Telluride Year End 2022 Market Report

MARKET

Telluride Real Estate Corp.

THE TELLURIDE MARKET

Telluride is a former Victorian mining town in the SW corner of Colorado set in a box canyon amid forested peaks at the base of its popular ski & golf resort. The first prospector struck gold in the Valley in 1875, 3 years later the town of Telluride was established.

The town’s Historic District boasts famous landmarks like the Sheridan Opera House, built in 1913, and the Telluride Historical Museum, showcasing local history in a converted hospital built in 1896 - just up the block from the first Bank robbed by Butch Cassidy.

Now, whether it’s world-class skiing in a resort named #1 by Conde Nast traveler, the legendary Film and Music festivals, or the low-key Western vibe, Telluride is certainly the ‘best big mountain and little ski town in America.’

While most travelers search for nuggets of authenticity, Telluride offers that up and more with its close-knit community & epic skiing on uncrowded, high-altitude runs with an unpretentious old west feel. Telluride’s vibe is becoming increasingly rare amid so many theme-park-like resort villages, as few things limit growth and sprawl as effectively as the geology of the box canyon. People drawn to the area love its smaller scale – the town has no stoplights or fast food restaurants, and the famous Gondola links Telluride and Mountain Village.

From attention weary celebrities to ski bums & second homeowners, our casually exclusive enclave offers a dream lifestyle.

Market Update

Happy New Year!

The first half of 2022 had gross dollar sales tracking closely with 2021 and were still positively influenced by Buyers seeking mountain properties as an escape from the pandemic. As the year progressed, COVID was mostly in the rear-view mirror with uncertainties of the global economy taking front stage.

Gross sales totaled $1.1 billion, down 22% from 2021, but 27% above the prior 5-year average. Given nearly a 50% decline in inventory, the decrease year-over-year was to be expected. The silver lining for our market is that the average sales price county wide increased 26% from 2021 to 2022 with an average price per transaction of $1.9 million. Telluride Mountain Village single-family homes witnessed a 40% increase in PSF, Town of Telluride condominiums 28% increase, and Mountain Village condominiums a 41% increase in PSF.

Simple supply and demand economics support that the Telluride Real Estate marketplace, while from time-to-time experiencing a decline in sales, has remained resilient as to value during economic downturns. The Telluride Region is surrounded by federally controlled property (USFS and BLM) limiting future growth to approximately 14,000 private acres. Virtually all of the private ground is subject to a master plan which allows for the development of fewer than 4,000 single family equivalents on about one third (1/3) of the above-mentioned ground. This density is but a small fraction of allowable densities in other major resorts and it is this assurance of future controlled growth that positively drives the market place both with regard to volume and value.

Telluride Real Estate Corp. produces an in-depth analysis of real estate activity in Telluride and Mountain Village, as well as the surrounding regions. Our Quarterly Reports are YTD data collected on a quarterly basis, and our End of Year Market Report is an in-depth review of how the market performed in the last calendar year. The report is broken down by area so you can find how the market performed in each neighborhood.

COVER: Telluride Ski Resort as seen from the Gondola

LEFT: Telluride Main Street

TOWN OF TELLURIDE YEAR END | 2022

Town of Telluride as seen from the Ski Hill, just under Allred’s Restaurant.

SINGLE-FAMILY HOMES

The Town of Telluride market accounted for $303M (27%) of the annual sales within the county.

VACANT PROPERTY

TOWN OF TELLURIDE MARKET

Overall TOT Market Highlights

12% Avg. Sale Price

65 Town of Telluride Condo Sales Year End 2022

29% Total Dollar Volume

25 Town of Telluride

Single-Family Home Sales Year End 2022

37% Total Transactions

SOLD

The TOT saw a decline in SFH (25) and Condo (65) sales in ‘22 compared to 35 and 95 respectively in ‘21. The price per sf for Telluride SFH did fall slightly from ‘21 ($2,058) to $1,911 in ‘22, the Telluride condo price per sf increaesed to an all-time high in ‘22 of $1,781 (up from $1,394 in ‘21).

