Telluride
MARKET REPORT Quarter 3 | 2019
The Market Report
Telluride Real Estate Corp. is pleased to present the comprehensive market report for the third quarter of 2019. This report provides 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 40 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 long-time 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. on the cover Real estate is about personal relationships, and we strive to provide an unrivaled experience for our buyers and sellers from Featured Listing beginning to end and beyond.
$7.55M
123 S. Spruce Street
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
[
DOLLAR VOLUME OF TRANSACTIONS
]
254
[
NUMBER OF TRANSACTIONS
]
$168M
[
TREC’S DOLLAR VOLUME OF TRANSACTIONS
]
129
[
TREC’S NUMBER OF TRANSACTIONS
]
$308.5M
S IGN I F I CA N T SA L E
SOLD | 225 Benchmark Drive $4,500,000 Sold by TREC/Christie’s
*excludes mining claims, parking spaces, fractionals, deed-restricted properties
Market Highlights A strong summer sales season has significantly improved the real estate market. Through the first nine months of 2019, the market has seen $328.7M in total sales, 8% off pace from last year, and 358 total sales which is a 4% increase from last year. If historical trends hold, it is expected to see another strong month in October to continue the impressive second half of 2019. TREC brokers were part of the top three significant sales in Quarter 3 2019 - 235 E. Columbia Avenue, Senate-Wick 123 S. Spruce Street and 109 Polecat Lane - totaling $21M. TREC accounted for 32% of all transactions and 35% of dollar volume for the quarter. YTD TREC accounted for 51% of all transactions and 54% of dollar volume excluding mining claims, parking spaces, fractionals and deed restricted properties. TREC’s Significant Sale of the Town of Telluride single-family home 235 E. Columbia in July was the largest for the quarter at $7.625M, $1,914 per square foot. Q3 2019 is in almost lock step with Q3 2018, down only 2 transactions and $3M, with the average price holding steady around $1.17M. The Town of Telluride gross dollar sales totaled $135.2M through Q3 2019, down only $1.5M from Q3 2018 and the number of sales increased by 1. The average price of single-family homes decreased by 29.5%, from $3,617,647 to $2,549,455. For Mountain Village, the dollar volume decreased by 13%, and the number of transactions by 23%. The remainder of the county saw a decrease of 25% in dollar volume and a 4% decrease in number of transactions. In July, there were three Telluride single-family home sales and one Mountain Village single-family home sale, along with four Telluride condo sales and three Mountain Village condo sales. TREC saw significant sales in the Mountain Village condo 12 Trails Edge Lane 7 for $1.875M and the Town of Telluride single-family home sale of 771 Prospect Avenue for $1.24M. During peak summer, Telluride single-family homes were nearly double the price PSF than that of Mountain Village single-family homes, with the Town of Telluride coming in at $1,037.55 PSF in July compared to $652.46 PSF for the Town of Mountain Village. August saw a needed boost for the market with three sales occurring over $5M, the top sale being TREC’s Significant Sale of 109 Polecat Lane for $6.55M. 274 Benchmark Drive came in close second at $6.2M and the Telluride Transfer condo on 150 W. Pacific Avenue followed closely behind at $5.5M. There was also an increase in the number of condominium and vacant land sales in August. Telluride and Mountain Village saw 15 and 11 condominium sales respectively, and there were 16 total vacant land sales. Other notable August TREC sales include Mountain Village Dakota Place condo 133 Lost Creek Lane for $2.3M, Mountain Village single-family home 232 Country Club Drive for $1.695M and Town of Telluride condo 240 S. Mahoney Drive for $1.25M. With August through October normally the strongest three-month stretch of the year per the historical five-year average, September continued strong with the TREC Significant in-house Sale of Senate-Wick at 123 S. Spruce Street for $7.55M. TREC also brought the buyer for The Butcher & The Baker at 201 E. Colorado Avenue for $3.2M. Other notable sales for September include Mountain Village single-family homes 225 Benchmark Drive and 225 Adams Ranch Road for $4.5M and $1.3M respectively. Overall in Q3, the market saw 117 transactions for $137.2M.
YTD Q3 2019 358 (
4% vs Q3 2018)
$328.7M (
8% vs Q3 2018)
$12,750,000 $985,845
...
