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