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

Overall MV Market

SINGLE-FAMILY HOMES

SOLD: FS 627 | Hope Lake Road Lot 43, Ophir, CO | $230,000 | LISTED and SOLD by TREC

Rare 5.21 acre parcel in Hidden Lakes is a perfect opportunity to create a summer retreat in the high country. Enjoy the neighborhood’s private lake, surrounding hiking trails, cool relaxing climate and incredible mountain views.

SINGLE-FAMILY HOMES

CONDOMINIUMS

The YTD Avg. Sales Price increased 25% vs. previous YTD Avg. Sales Price for the Remainder of the County from $1,228,236 in 2021 to $1,532,806 in 2022.

The Remainder of the County saw YTD Dollar Volume down 25%. From $412,795,529 in 2021 to $309,626,833 in 2022.

VACANT PROPERTY

REMAINDER OF COUNTY MARKET

Overall Market Highlights

$1,900,435

$1,508,072 Average Sale Price 2022

Average Sale Price 2021

The demand in our region remains incredibly high, resulting in fewer days on the market and continued low inventory.

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

GRAY HEAD PRESERVE

An 885-acre development nestled at the base of Mt. Sneffels Wilderness, just 8 miles from the town of Telluride. This private community of 35-acre parcels offers breathtaking views in every direction, highlighted by the iconic 14,000’ Wilson Range. Residents of Gray Head also enjoy numerous unique and exceptional amenities, including a historic Homeowners cabin, extensive hiking trails, outdoor winter ice rink, fly fishing, tennis and much more. The natural beauty and setting of this Wilderness Preserve is unsurpassed.

7039 Last Dollar Road MLS #39701

Single Family Residential 5 Bedrooms, 7 Bathrooms Year Built 2002

PARADISE FOUND --- For those seeking a wilderness lifestyle, but just down the road from all resort amenities, absolute privacy atop the highest knoll in the Gray Head Wilderness Preserve offers up the ultimate retreat.

Listed by TD Smith and Steve Catsman

Contact TD Smith 970.729.1577 or Steve Catsman 970.729.0100 for more information or to schedule a private viewing.

https://www.catsman.com/telluride/grayhead-homes-in-telluride/

CATMANDO

685 WIlson Way MLS# 39701

Single Family Residential

5 Bedrooms, 6 Bathrooms

Year Built 2003

It has often been said that one should go where you feel the most alive. Painstakingly constructed from three pre-civil war barns, Wilson Way offers a gateway to a lifestyle that captures the allure of the rugged wilderness from its doorstep and beyond to what seems like an infinity of beauty called the San Juan Mountains laced with 14,000 ft. peaks, old growth forests and lush mountain meadows. One needn’t escape the residence to sense the wonder of the immense frame work of beauty beyond, as the home’s design is uniquely a part of its environment with a sensation that the jagged peaks beyond can be touched by the hand of its owner. The foreground envelopes acres of lushly landscaped grounds and stone hardscape along with a reflective, spring fed, stone lined pond teeming with trout.

Listed by TD Smith and Steve Catsman

LISTED by TREC: Catmando 685 Wilson Way Telluride, CO | $9.75M

What’s for Sale?

TOWN OF TELLURIDE

What’s for Sale?

MOUNTAIN VILLAGE

What’s for Sale?

REMAINDER OF COUNTY

An exclusive worldwide residential real estate partner of Forbes, Forbes Global Properties provides branding and marketing services to the world’s premier real estate firms and is now represented by approximately 2,440 specialists in 135 locations across the globe.

As a Forbes Global Properties member, Telluride Real Estate Corp. capitalizes on Forbes’ engaged audience of more than 132 million monthly global visitors to connect, inspire, and inform affluent potential homebuyers and sellers about the finest properties for sale. Homes are presented across Forbes and Forbes Global Properties print, digital, and social media channels with expert commentary, timely market data, and top-tier editorial.

“Celebrated and regarded as North America’s number one ski resort year after year, Telluride tops the list for affluent buyers seeking secondary and primary residences alike,” said Alex Lange, Consultant & former CEO of Forbes Global Properties. “With a deep-rooted commitment to the community and a longstanding record of success in luxury property sales, Telluride Real Estate Corp. is the ideal ambassador for the area’s coveted lifestyle offerings and distinctive properties.”

Telluride Real Estate Corp. TRUSTED. EXPERIENCED. PROFESSIONAL. SINCE 1981.

Telluride Real Estate Corp. 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.

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.