Q3 2019
# OF TRANSACTIONS
117
$ OF TRANSACTIONS
$137.2M
HIGHEST PRICE SOLD
$7,625,000 *
AVERAGE PRICE
$1,172,875
*Denotes TREC Signature Sale looking ahead
$205M
under contract
Market Highlights Quarter 3 2019
35
77
TRANSACTIONS $1-5 MILLION [YTD: 89]
TRANSACTIONS UNDER $1 MILLLION [YTD: 157]
5
TRANSACTIONS $5 MILLION+ [YTD: 8]
*excludes mining claims, parking spaces, fractionals, deed-restricted properties
SALES DISTRIBUTION BY LOCATION 35%
29%
SALES DISTRIBUTION BY SEGMENT
TELLURIDE
SINGLE FAMILY
29%
MOUNTAIN VILLAGE
44%
36% REMAINDER OF COUNTY
23%
4%
CONDOMINIUM
VACANT LAND
COMMERCIAL
Market Details || QUARTER Quarter2 2018 3 2019 Market Details SOLD | 235 E. Columbia Avenue $7,625,000 Sold by TREC/Christie’s
Town of Telluride
# OF TRANSACTIONS* 87 ( 1%)
YTD QUARTER 3 | 2019
$ OF TRANSACTIONS* $135.2M ( 1%) *excludes mining claims, parking spaces, fractionals, deed-restricted properties
In July, there were three Telluride single-family home sales and four Telluride condo sales. TREC brought in the record setting sale of 235 E. Columbia Ave for $7.625M ($1,914 PSF). August brought the sale of the Telluride Transfer condo Unit 2 for $5.5M and the Town of Telluride saw 15 condominium sales. September’s largest sale was TREC’s Significant Sale of the Senate-Wick at 123 S. Spruce Street for $7.1M. TREC also teamed up on the sale of The Butcher & The Baker at 201 E. Colorado Avenue for $3.2M. There has been a striking trend toward condominium sales with 3-4 times more condos being sold than single-family homes in both Telluride and Mountain Village. The number of pending singlefamily home sales is the same as this time last year, and pending condo sales is up 1 for the Town of Telluride.
MAJOR MARKET SEGMENTS
*Denotes TREC Signature Sale
Single-Family
Condo/Townhome
# OF TRANSACTIONS
11
59
7
$ OF TRANSACTIONS
$28M
$69.4M
$18.8M
AVERAGE SALE PRICE
$2,549,455
$1,176,387
$2,684,286
MAX SALE PRICE
$7,625,000 *
$7,100,000 *
$12,750,000
# OF PENDING TRANSACTIONS
5
17
Vacant Land
0
Market Details | Quarter 3 2019
Mountain Village
# OF TRANSACTIONS* 76 ( 23%)
YTD QUARTER 3 | 2019
$ OF TRANSACTIONS* $119M ( 13%) *excludes mining claims, parking spaces, fractionals, deed-restricted properties
There was one Mountain Village single-family home sale, as well as three Mountain Village condo sales in July. August provided a much needed boost for the market, with the TREC Significant Sale of 109 Polecat Lane for $6.55M and the sale of 274 Benchmark Drive for $6.2M. TREC also brought the Significant Sale of 225 Benchmark Drive for $4.5M. Mountain Village saw 11 condominium sales in August, including TREC’s Significant Sale of Dakota Place at 133 Lost Creek Lane for $2.3M. The increase in condo sales is likely driven by the movement to more stress-free living and closer proximity to ski acess and the Mountain Village core. The number of pending single-family home sales is up 29% and the number of pending condo sales is up 83% from last year.
MAJOR MARKET SEGMENTS
*Denotes TREC Signature Sale
Single-Family
Condo/Townhome
Vacant Land
# OF TRANSACTIONS
15
50
11
$ OF TRANSACTIONS
$48.8M
$60.9M
$9.4M
AVERAGE SALE PRICE
$3,253,833
$1,218,702
$855,909
MAX SALE PRICE
$6,550,000 *
$3,700,000 *
# OF PENDING TRANSACTIONS
SOLD | 109 Polecat Lane $6.550,000 Listed by TREC/Christie’s
9
11
$3,975,000 2
Market Details | Quarter 3 2019
SOLD | 49 Redcliffe Road $552,500 Sold TREC/Christie’s
t e
SOLD | 153 Wapiti Road Listed at $1,825,000 Listed by TREC/Christie’s
Remainder of County
# OF TRANSACTIONS* 91 ( 4%)
YTD QUARTER 3 | 2019
$ OF TRANSACTIONS* $54.2M ( 25%) *excludes mining claims, parking spaces, fractionals, deed-restricted properties
In August, there was a large increase in the number of vacant land sales throughout the county. There has also been an increase of 5% in home sales outside the Mountain Village and Telluride area indicating that high prices may be driving buyers further out on the Mesas, Placerville and Norwood areas. If historical trends hold true, it is expected to continue to see increased activity through October as August through October is normally the strongest three-month stretch of the year per the historical five-year average. The number of pending single-family home and condo sales is up 1, while pending vacant land is down 24%.
MAJOR MARKET SEGMENTS Single-Family
Condo/Townhome
Vacant Land
# OF TRANSACTIONS
47
4
31
$ OF TRANSACTIONS
$41M
$1.3M
$9.6M
AVERAGE SALE PRICE
$876,377
$333,500
$310,629
$8,400,000
$485,000
$1,800,000
13
1
13
MAX SALE PRICE # OF PENDING TRANSACTIONS
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T P M @TRECtelluride
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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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