MICROMARKET REPORT
TELLURIDE | YEAR END 2019
TELLURIDE
SAN MIGUEL COUNTY
1. Telluride 2.
Mountain Village
3. Norwood 4. Ridgway
4
3
2
1
Pictured on cover: 114 Victoria Drive, Mountain Village
coloradomicroreports.com
TELLURIDE MARKET UPDATE Telluride is a former mining town that has blossomed into a destination for those with a passion for the mountains. A year-round calendar of activities keeps visitors and residents busy no matter the season with hiking, mountain biking, and a schedule of eclectic festivals in the summer and world-class skiing in the winter. It’s no wonder people are drawn to this unique and historic community. LIV Sotheby’s International Realty produces a Micro Market Report analyzing Telluride’s real estate performance in 2019 compared to that of 2018. The year-end report proves outstanding increases in activity for San Miguel County and many of the neighborhoods within. In its entirety, San Miguel County saw a 10.6% increase in sold listings in 2019 compared to 2018. Perhaps even more interesting, condominiums, townhomes, and duplexes saw significantly more sales last year than single family homes in San Miguel County. Overall, the total sales volume in this mountain region grew by 13.4%, totaling $495,340,551 for 2019.
SAN MIGUEL COUNTY
In the Town of Telluride, total properties sold increased by 22.2% but on a more granular level, condominiums, townhomes, and duplexes saw a 34.1% rise in sales which aligns with the trends seen in San Miguel County as a whole. The average sold price for these condominiums, townhomes, and duplexes in the Town of Telluride also grew during 2019, increasing by 18.9% from 2018 to $1,149,119 in 2019.
January through December
2018
2019
% Change
Sold Listings (All Properties)
312
345
10.6%
Sold Single Family
135
129
-4.4%
Sold Townhouse/Condo/Duplex
177
216
22.0%
300
257
-14.3%
$1,320,106
$1,435,770
8.8%
94.3%
93.2%
-1.3%
$436,624,290
$495,340,551
13.4%
Average Days on Market Average Sold Price % Sold Price to Original List Price Total Dollar Volume Sold
The neighboring town of Mountain Village experienced a very similar boost in sales during 2019. There were 8.5% more sales last year than in 2018 for all home types. However, in contrast to the Town of Telluride, the increase in sales of single family homes out-performed condominiums, townhomes, and duplexes in Mountain Village. Single family home sales increased by 11.5% as compared to the 7.5% increase seen in condominiums, townhomes, and duplexes. In other surrounding neighborhoods which include Aldasoro Ranch, Elk Run, GrayHead, Idarado Legacy, Raspberry Patch, Ski Ranches, The Preserve, and West Meadows, the average sold price for all residential properties climbed 3.5%, making the average price for homes in these areas $2,571,102 and the average price per square foot $632. This beautiful resort community, cloistered away by the San Juan Mountains presents a unique opportunity to live among some of the most scenic landscapes in all of Colorado. The metrics seen above prove the demand is high for homes in the Telluride region. x 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.
MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com livsothebysrealty.com
JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM
TOWN OF TELLURIDE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$1,417,898
$1,387,878
-2.1%
$861
$870
1.0%
318
219
-31.1%
$7,850,000
$7,725,000
-1.6%
117
143
22.2%
95.2%
94.0%
-1.2%
All Residential Properties
TOWN OF TELLURIDE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$2,997,129
$2,774,952
-7.4%
$1,095
$1,309
19.5%
335
268
-20.0%
$7,688,000
$7,625,000
-0.8%
26
21
-19.2%
95.5%
93.6%
-2.0%
Due to Telluride’s significant role in the history of the American West, the core area of Telluride was designated a National Historic Landmark District in 1964.
Single Family Homes
TOWN OF TELLURIDE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$966,689
$1,149,119
18.9%
$794
$794
0.0%
313
211
-32.6%
$7,850,000
$7,725,000
-1.6%
91
122
34.1%
89.4%
94.2%
5.4%
Condos, Townhomes, Duplexes
200 Deer Park Lane, Telluride
179.9%
TOWN OF TELLURIDE January through December Average Price Average Days on Market
The average price for land in the Town of Telluride
Highest Price
increased by 179.9% January through December
Properties Sold
2019 compared to that of 2018.
% Sold Price to List Price
2018
2019
% Change
$868,750
$2,431,875
179.9%
345
125
-63.8%
$3,200,000
$12,750,000
298.4%
8
8
0.0%
89.0%
96.3%
8.2% Land
coloradomicroreports.com
MOUNTAIN VILLAGE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$1,496,728
$1,881,428
25.7%
$637
$670
5.2%
297
345
16.2%
$6,510,000
$16,250,000
149.6%
106
115
8.5%
93.5%
92.2%
-1.4%
All Residential Properties
52.2%
The average price for Mountain Village single
family homes increased by 52.2% January through December 2019 compared to that of 2018.
MOUNTAIN VILLAGE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$2,716,807
$4,134,552
52.2%
$637
$763
19.8%
387
586
51.4%
$6,510,000
$16,250,000
149.6%
26
29
11.5%
93.0%
90.6%
-2.6%
Single Family Homes
MOUNTAIN VILLAGE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$1,100,202
$1,121,653
1.9%
$637
$639
0.3%
269
263
-2.2%
$4,700,000
$3,895,000
-17.1%
80
86
7.5%
93.9%
94.3%
0.4%
Condos, Townhomes, Duplexes
124 Victoria Drive, Mountain Village
MOUNTAIN VILLAGE January through December Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price Land
2018
2019
% Change
Mountain Village is steps
$1,069,326
$852,368
-20.3%
away from the gondola
589
385
-34.6%
and its slope-side location
$8,150,000
$3,975,000
-51.2%
cannot be beat.
