Market Report | Quarter 2 2018

Page 1

Telluride

MARKET REPORT

Quarter 2 | 2018


The Market Report Telluride Real Estate Corp. is pleased to present our comprehensive market report for the second quarter of 2018. 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 on the cover 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.

...

SOLD $6.25M

459 W. Dakota Avenue | Telluride

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

}

$218.8M

{

225

{

$76.1M

{

}

63

{

}

DOLLAR VOLUME OF TRANSACTIONS

NUMBER

OF TRANSACTIONS

TREC’S DOLLAR VOLUME OF TRANSACTIONS

TREC’S NUMBER OF TRANSACTIONS

}

S I G NI F I C A N T S A L E

SOLD | See Forever Penthouse 131 $2,250,000 Listed by TREC/Christie’s


MARKET HIGHLIGHTS Sales in the second quarter of 2018 were on pace with the first quarter with a total of $218.8M in closed transactions YTD. $110.3M in transactions closed in the first quarter followed by $108.8M in the second quarter. 109 transactions closed in the first quarter and 116 in the second, totaling 225 YTD. TREC sales account for 35% of all Telluride regional transactions by dollar volume. TREC also garnered the highest sale transaction of 2018 with the significant sale of 459 W. Dakota Avenue at $6.25M. As revealed in Christie’s International Real Estate’s Luxury Defined 2018 report on the global luxury real estate sector, sales of million-dollar-plus properties in second-home and resort lifestyle destinations worldwide soared in 2017. We are seeing that trend in the Telluride region with an increase in the number of high-end luxury sales. The Town of Telluride gross dollar sales totaled $77.2M through Q2 ‘18, a decrease of 17%, likely due to a lack of high-end standing inventory, but average price per incident of sale ($3.511M) increased 25% and the value per square foot increased 17% over sales in 2017. These stats seem to signal investors continue to focus on the Historic Telluride market with limited supply. Town of Telluride condominium sales largely kept pace YTD with 2017 ($40M vs. 46M) while Telluride Mountain Village condos witnessed a 6% increase in sales to $52.1M. Notably, vacant land sales in both the Village and Town increased to $16.3M, up 85% as standing inventory is absorbed, with buyers beginning to focus on “build to suits.” Mountain Village high-end luxury homes continue to trade well. YTD, Mountain Village has experienced three sales over $4M, with seven transactions between $2-4M. With over $128M pending sales in the overall market and the heart of the summer and fall selling season ahead of us, the future of the Telluride marketplace remains quite robust.

... YTD Q2 2018

Q2 2018

225 (down 27%)

# OF TRANSACTIONS

116

$218.8M (down 18%)

$ OF TRANSACTIONS

$108.5M

$6,250,000

HIGHEST PRICE SOLD

$6,250,000

$972,444

looking ahead

$128M

under contract

AVERAGE PRICE

$935,345


MARKET HIGHLIGHTS QUARTER 2 | 2018

70

TRANSACTIONS $1-5 MILLION

112

TRANSACTIONS UNDER $1 MILLION*

1

TRANSACTION $5 MILLION+

*excludes mining claims, parking spaces, fractionals, deed-restricted properties

SALES DISTRIBUTION BY LOCATION TELLU RIDE

30%

39%

31%

SALES DISTRIBUTION BY SEGMENT SINGLE FAMILY

22%

MOUNTAIN VILLAGE

48%

REMAINDER OF COUNT Y

28%

2%

CONDOMINIUM

VACANT LAND

OTHER


Market Details | QUARTER 2 2018 SOLD | 329 N. Willow Street $2,350,000 Sold by TREC/Christie’s

Town of Telluride

# OF TRANSACTIONS 55 (down 27%)

YTD QUARTER 2 | 2018

$ OF TRANSACTION5 $77.2M (down 17%)

Sales in the Town of Telluride are down, mainly due to limited inventory. With options tightening, buyers are willing to pay more for single family-homes, including TREC’s significant sales of $6.25M and $2.35M residences in Q2. Additionally, buyers continue to buy vacant land, resulting in a 70% uptick in dollar volume in that segment, and build to their liking, particularly mountain modern projects. Construction remains busy in town with home construction and renovation in addition to luxury townhome and condo projects.

MAJOR MARKET SEGMENTS Single-Family

Condo/Townhome

Vacant Land

# OF TRANSACTIONS

7

39

7

$ OF TRANSACTIONS

$25.7M

$40.4M

$6.7M

AVERAGE SALE PRICE

$3,671,429

$1,035,898

$957,143

MAX SALE PRICE

$6,250,000

$4,300,000

$3,200,000

7

14

1

# OF PENDING TRANSACTIONS


Market 2018 MarketDetails Details ||QUARTER YEAR END2 2017

Mountain Village

# OF TRANSACTIONS 72 (down 6%)

YTD QUARTER 2 | 2018

$ OF TRANSACTION5 $101.3M (down 8%)

Mountain Village luxury homes sale continue momentum through 2018 with three sales over $4M, all of which were TREC significant sales at $4.15M, $4.3M and $4.475M. Entry level lots to top-tier land parcels are selling, with sales up 85% YTD Q2 ‘18 versus YTD Q2 ‘17. Overall, Mountain Village saw a 8% dip in dollar volume but remains on track considering the Madeline Hotel’s inventory as been exhausted.

MAJOR MARKET SEGMENTS Single-Family

Condo/Townhome

Vacant Land

# OF TRANSACTIONS

10

49

12

$ OF TRANSACTIONS

$34.7M

$55.4M

$11.1M

AVERAGE SALE PRICE

$3,470,000

$1,130,612

$925,000

MAX SALE PRICE

$4,475,000

$3,050,000

$3,800,000

4

12

4

# OF PENDING TRANSACTIONS

SOLD | 98 Palmyra Drive

$4,150,000 Listed + Sold by TREC/Christie’s


Market Details | QUARTER 2 2018

SOLD | 153 Wapiti Road

SOLD | 15 High Noon Lane

Listed at $1,825,000 Listed by TREC/Christie’s

$1,150,000 Listed + Sold by TREC/Christie’s

Remainder of County

# OF TRANSACTIONS $32.5M (down 37%)

YTD QUARTER 2 | 2018

$ OF TRANSACTIONS 59 (down 33%)

Sales in the remainder of the county slowed, notably single-family homes which dropped nearly 48% in dollar volume compared to Q2 ‘17. Single-family home sales have slowed in the Ski Ranches and Aldasoro neighborhoods, which are typically popular buys, likely due to decreased inventory. Land sales saw a 5% decrease in dollar volume. The remainder of the county is expected to rebound this summer as potenial homebuyers return to the area for the summer selling season.

MAJOR MARKET SEGMENTS Single-Family

Condo/Townhome

Vacant Land

# OF TRANSACTIONS

24

1

34

$ OF TRANSACTIONS

$17.6M

$350K

$14.5M

AVERAGE SALE PRICE

$748,858

$350,000

$426,471

$4,725,000

$350,000

$2,700,000

13

0

5

MAX SALE PRICE # OF PENDING TRANSACTIONS

t e


telluridereal estatecorp.com christiesrealestate.com |

T P M @TRECtelluride

Let’s talk numbers! Contact us below.

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

...


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.