Market Report | Quarter 3 2017

Telluride

MARKET REPORT

Quarter 3 | 2017

The Market Report Telluride Real Estate Corp. is pleased to present our comprehensive market report for the third 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.

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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

40%

{

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18%

{

}

40%

{

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INCREASE IN DOLLAR VOLUME OF TRANSACTIONS

INCREASE IN NUMBER OF TRANSACTIONS

TREC’S INCREASE IN NUMBER OF TRANSACTIONS

S I G NI F I C A N T S A L E 12 Elkstone Place Unit 501 | $3,600,000 Sold by TREC/Christie’s

MARKET HIGHLIGHTS

The Telluride real estate market continues to hold strong with dollar volume and number of transactions at a 6-year record high. With $431.4M in contracts closed through September, sales are up 40% over YTD ‘16. The number of sales are up 18% with 472 closed transactions.

Mountain Village continues to see a steady number of high-end luxury homes trading hands. There were five sales over $4M in the third quarter and eleven YTD. Overall, Mountain Village single-family home and condo/townhome sales are nearly twice that relative to sales through Q3 ‘16.

Despite the limited inventory, properties in the Town of Telluride are still trading briskly, with the number of sales up 32% over the third quarter of 2016. With $138.6M in closed transactions, the Town of Telluride saw a 26% increase in dollar volume.

Entering the final quarter of the year, the Telluride real estate market outlook is positive, with $137.3M in sales currently under contract according to the MLS.

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YTD Q3 2017

Q3 2017

472 (up 18%)

# OF TRANSACTIONS

165

$431.4M (up 40%)

$ OF TRANSACTIONS

$164.2M

$7,850,000

HIGHEST PRICE SOLD

$7,550,000

$913,983

AVERAGE PRICE

$995,152

MARKET HIGHLIGHTS YTD QUARTER 3 | 2017

134

TRANSACTIONS $1-5 MILLION

227

TRANSACTIONS UNDER $1 MILLION*

7

TRANSACTIONS $5 MILLION+

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

SALES DISTRIBUTION BY LOCATION

30%

34%

36%

SALES DISTRIBUTION BY SEGMENT

TELLURIDE

SINGLE FAMILY

26%

MOUNTAIN VILLAGE

45%

REMAINDER OF COUNT Y

24%

5%

CONDOMINIUM

VACANT LAND

OTHER

Market Details | Q3 2017 SOLD | 3 Old Brewery Road Listed at $2,750,000 Listed by TREC/Christie’s

Town of Telluride

# OF TRANSACTIONS 116 (up 32%)

YTD Q3 2017

$ OF TRANSACTION5 $138.6M (up 26%)

Town of Telluride sales are up 26% in dollar volume, despite the tight inventory. With construction on nearly every block, vacant land sales have slowed due to limited inventory with prices trending up. Single-family home sales are steady, with an average price of $2.4M. Condos/townhomes saw a 56% increase in the number of sales compared to Q3 ’16 and a 75% 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

23

78

6

$ OF TRANSACTIONS

$55.3M

$68.4M

$6.2M

AVERAGE SALE PRICE

$2,404,348

$876,923

$1,033,333

MAX SALE PRICE

$5,650,000

$3,150,000

$1,750,000

7

15

6

# OF PENDING TRANSACTIONS

Market Details | Q3 2017

Mountain Village

# OF TRANSACTIONS 130 (up 34%)

YTD Q3 2017

$ OF TRANSACTION5 $199.5M (up 68%)

Mountain Village single-family home and condo/townhome sales are nearly twice that relative to sales through Q3 ‘16. In the third quarter alone there were five sales over $4M. Condo/townhomes remain an attractive purchase with their proximity to the ski resort and rental income potential. Condo/townhome sales are up 35% by number volume and 54% by dollar volume. Mountain Village design regulations were relaxed in early 2017 which may be the stimulus to the doubling of vacant land sales compared to the third quarter of 2016.

MAJOR MARKET SEGMENTS Single-Family

Condo/Townhome

Vacant Land

# OF TRANSACTIONS

24

81

18

$ OF TRANSACTIONS

$85.3M

$100.5M

$12.1M

AVERAGE SALE PRICE

$3,544,167

$1,240,740

$672,222

MAX SALE PRICE

$7,550,000

$4,650,000

$2,000,000

4

18

1

# OF PENDING TRANSACTIONS

SOLD | 145 Sunny Ridge Place Penthouse 118 Listed at $3,495,000 Sold by TREC/Christie’s

Market Details | Q3 2017

t e

SOLD||Valentine 153 Wapiti RoadNorwood SOLD Farm, Listedatat$4,375,000 $1,825,000 Listed Listed by TREC/Christie’s Sold by TREC/Christie’s

Remainder of County

# OF TRANSACTIONS 136 (up 1%)

YTD Q3 2017

$ OF TRANSACTION5 $76.7M (up 20%)

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. Sales for these neighborhoods are up 32% by dollar volume. Land sales remain stable, with favored locations being Ski Ranches, Aldasoro and year-round access mesa properties. This signals that buyers are interested in owning in the Telluride region while cost or availability may be prohibiting them from the Town of Telluride or Mountain Village.

MAJOR MARKET SEGMENTS Single-Family

Condo/Townhome

Vacant Land

# OF TRANSACTIONS

53

13

66

$ OF TRANSACTIONS

$48.7M

$4.2M

$22.9M

AVERAGE SALE PRICE

$918,868

$323,077

$346,970

$3,590,500

$625,000

$3,725,000

10

1

7

MAX SALE PRICE # OF PENDING TRANSACTIONS

telluridereal estatecorp.com christiesrealestate.com | searchtellurideproperties.com

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

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