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