Telluride | Mid-Year 2022

M I D -Y E A R 2 0 2 2

Micro Market Report TELLURIDE, COLORADO

200 South Oak Street

522 Benchmark Drive

for new horizons

Telluride

MARKET UPDATE

Perhaps nowhere else in the state does the slogan “Colorful Colorado” apply more aptly than in goldenhued Telluride. Perched at 8,750 feet and tucked into a beautiful box canyon, Telluride is a historian’s dream town, with its 1913 Sheridan Opera House, preserved gold rush cabins made of local pine and spruce, and its National Historic Landmark District designation.

When the snow melts and the wildflowers bloom, the acres of rolling mountainside, the free scenic gondola, endless outdoor festivals, art galleries, restaurants, and shops keep visitors and locals busy and happy year-round. Located just 60 miles away from Montrose Airport, the Telluride region is accessible by ten major hubs across the country.

No matter your passion, Telluride has a festival to suit, from jazz, bluegrass, and film to culinary delights and more. Above all else, the area’s scenery astounds, whether you’re enjoying lush canyon views or the region’s many 13,000 to 14,000-foot peaks while walking around town or up on the trails.

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 two, this report is a year-over-year comparison of the first six months of 2021 compared to the first six months of 2022, analyzing January through June.

With many migrating to this beautiful mountain area in recent years, inventory throughout the region has become more coveted than it already was. Year over

year, the area saw a 29% decrease in listings sold from January through June of 2021 to 2022. Of the 157 listings sold during the first six months of this year, the average sold price increased by 36.2%. Now, this highly soughtafter area features an average sold price of $2,985,203.

This increase in value can be seen in Mountain Village as well, with the average sold price for all residential properties increasing by 50.7% compared to the same timeframe in 2021.

Throughout San Miguel County, available inventory flew off the market 43% faster than the previous year, with most listings lasting an average of 122 days during the first two quarters of 2022. Continue reading to learn more about how the real estate market performed in Telluride and beyond during the first six months of the year. This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods: Town of Telluride, Mountain Village, Surrounding Mesas, Norwood, and Ridgway: Ouray County.

SAN MIGUEL COUNTY January through June

2021

2022

221

157

-29.0%

96

74

-22.9%

Sold Condos/TH/DP

125

83

-33.6%

Average Days on Market

214

122

-43.0%

$2,191,746

$2,985,203

36.2%

Sold Listings (All Properties) Sold Single Family

Average Sold Price % Sold Price to List Price Total Sales Volume

% Change

97.5%

95.9%

-1.7%

$484,375,846

$468,676,851

-3.2%

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 2022 • 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

2021

2022

% Change

$1,894,604

$2,708,552

43.0%

$1,367

$1,838

34.5%

160

89

-44.4%

$9,500,000

$9,950,000

4.7%

59

56

-5.1%

97.8%

97.8%

0.0%

TOWN OF TELLURIDE

All Residential Properties

23.7% The average sold price for single family homes in the Town of Telluride increased by 23.7% January through June 2022 compared to that of 2021.

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

2021

2022

% Change

$4,011,538

$4,963,004

23.7%

$1,927

$2,033

5.5%

199

111

-44.2%

$9,500,000

$9,950,000

4.7%

13

15

15.4%

97.9%

97.0%

-0.9%

Single Family Homes

The historic Town of Telluride, designated as a National Historic

January through June

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

$1,296,340

$1,883,752

45.3%

$1,209

$1,766

46.1%

149

81

-45.6%

$5,600,000

$6,250,000

11.6%

46

41

-10.9%

97.8%

98.6%

0.8%

Condominiums, Townhomes, Duplexes and Triplexes

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

2021

2022

% Change

$1,628,294

$2,250,000

38.2%

592

198

-66.6%

$4,725,000

$3,400,000

-28.0%

17

6

-64.7%

106.5%

96.6%

-9.3%

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

2021

2022

% Change

$2,346,939

$3,536,826

50.7%

$791

$1,223

54.6%

270

125

-53.7%

$8,100,000

$17,100,000

111.1%

99

57

-42.4%

97.2%

98.4%

1.2%

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

2022

% Change

$4,879,385

$6,851,731

40.4%

$805

$1,255

55.9%

469

253

-46.1%

$8,100,000

$17,100,000

111.1%

26

16

-38.5%

97.0%

98.2%

1.2%

111.1% The highest sold price of single family homes in Mountain Village increased by 111.1% January through June 2022 compared to that of 2021.

