Telluride Real Estate Corp.
MARKET REPORT
YEAR END 2019
MARKET HIGHLIGHTS
YEAR END 2019
Telluride Real Estate Corp. TRUSTED. EXPERIENCED. PROFESSIONAL. SINCE 1981.
10.6%
TOTAL DOLLAR VOLUME
8.2%
NUMBER OF TRANSACTIONS
Telluride Real Estate Corp. is pleased to present the comprehensive year end market report for 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. CHANGE IN
DOLLAR VOLUME /
SALES
TELLURIDE +18.6% +24.1% MOUNTAIN VILLAGE +19.9% +7.7% REMAINING COUNTY -16.4% -5.6%
We’ve been in the Telluride lifestyle business for 39 years, put that experience to work for you.
Cover: SOLD by TREC | List Price: $7,625,000 | 235 E Columbia Avenue Town of Telluride
Pg. 1
YEAR END 2019
MARKET INSIGHT
The real estate marketplace closed out a very strong sales year with the largest dollar volume month in San Miguel County History during December at $96.9 Million. Comparing the dollar volume in 2019 (594.3M) to the prior 5-year average ($516M) indicates that the real estate market is demonstrating signs of continued growth. We believe that the number of sales in 2019 (540) compared to the prior 5-year average (552) is down due to lack of available inventory. November 2019 was up 83% in dollar volume compared to November 2018 and up 103% over the prior 5-year historical average of sales dollar volume for the month of November. Total 2019 sales activity shows single-family homes at $1,238 per square foot and condominiums at $869 psf in Telluride which continues to be much stronger than that of Mountain Village where single-family homes average $696 psf and $643 psf for condos.
26%
TREC TOTAL DOLLAR VOLUME
Overall the total dollar volume of $594.3M for 2019 for San Miguel County has exceeded that of the prior year ($537.5M). The last quarter of 2019 was exceptionally strong, with $265.6M in sales. TREC was responsible for 26% of the total dollar volume for the year. Pg. 2
YEAR END 2019 MARKET OVERVIEW
Cost per square foot for single-family homes in Telluride is at an all-time high in 2019, exceeding the previous annual high of $1,105 psf in 2018. The same is true for Telluride condos, exceeding the current annual high of $773 psf in 2018.
SAN MIGUEL COUNTY MARKET SNAPSHOT
$16,250,000 HIGHEST PRICE SOLD 91% INCREASE YTD
Mountain Village also slightly passed its all-time high this year for psf at $643 (previously $641 in 2008). The all-time high for condos was set in 2008 at $767 psf. These factors continue to indicate that Telluride has been a strong sellers’ market while Mountain Village and the surrounding county is a potential buyers’ market for single-family homes and condos.
Pg. 3
$1,100,603 AVERAGE SALE PRICE 2% INCREASE YTD
540 TOTAL TRANSACTIONS 8% INCREASE YTD
YEAR END 2019 MARKET OVERVIEW
2019 In Perspective Time Frame
10.6% Change in Dollar Volume
OVERALL YEAR TO DATE Q4 2019 vs. Q4 2018
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Dollar Volume
$317.6M $247.4M $364.7M $342.2M $507.1M $461.8M $452.8M $621.1M $537.5M $594.3M
Number of Sales
327 383 444 410 523 555 562 619 499 540
Pg. 4
YEAR END 2019 MARKET OVERVIEW SALES DISTRIBUTION BY LOCATION
221
TELLURIDE
36%
MOUNTAIN VILLAGE
31%
TRANSACTIONS UNDER $1 MILLION
REMAINDER OF COUNTY
33%
22
144 TRANSACTIONS $1-5 MILLION
SALES DISTRIBUTION BY SEGMENT
SINGLE FAMILY
32%
TRANSACTIONS $5 MILLION+
46%
CONDOMINIUM
*excludes mining claims, parking spaces, fractionals, deed-restricted properties
18%
HIGHEST SALE LOWEST SALE Pg. 5
4%
$16,250,000 $27,000
VACANT LAND
COMMERCIAL
MARKET HIGHLIGHTS
HISTORICAL DATA
San Miguel County ‐ 30 Year Trend
$800,000,000
1200
$700,000,000
1000
$600,000,000 800
$500,000,000
$400,000,000
600
$300,000,000 400 $200,000,000 200
$100,000,000
$‐
’89
’90
’91
’92
’93
’94
’95
’96
’97
’98
’99
’00
’01
’02
’03
Dollar Volume of Sales
’04
’05
’06
’07
’08
’09
’10
’11
’12
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’15
’16
’17
’18
’19
0
Number of Sales
Pg. 6
TOWN OF TELLURIDE YEAR END | 2019
# OF TRANSACTIONS 123 ( $ OF TRANSACTIONS $206M (
4%) 10%)
*excludes mining claims, parking spaces, fractionals, deed-restricted properties
November was up 83% in dollar volume compared to the same period last year and up 103% over the prior 5-year historical average. December was up 112% in dollar volume compared to December 2018 and up 106% over the prior 5-year historical average. The year was highlighted by 13 condominium sales in Telluride at an average sale price of $2.33M. Of these, there were 4 residential condos sold at an average price of $5M located at the Telluride Transfer Condos. One of these was TREC’s significant sale of $7.725M, the largest sale in the county in December.
