Telluride
MARKET REPORT
Quarter 1 | 2017
The Market Report Telluride Real Estate Corp. is pleased to present our comprehensive market report for the first quarter of 2017. In this report, you will find an overall snapshot of the market as well as detailed information on the different market segments making up the Telluride region.
Telluride Real Estate Corp. TRUSTED. EXPERIENCED. PROFESSIONAL. SINCE 1981. Telluride Real Estate Corp. / Christie’s International Real Estate is proud to be one of the most established real estate brokerages in the region, with a team that includes over 35 licensed brokers, assistants and staff members. Our organization is comprised of only experienced, successful and dedicated full-time real estate professionals. Our partners are deeply embedded in the community, having been directly involved in the planned development of the Telluride area as a world-class ski resort. Our owners and the majority of our Telluride real estate agents are longtime Telluride locals who are passionate about their careers and about living in this spectacular mountain town. In a sense, we are ambassadors for this community, bringing Telluride to the rest of the world. In addition, the partners, brokers and assistants that make up the TREC team are some of the region’s most dynamic individuals – a group of people who share energy, enthusiasm, a sense of purpose, and an ability to get things going and get things done. Real estate is about personal relationships, and we strive to provide an unrivaled experience for our buyers and sellers from beginning to end and beyond. Indeed, most TREC clients are clients for life.
... All data in this report is collected from Telluride Consulting and the Telluride Multiple Listing Service. All information is deemed accurate and reliable but is not guaranteed.
MARKET HIGHLIGHTS
50% 18% 128%
{ { {
INCREASE IN DOLLAR VOLUME OF TRANSACTIONS
INCREASE IN NUMBER OF TRANSACTIONS
TREC’S INCREASE IN DOLLAR VOLUME OF TRANSACTIONS
} } }
S I G NI F I C A N T S A L E
132 High Country Road | $4,415,000 Listed and Sold by TREC/Christie’s
MARKET HIGHLIGHTS
The Telluride real estate market is off to a tremendous start compared to 2016. With $140.4M in contracts closed in the first quarter, sales are up 50%. The number of sales were up 18% compared to the first quarter of 2016. Election nerves seem to be settled as buyers’ confidence is high, thanks to record DOW performance and stable energy prices. TREC is pleased that its sales performed exceedingly better than the market with the company’s dollar volume up 128% over the first quarter of 2016. Notably, Mountain Village is continuing to see high-end luxury home sales. In the first quarter alone, there were four sales over $4M followed by two sales in the $3.5M range. Currently, $31.6M in Mountain Village properties are under contract, signaling that Mountain Village condos and homes continue to be an attractive purchase. Despite the limited inventory, properties in the Town of Telluride are still trading briskly with the number of sales up 55% over the first quarter of 2016. With $43.8M in closed transactions, the Town of Telluride saw a 45% increase in dollar volume. Approaching the summer selling season, the Telluride real estate market looks strong, with $135M in sales currently under contract according to the MLS. ...
Q1 2017
Q1 2016
147 (up 18%)
# OF TRANSACTIONS
125
$140.4M (up 50%)
$ OF TRANSACTIONS
$93.5M
$7,850,000
HIGHEST PRICE SOLD
$6,800,000
$955,102
AVERAGE PRICE
$748,000
MARKET HIGHLIGHTS QUARTER 1 | 2017
45
TRANSACTIONS $1-5 MILLION
61
TRANSACTIONS UNDER $1 MILLION*
2
TRANSACTIONS $5 MILLION+
*excludes fractionals and deed-restricted properties
SALES DISTRIBUTION BY LOCATION TELLURIDE
33%
40%
27%
SALES DISTRIBUTION BY SEGMENT
MOUNTAIN VILLAGE
REMAINDER OF COUNT Y
SINGLE FAMILY
22%
46%
20%
12%
CONDOMINIUM
VACANT LAND
OTHER
Market Details | Q1 2017 SOLD | 325 N Spruce Street Listed at $3,795,000 Sold by TREC/Christie’s
Town of Telluride
$ OF TRANSACTION5 $43.8M (up 45%)
Q1 2017
# OF TRANSACTIONS 48 (up 55%)
Town of Telluride sales are up 55% in volume, despite the tight inventory. With construction on nearly every block, vacant land sales slowed to just one transaction this quarter. The quarter’s highest TOT sale at $4,901,600 was a new construction single-family home, sold before completion! Condos/townhomes saw a 38% increase in the number of sales compared to Q1 ’16 and a 29% increase in dollar volume, signifying a continued desire for the convenience and proximity town properties offer.
