Telluride
MARKET REPORT
Quarter 3 | 2016
The Market Report Telluride Real Estate Corp. is pleased to present our comprehensive market report for the third quarter of 2016. 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
12% 3% 7%
{ { {
DECREASE IN DOLLAR VOLUME OF TRANSACTIONS
DECREASE IN NUMBER OF TRANSACTIONS
TREC’S INCREASE IN DOLLAR VOLUME OF TRANSACTIONS
} } }
NOVEMBER NEWSFLASH With nearly $60M in sales closed in October ‘16 (the largest October sales record in 6 years), the overall market as of the first week of November is down only 5%, a 7% gain in a single month!
S I G NI F I C A N T S A L E
140 High Country Road | $7,500,000 Listed by TREC/Christie’s
MARKET HIGHLIGHTS
The Telluride real estate market’s total sales for the first nine months of 2016 are slightly down in both dollars and numbers compared to 2015. $306.8M in contracts closed this year through September, 12% below last year through September. The number of sales was just shy of last year through September down 3%. However, TREC’s sales are performing better than the overall market with dollar volume up 7% this year through September. This softening in sales is not unexpected as the DOW experienced a plunge at the beginning of the year, declining energy prices along with buyer trepidation due to uncertainty with the upcoming election. Persistent low supply also continues to be a contributing factor to supply and demand in the Town of Telluride. Taking all of these matters into consideration, the Telluride real estate market seems to have weathered negative outside influence exceedingly well and is performing much better compared to other mountain resort markets. The remainder of the year continues to look strong, with $115.2M in transactions currently under contract and over a third of those contracted through TREC. This would seem to indicate that the market continues to head in a positive direction for the balance of 2016.
...
YTD 2016 (vs. YTD 2015)
Q3 2016
401 (down 3%)
# OF TRANSACTIONS
148
$306.8M (down 12%)
$ OF TRANSACTIONS
$128.3M
$7,500,000
HIGHEST PRICE SOLD
$7,500,000
$740,898
AVERAGE PRICE
$866,892
MARKET HIGHLIGHTS
93
TRANSACTIONS $1-5 MILLION
304
TRANSACTIONS UNDER $1 MILLION*
4
TRANSACTIONS $5 MILLION+
*excludes deed-restricted properties
SALES DISTRIBUTION BY LOCATION TELLURIDE
25%
39%
36%
SALES DISTRIBUTION BY SEGMENT
24%
MOUNTAIN VILLAGE
REMAINDER OF COUNT Y
31%
23%
22%
SINGLE FAMILY
CONDOMINIUM
VACANT LAND
OTHER
Market Details | Q3 2016 SOLD | 525 West Depot Avenue, Unit B Listed at $3,399,000 Sold by TREC/Christie’s
Town of Telluride YTD 2016 # OF TRANSACTIONS 95 (down 30%) $ OF TRANSACTION5 $110.2M (down 25%) Town of Telluride properties continue to be an attractive purchase as inventory is becoming increasingly limited. Condos/townhomes saw a 38% decrease in the number of sales compared to ’15, as much of the inventory was absorbed. Vacant land sales remain flat although down 44% in dollar volume due to the extraordinary sale of the vacant lot at 222 W. San Juan Ave. at $9M in July ‘15 by TD Smith. Single-family homes continue to be desirable purchases, with a 24% increase in the number of sales and a 38% increase in dollar volume.
MAJOR MARKET SEGMENTS Single-Family
Condo/Townhome
Vacant Land
# OF TRANSACTIONS
21
50
10
$ OF TRANSACTIONS
$48.8M
$38.9M
$11.3M
AVERAGE SALE PRICE
$2,321,785
$777,697
$1,133,920
MAX SALE PRICE
$5,950,000
$3,300,000
$2,375,000
3
17
1
# OF PENDING TRANSACTIONS
Q3 2016 | Market Details
Mountain Village
# OF TRANSACTIONS 147 (up 17%)
YTD 2016
$ OF TRANSACTION5 $122.8M (up 3%)
Mountain Village saw a 17% increase in the number of sales compared to ’15. With convenient proximity to the ski resort and rental income potential, condo/townhome sales are holding strong, with a 20% increase in number of sales and 18% increase in dollar volume. The number of land sales have decreased by a third, however are up 9% in dollar volume as vacant land is becoming tight in supply. Single-family home sales remain up at 7%.
MAJOR MARKET SEGMENTS Single-Family
Condo/Townhome
Vacant Land
# OF TRANSACTIONS
15
60
9
$ OF TRANSACTIONS
$45.4M
$65.4M
$6.2M
AVERAGE SALE PRICE
$3,028,933
$1,090,166
$690,513
MAX SALE PRICE
$7,500,000
$3,203,000
$1,550,000
1
13
3
# OF PENDING TRANSACTIONS
SOLD | 710 Mountain Village Boulevard Listed at $6,995,000 Sold by TREC/Christie’s
Market Details | Q3 2016
t e
SOLD||153 153Wapiti WapitiRoad Road SOLD Listedatat$1,825,000 $1,825,000 Listed Listed by TREC/Christie’s Listed by TREC/Christie’s
Remainder of County
# OF TRANSACTIONS 134 (up 14%)
YTD 2016
$ OF TRANSACTION5 $64.2M (down 9%)
Single-family home sales are up 25% in number and 38% by dollar volume. As more families are moving to the region, the Ski Ranches neighborhood remains a desirable location for a single-family home purchasers, for its open space, views and proximity to Telluride and Mountain Village. Condo/townhome sales are down 29% in the remainder of county, as inventory is overall limited in this segment. Land sales are slightly down by 3% but with 18 parcels under contract, should finish the year on pace.
MAJOR MARKET SEGMENTS Single-Family
Condo/Townhome
Vacant Land
# OF TRANSACTIONS
56
5
63
$ OF TRANSACTIONS
$36.4M
$1.2M
$23.2M
AVERAGE SALE PRICE
$649,226
$234,080
$368,137
$3,400,000
$725,000
$2,275,000
26
4
18
MAX SALE PRICE # 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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