YEAR END 2021
Micro Market Report TELLURIDE, COLORADO
180 Liberty Bell Lane
Meribel Building
for new horizons
Telluride
MARKET UPDATE
Perched at 8,750 feet and tucked into a beautiful box canyon, Telluride is a staple of the American West, surrounded by the stunning San Juan Mountains and designated as a National Historic Landmark District in 1964. Known for its smalltown mountain lifestyle and incredible high alpine adventures, Telluride is home to 2,000+ acres of in-bounds skiing, over 4,000 feet of vertical drop, and thousands of acres of backcountry exploration. While winter is a huge draw, there are many other perks to visiting or relocating to this unique area—acres of rolling mountainside, a free scenic gondola, endless events, and plenty of art galleries, restaurants, and shops to keep guests and locals happy year-round. Getting to Telluride has never been easier with Montrose Airport, just 60 miles away, offering direct service to and from 10 major hubs, while the Telluride Regional Airport, located just 6 miles from town, offers direct service to Denver and Phoenix. Aside from relishing in the 280 inches of average annual snowfall, the Town of Telluride offers a festival for every person and passion, from jazz, film, bluegrass, or culinary delights. Above all, the scenery astounds, whether you’re enjoying views of the lush canyon or one of the area’s many 13,000- to 14,000-foot peaks. 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 four, this report is a year-over-year comparison of year-end 2020, compared to year-end 2021. Bountiful in scenery and outdoor adventure, it is no wonder that the region saw 42% more residential real estate sales in 2021 compared to 2020. The Town of Telluride recorded a 50% increase in single family home sales, a 46% increase in the average price per square foot of condominiums and townhomes, and a 24% increase in land sales compared to the same period in 2020. Throughout 2021, there were many significant sales in Telluride, the first a $22,000,000 single family home compound and the second a $28,000,000 condominium. Each sale marked an impressive increase from 2020, with the single family home market seeing a 120% increase in the highest sold price and the condominium and townhome market seeing a 150% increase due to these tremendous sales.
Mountain Village, which is accessible from Telluride by the free gondola and nestled right in the center of the world-renowned Telluride Ski Resort, saw a dramatic 367% increase in the highest priced land sale, from $2,250,000 to $10,500,000. However, land isn’t the only property type increasing in value in Mountain Village, the average price of a single family home rose 39% from $3,908,206 in 2020 to $5,418,546 in 2021. The closer to the slopes, the higher the appreciation value for Telluride and Mountain Village properties. As buyers spread out to the outlying agricultural communities in San Miguel County, they were met with higher volumes of inventory and steadying property values. Just 40 minutes away from Telluride, Norwood saw a 47% increase in properties sold from 36 in 2020 to 53 in 2021. Land sales in the Surrounding Mesas were up as well, with 94 parcels of land sold in 2021, up 36% from 69 in 2020. Overall, San Miguel County saw a favorable 2021 with a 42% increase in the number of residential properties sold, a 38% increase in total sales volume, and a steadying market pace in 2021. Telluride and its surrounding areas continue to show promise for both sides of the real estate market, those looking to migrate to the mountains and those looking to pass along their properties to the next generation of owners.
SAN MIGUEL COUNTY January through December
2020
2021
% Change
Sold Listings (All Properties)
502
714
42%
Sold Single Family
188
161
-14%
Sold Condos/TH/DP
280
264
-6%
Average Days on Market
229
266
16%
$1,915,900
$1,853,499
-3%
96.8%
97.1%
0%
$961,781,980
$1,323,398,471
38%
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 - DECEMBER 2021 • COLORADOMICROREPORTS.COM
January through December Average Sold Price Average Price per Square Foot Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$2,151,690
$2,576,360
20%
$1,077
$1,575
46%
216
122
-44%
$11,200,000
$28,000,000
150%
200
136
-32%
97.2%
98.8%
2%
All Residential Properties
TOWN OF TELLURIDE
50% The average sold price for single family homes in the Town of Telluride increased by 50% January through December 2021 compared to that of 2020.
January through December Average Sold Price Average Price per Square Foot Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$3,805,880
$5,711,115
50%
$1,419
$2,060
45%
309
197
-36%
$10,000,000
$22,000,000
120%
53
30
-43%
94.0%
97.9%
4%
Single Family Homes
The historic Town of Telluride, designated as a National Historic
January through December
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 Sold Price
Victorian homes, superb restaurants,
Properties Sold
historic buildings, and independent
% Sold Price to List Price
boutiques, galleries and outfitters.
