

$2,850,000

$1,950,000

-31.6%

26

31

19.2%

94.3%

94.3%

0.0%

All Residential Properties

The Town of Norwood, about a 40-minute

January through June

drive from Telluride, is located on a western

Average Sold Price

plateau and is primarily agricultural in

Average Days on Market

nature featuring ranch lands, cattle and other livestock operations. Outdoor

Highest Price

activities are plentiful, with no shortage

Properties Sold

of options for hunting, fishing, hiking and

% Sold Price to List Price

mountain biking nearby.

2020

2021

% Change

$130,222

$149,542

14.8%

375

336

-10.4%

$275,000

$655,000

138.2%

9

12

33.3%

88.0%

90.3%

2.6%

Land

January through June Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$913,865

$386,757

-57.7%

$327

$284

-13.1%

258

279

8.1%

$9,175,000

$925,000

-89.9%

17

21

23.5%

96.3%

97.2%

0.9%

All Residential Properties

January through June Average Sold Price

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

2021

% Change

$601,500

$703,167

16.9%

$327

$297

-9.2%

106

130

22.6%

$1,100,000

$925,000

-15.9%

5

6

20.0%

95.5%

98.2%

2.8%

The number of properties sold in Ridgway increased by 23.5% January through June 2021 compared to that of 2020.

Single Family Homes

2020

2021

% Change

A 30-minute drive north of Telluride, and

Average Sold Price

-

-

-

set in the beautiful Uncompahgre Valley,

Average Price per Square Foot

-

-

-

Average Days on Market

-

-

-

Ridgway is a close-knit community with

Highest Price

-

-

-

a picture-perfect downtown as well as

No Sales

No Sales

-

several outlying subdivisions and the

-

-

-

January through June

Properties Sold % Sold Price to List Price

Condominiums, Townhomes, Duplexes and Triplexes

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

2020

2021

% Change

$1,044,017

$209,762

-79.9%

322

371

15.2%

$9,175,000

$925,000

-89.9%

12

13

8.3%

96.2%

95.5%

-0.7%

Land

is the Town of Ridgway. Often referred to as the “Gateway to the San Juans,”

expansive Log Hill Mesa.

RIDGWAY: OURAY COUNTY

Average Price per Square Foot

2020

23.5%

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 - JUNE 2021 • COLORADOMICROREPORTS.COM