MAJOR MARKET SEGMENTS Single-Family
Condo/Townhome
Vacant Land
# OF TRANSACTIONS
7
25
1
$ OF TRANSACTIONS
$14.6M
$19.3M
$1.7M
AVERAGE SALE PRICE
$2,085,714
$772,000
$1,725,000
MAX SALE PRICE
$4,901,600
$2,998,000
$1,725,000
12
18
2
# OF PENDING TRANSACTIONS
Market Details | Q1 2017
Mountain Village
# OF TRANSACTIONS 59 (up 28%)
Q1 2017
$ OF TRANSACTION5 $70.6M (up 92%)
The momentum of Mountain Village high-end luxury home sales has continued into 2017. Two homes sold over $6M, two in the $4M range and two more in the $3.5M range. Single-family home sales were up nearly triple at $30.4M compared to Q1 ’16. Condo/townhomes remain an attractive purchase with their proximity to the ski resort and rental income potential. Condo/townhome sales volume was up 61% and dollar volume was up 49%. Mountain Village design regulations were relaxed this past quarter which could stimulate land sales and new construction.
MAJOR MARKET SEGMENTS Single-Family
Condo/Townhome
Vacant Land
# OF TRANSACTIONS
8
29
9
$ OF TRANSACTIONS
$30.4M
$31.9M
$4.8M
AVERAGE SALE PRICE
$3,797,500
$1,100,399
$803,555
MAX SALE PRICE
$7,850,000
$4,150,000
$2,000,000
6
12
2
# OF PENDING TRANSACTIONS
SOLD | 108 Hang Glider Drive Listed at $3,149,000 Listed by TREC/Christie’s
Market Details | Q1 2017
t e
SOLD||1153 Wapiti SOLD Bright StarRoad Lane, West Meadows lot 3 Listedatat$4,280,000 $1,825,000 Listed Listed by TREC/Christie’s Listed and Sold by TREC/Christie’s
Remainder of County
# OF TRANSACTIONS 40 (down 16%)
Q1 2017
$ OF TRANSACTION5 $26.0M (down 2%)
The Ski Ranches and Aldasoro neighborhoods continue to be the most desirable for their proximity to Telluride and Mountain Village, along with open space and views. TREC had two significant land sales, West Meadows lot 3 at $3.725M and Sunnyside Ranch lot 6 at $2.149M. Land sales remain stable, with favored locations being Ski Ranches, Aldasoro and year-round access mesa properties. County single-family home sales are up 11% in dollar volume and slightly down in number of sales. TREC had the significant sale of 3079 Last Dollar Road at $3.59M.
MAJOR MARKET SEGMENTS Single-Family
Condo/Townhome
Vacant Land
# OF TRANSACTIONS
17
3
15
$ OF TRANSACTIONS
$17.4M
$858K
$7.5M
AVERAGE SALE PRICE
$1,025,235
$286,000
$501,930
MAX SALE PRICE
$3,590,000
$300,000
$3,725,000
12
2
5
# OF PENDING TRANSACTIONS
telluridereal estatecorp.com christiesrealestate.com | searchtellurideproperties.com
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Town of Telluride | 970.728.3111 | 232 W. Colorado Avenue Mountain Village | 970.728.6655 | On Heritage Plaza Mountain Lodge | 970.369.6003 | 457 Mountain Village Boulevard
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