MAJOR MARKET SEGMENTS
*Denotes TREC Signature Sale
Single-Family
Condo/Townhome
Vacant Land
# OF TRANSACTIONS
20
95
8
$ OF TRANSACTIONS
$56.3M
$129.2M
$20.5M
AVERAGE SALE PRICE
$2,815,000
$1,360,077
$2,561,250
MAX SALE PRICE
$7,625,000 *
$7,725,000 *
# OF PENDING TRANSACTIONS
6
15
$12,750,000 1
*SOLD by TREC | List Price: $7,725,000 | 201 S Fir Street #3 Town of Telluride
MOUNTAIN VILLAGE YEAR END | 2019
# OF TRANSACTIONS 120 ( 2%) $ OF TRANSACTIONS $225M ( 20%) *excludes mining claims, parking spaces, fractionals, deed-restricted properties
October was highlighted by the sale of a $16.25M, 40-acre, 6.7k sq ft home on Snowfield Drive in Mountain Village, representing the largest improved residential sale in Town of Telluride or Town of Mountain Village history. In November, there were 5 single-family home sales in Mountain Village at an average sale price of $5.2M. For 2019, the average price per sq ft for single-family homes in Mountain Village was $696.05, compared to $643.23 per sq ft for condominiums and $1,295,788 per sq ft for vacant land. Year to date, average price in Mountain Village for a single-family home was $4,356,778, condominiums $1,241,027 and $749,118 for vacant land.
MAJOR MARKET SEGMENTS
*Denotes TREC Signature Sale
Single-Family
Condo/Townhome
Vacant Land
# OF TRANSACTIONS
27
76
17
$ OF TRANSACTIONS
$117.6M
$94.3M
$12.7M
AVERAGE SALE PRICE
$4,356,778
$1,241,027
$749,118
$16,250,000
$3,895,000
$3,975,000
6
12
4
MAX SALE PRICE # OF PENDING TRANSACTIONS
*LISTED and SOLD by TREC | List Price: $2,995,000 | 145 Sunny Ridge Place B101 Mountain Village
RREEMMAAI N I NDDEERROOF FCCOOUUNNTTY YY YEEAARREENNDD| |2 2001 91 9
## OF OF TRANSACTIONS TRANSACTIONS137 123 ( ( 7%) 15%) $ OF$TRANSACTIONS OF TRANSACTIONS $230.6M $100M ( ( 23%) 25%) *excludes mining claims, parking spaces, fractionals, deed-restricted properties
One of the largest sales in the county was TREC’s significant sale of 700-acre Sound of Music Ranch on Wilson Mesa for $7.25M. Another strong sale in the county was 85-acre Turkey Creek Mesa for $6.675M. Other top county sales include TREC’s 213 Josefa Lane for $5.6M and historic 118 Liberty Bell Lane for $3,775,875. Ski Ranches single-family homes brought in $10.9M for the year, with more than half of those transactions occuring in Q4.
MAJOR MARKET SEGMENTS
*Denotes TREC Signature Sale
Single-Family
Condo/Townhome
Vacant Land
# OF TRANSACTIONS
73
5
45
$ OF TRANSACTIONS
$72M
$1.8M
$26M
AVERAGE SALE PRICE
$982,373
$368,800
$580,308
$8,400,000
$485,000
$6,675,000
1
0
3
MAX SALE PRICE # OF PENDING TRANSACTIONS
*LISTED by TREC | List Price: $7,250,000 | Parcel BR Sound of Music Ranch Placerville
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. 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.
THE MARKET REPORT
C H R I S T I E S R E AL E S TAT E . C OM
T P M @TRECTELLURIDE
Let’s talk numbers! Contact us below.
Garrett Simon 970-708-1155 garrett@telluridecolorado.net www.tellurideresortproperties.com 232 West Colorado Ave Telluride, CO 81435
...
SIGNIFICANT SALES
213 Josefa Lane | $5,750,000
Listed by TREC/Christie’s
118 Liberty Bell | $3,775,875 Co-listed by TREC/Christie’s
123 Autumn Lane | $4,375,000 Listed by TREC/Christie’s
440 Depot Avenue | $7,688,000 Listed & Sold by TREC/Christie’s
109 Polecat Lane | $6,550,000 Listed by TREC/Christie’s
512 W Colorado Avenue | $4,000,000 Sold by TREC/Christie’s
Sound of Music Ranch Parcel BR | $7,250,000 Listed by TREC/Christie’s
123 S Spruce Street 1 & 2 | $7,550,000 Listed and Sold by TREC/Christie’s
225 Benchmark Drive| $4,500,000 Sold by TREC/Christie’s
THE CHRISTIE’S DIFFERENCE As Telluride’s exclusive Affiliate of Christie’s International Real Estate, Telluride Real Estate Corp. has access to a worldwide network of discriminating buyers, gaining maximum exposure for our Telluride listings. Christie’s International Real Estate, a wholly owned subsidiary of the world’s oldest fine art auction house, is synonymous with quality, integrity and customer satisfaction. The marketing efforts of Christie’s and Christie’s International Real Estate provide far-reaching exposure to a qualified and elite audience of homeowners and buyers. Christie’s International Real Estate is the world’s largest international network of real estate brokers specializing in the marketing and sale of luxury properties.
46
1,200
32,000
$115B
Countries
Offices
Real Estate Professionals
2018 Annual Sales