2020
2021
% Change
$1,555,282
$2,456,897
58%
$954
$1,391
46%
182
100
-45%
$11,200,000
$28,000,000
150%
147
106
-28%
98.2%
99.5%
1%
Condominiums, Townhomes, Duplexes and Triplexes
January through December Average Sold Price Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$1,493,905
$1,678,827
12%
384
418
9%
$6,100,000
$4,725,000
-23%
21
26
24%
93.2%
104.0%
12%
Land
January through December Average Sold Price Average Price per Square Foot Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$2,182,372
$2,468,941
13%
$720
$847
18%
238
197
-17%
$8,917,526
$17,000,000
91%
175
197
13%
95.9%
97.6%
2%
All Residential Properties
January through December Average Sold Price Average Price per Square Foot Average Days on Market
Properties Sold % Sold Price to List Price
2021
% Change
$3,908,206
$5,418,546
39%
$722
$924
28%
with cobblestone plazas, European
283
331
17%
architectural accents and a mix of
$8,917,526
$17,000,000
91%
residential and commercial structures.
58
49
-16%
96.5%
98.4%
2%
Single Family Homes
January through December Average Sold Price Average Price per Square Foot Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$1,326,831
$1,492,383
12%
$718
$821
14%
212
152
-28%
$4,400,000
$5,900,000
34%
117
148
26%
96.9%
99.0%
2%
Condominiums, Townhomes, Duplexes and Triplexes
January through December Average Sold Price Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$548,620
$986,787
80%
780
539
-31%
$2,250,000
$10,500,000
367%
54
78
44%
92.5%
94.8%
2%
Land
1995, the Town of Mountain Village was inspired by modern ski villages in Europe
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.
26%
The number of condominiums, townhomes, duplexes and triplexes sold in Mountain Village increased by 26% January through December 2021 compared to that of 2020.
MOUNTAIN VILLAGE
Highest Sold Price
Founded in 1986 and incorporated in
2020
SURROUNDING MESAS
76% The average sold price for all residential properties in Surrounding Mesas increased by 76% January through December 2021 compared to that of 2020.
San Miguel County, named for the river of the same name, covers 1,289
January through December Average Sold Price Average Price per Square Foot Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
January through December Average Sold Price
Miguel County is home to the bedroom
Average Days on Market
communities of Ophir, Sawpit, Placerville
Highest Sold Price
distance to the county seat, Telluride.
2021
% Change
$2,022,359
$3,564,269
76%
$509
$891
75%
289
328
13%
$13,250,000
$39,500,000
198%
52
51
-2%
94.9%
96.4%
2%
All Residential Properties - Deep Creek Mesa, Hastings Mesa, Iron Springs/ Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, Wilson Mesa
square miles in southwest Colorado. San
and Norwood, all located within a short
2020
Properties Sold % Sold Price to List Price
2020
2021
% Change
$849,998
$887,381
4%
422
416
-1%
$10,000,000
$8,800,000
-12%
69
94
36%
77.2%
89.6%
16%
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 December
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 Sold Price
of options for hunting, fishing, hiking and
Properties Sold
mountain biking nearby.
% Sold Price to List Price
2020
2021
% Change
$457,038
$483,818
6%
$210
$237
13%
229
217
-5%
$2,850,000
$2,750,000
-4%
36
53
47%
96.8%
96.5%
0%
All Residential Properties
January through December Average Sold Price Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$155,583
$166,143
7%
289
244
-16%
$600,000
$750,000
25%
24
35
46%
91.3%
93.1%
2%
Land
January through December Average Sold Price Average Price per Square Foot Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$567,390
$487,593
-14%
$264
$331
25%
163
180
10%
$1,125,000
$1,250,000
11%
25
21
-16%
96.5%
98.1%
2%
All Residential Properties
January through December Average Sold Price
Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2021
% Change
$606,602
$769,735
27%
$262
$328
25%
174
97
-44%
$1,125,000
$1,250,000
11%
22
20
-9%
96.4%
99.8%
4%
44% The average days on market for single family homes in Ridgway decreased by 44% January through December 2021 compared to that of 2020.
Single Family Homes
January through December Average Sold Price Average Price per Square Foot Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$279,833
$320,000
14%
set in the beautiful Uncompahgre Valley,
$276
$398
44%
is the Town of Ridgway. Often referred
77
91
18%
$449,500
$320,000
-29%
3
1
-67%
97.1%
100.0%
3%
Condominiums, Townhomes, Duplexes and Triplexes
January through December Average Sold Price Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$637,832
$213,830
-66%
401
268
-33%
$9,175,000
$925,000
-90%
30
20
-33%
94.6%
96.1%
2%
Land
A 30-minute drive north of Telluride, and
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
2020
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 - DECEMBER 2021 • COLORADOMICROREPORTS.COM