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

2022

% Change

$1,444,973

$2,243,205

55.2%

inspired by modern ski villages in Europe

$787

$1,210

53.7%

with cobblestone plazas, European

199

75

-62.3%

$5,750,000

$5,875,000

2.2%

73

41

-43.8%

97.4%

98.6%

1.2%

Condominiums, Townhomes, Duplexes and Triplexes

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

Founded in 1986 and incorporated in

2021

2021

2022

% Change

$691,181

$1,389,562

101.0%

575

416

-27.7%

$1,675,000

$2,700,000

61.2%

49

16

-67.3%

93.4%

89.7%

-3.9%

Land

1995, the Town of Mountain Village was

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.

MOUNTAIN VILLAGE

Highest Price

2021

SURROUNDING MESAS

16.3% The average sold price for all residential properties in Surrounding Mesas increased by 16.3% January through June 2022 compared that of 2021.

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

2021

2022

% Change

$3,572,308

$4,155,054

16.3%

$770

$1,127

46.4%

226

198

-12.4%

$39,500,000

$15,000,000

-62.0%

30

25

-16.7%

97.7%

89.1%

-8.8%

All Residential Properties - 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 Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$863,185

$1,950,474

126.0%

465

290

-37.6%

$4,495,000

$32,000,000

611.9%

50

29

-42.0%

95.1%

93.4%

-1.8%

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 June

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 other livestock operations. Outdoor

NORWOOD

activities are plentiful, with no shortage

Average Days on Market Highest Price

of options for hunting, fishing, hiking and

Properties Sold

mountain biking nearby.

% Sold Price to List Price

2021

2022

% Change

$462,174

$621,031

34.4%

$247

$297

20.2%

178

122

-31.5%

$1,950,000

$1,895,000

-2.8%

20

16

-20.0%

95.6%

95.6%

0.0%

All Residential Properties

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

2021

2022

% Change

$138,179

$258,585

87.1%

311

303

-2.6%

$655,000

$600,000

-8.4%

14

7

-50.0%

94.0%

87.7%

-6.8%

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

2021

2022

% Change

$822,319

$948,731

15.4%

$315

$464

47.3%

220

208

-5.5%

$1,788,500

$1,565,000

-12.5%

22

13

-40.9%

94.8%

101.4%

7.0%

All Residential Properties

January through June Average Sold Price

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

2022

% Change

$872,301

$995,917

14.2%

$319

$465

45.8%

233

222

-4.7%

$1,788,500

$1,565,000

-12.5%

20

12

-40.0%

94.6%

101.4%

7.2%

The average sold price for all residential properties in Ridgway increased by 15.4% January through June 2022 compared to that of 2021.

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

2021

2022

% Change

A 30-minute drive north of Telluride, and

$322,500

$382,500

18.6%

set in the beautiful Uncompahgre Valley,

$284

$453

59.5%

is the Town of Ridgway. Often referred

85

37

-56.5%

$340,000

$382,500

12.5%

2

1

-50.0%

100.0%

103.7%

3.7%

Condominiums, Townhomes, Duplexes and Triplexes

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

2021

2022

% Change

$147,545

$207,438

40.6%

321

181

-43.6%

$495,000

$462,500

-6.6%

33

16

-51.5%

94.7%

96.7%

2.1%

Land

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

Average Price per Square Foot

2021

15.4%

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 2022 • COLORADOMICROREPORTS.COM