23
19
-17.4%
80.8%
93.6%
15.9%
MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com livsothebysrealty.com
JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM
SURROUNDING NEIGHBORHOODS
3.5%
January through December Average Price Average Price per Square Foot
The average price for Surrounding Neighborhoods
Average Days on Market
increased by 3.5% January through December
Highest Price
2019 compared to that of 2018.
Properties Sold % Sold Price to List Price
2018
2019
% Change
$2,484,583
$2,571,102
3.5%
$460
$632
37.4%
268
256
-4.5%
$7,500,000
$8,400,000
12.0%
18
16
-11.1%
92.0%
93.3%
1.4%
All Residential Properties
SURROUNDING NEIGHBORHOODS January through December Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$666,042
$731,944
9.9%
371
534
43.9%
$2,400,000
$1,800,000
-25.0%
12
9
-25.0%
92.7%
89.0%
-3.9%
9.9%
The average price for Surrounding Neighborhoods increased by 9.9% January through December 2019 compared to that of 2018.
Land
Surrounding Neighborhoods: Aldasoro Ranch, Elk Run, GrayHead, Idarado Legacy, Raspberry Patch, Ski Ranches, The Preserve, West Meadows
coloradomicroreports.com
SURROUNDING MESAS January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
27.7%
2018
2019
% Change
$1,866,314
$1,422,005
-23.8%
$440
$443
0.7%
354
256
-27.7%
January through December 2019, the average
$7,500,000
$5,750,000
-23.3%
days on market in Surrounding Mesas
36
29
-19.4%
decreased by 27.7% compared to that of 2018.
93.7%
94.1%
0.4%
All Residential Properties
6.9%
January through December 2019, the number of properties sold in Surrounding Mesas increased
by 6.9% compared to that of 2018.
SURROUNDING MESAS January through December Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$860,345
$790,661
-8.1%
747
544
-27.2%
$8,000,000
$7,250,000
-9.4%
29
31
6.9%
93.6%
85.0%
-9.2% Land
Surrounding Mesas: Deep Creek Mesa, Hastings Mesa, Iron Springs/Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, Wilson Mesa
MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com livsothebysrealty.com
JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM
NORWOOD January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$340,843
$290,583
-14.7%
$190
$186
-2.1%
285
223
-21.8%
$1,070,000
$550,000
-48.6%
30
18
-40.0%
96.0%
94.9%
-1.1%
All Residential Properties
NORWOOD January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$364,778
$96,208
-73.6%
268
768
186.6%
$2,100,000
$325,000
-84.5%
9
12
33.3%
87.2%
90.0%
3.3%
100.0%
98.0%
-2.0%
Norwood is a western plateau, primarily agricultural in nature. Featuring ranch lands, cattle and other livestock operations, the area has become a bustling bedroom community for the Telluride Ski Resort.
Land
51.5% The average days on market for all
residential properties in Ridgway decreased by 51.5% January through December 2019 compared to that of 2018.
RIDGWAY: OURAY COUNTY January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$482,129
$471,247
-2.3%
$244
$239
-2.0%
309
150
-51.5%
$1,100,000
$750,000
-31.8%
18
18
0.0%
95.4%
95.7%
0.3%
All Residential Properties
coloradomicroreports.com
RIDGWAY: OURAY COUNTY January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
23.1%
2018
2019
% Change
$545,108
$503,819
-7.6%
$252
$237
-6.0%
241
157
-34.9%
$1,100,000
$750,000
-31.8%
January through December 2019, the number of
13
16
23.1%
single family homes sold for Ridgway increased
95.8%
95.5%
-0.3%
by 23.1% compared to that of 2018.
Single Family Home
RIDGWAY: OURAY COUNTY
Ridgway is also a thriving bedroom community for the Telluride Ski Resort. A great location for those who want to live a country-quiet lifestyle, but close to the city, with the opportunity to live within 30 miles of a major regional airport.
January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$318,385
$210,675
-33.8%
$221
$254
14.9%
484
90
-81.4%
$522,000
$211,350
-59.5%
5
2
-60.0%
93.6%
98.2%
5.0%
Condos, Townhomes, Duplexes, and Triplexes
RIDGWAY: OURAY COUNTY January through December
2018
2019
% Change
$225,876
$2,533,111
1021.5%
557
329
-40.9%
$1,250,000
$21,150,000
1592.0%
24
9
-62.5%
Properties Sold
93.3%
99.7%
6.8%
% Sold Price to List Price
98.4%
95.4%
-3.0%
Average Price Average Price per Square Foot Average Days on Market Highest Price
Land
750 Chipeta Drive, Ridgway
MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com livsothebysrealty.com
JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM
WHY COLORADO? NATIONAL PARKS: 4
MOUNTAIN RANGES: 7
SKI AREAS & RESORTS: 28
AVERAGE DAYS OF SUNSHINE ANNUALLY: 300
CRAFT BREWERIES: 350+
IMAGINE. DESIGN. SHOP.
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livsothebysrealty.com | coloradomicroreports.com 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.