Telluride Real Estate Corp.
MARKET REPORT
Q1 2021
THE TELLURIDE MARKET Telluride is a former Victorian mining town in the southwest corner of Colorado’s Rocky Mountains set in a box canyon amid forested peaks at the base of its popular ski-and-golf resort. The first prospect that struck gold in the Valley staked his claim in 1875 and three years later the town of Telluride was established. The town’s historic district houses landmarks like the Sheridan Opera House, a performing-arts venue originally built in 1913, and the Telluride Historical Museum, which showcases local history in a converted hospital built in 1896. Now, whether it’s the world-class skiing in a resort named #1 by Conde Nast traveler, the legendary Film and Music festivals, or the low-key Western-inflected bohemian vibe, Telluride is certainly the best big mountain and little ski town in America. While most travelers search for nuggets of authenticity, Telluride offers up that and more with its close-knit community and 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 not one stoplight and the famous Gondola links Telluride and Mountain Village. From attention weary celebrities to ski bums and second-home owners, the casually exclusive enclave offers a dream lifestyle.
Market Update As the shift to the new normal increases, Americans are discovering the opportunities of working from home, as well as finding more balance in lifestyle. The Telluride real estate market continues to thrive. In the first quarter of 2021 in the Town of Telluride, the average price of single-family homes increased by 50.1%, from $3,342,000 to $5,018,000. During this same time period, Mountain Village saw a 29% increase in average sold price, from $2,305,833 to $2,975,632. Of those properties, sales of single-family homes increased 62.5% while sales of condos and townhomes increased 380%, and land sales increased 1,050% over the first quarter of 2020. The housing surge experienced by much of the rest of the country also echoes in the box canyon, with properties staying on the market 25.9% fewer days than they did last winter. The trend seems to be people migrating out of the bustle of cities to areas with more access to the outdoors and recreation, serving a more active lifestyle. San Miguel County closed out the first quarter of 2021 with the largest Q1 dollar volume ever recorded at $287.67M. A main contributor was the surge in vacant land sales (70 sales, $53.2M), the most vacant land sales ever seen in a single quarter. Thirty-three percent of those vacant land sales were in Mountain Village, and 44% located outside the town limits. After a record-breaking year of real estate sales in 2020, which exceeded $1.1 billion in total dollar volume, the end of the fiscal year along with a significant decline in inventory attributed to an initial downtick in the dollar volume of sales in January ‘21 ($81.9M over 64 sales) compared to the trend over the last 5 months of ’20 in which all months (Aug. – Dec. ’20) exceeded $100M in dollar volume and 90+ total number of sales. However, momentum increased the remainder of Q1 ‘21, showing that demand is still high for the region. Compared to the prior 5-year average, February ’21 showed an increase of 118% in dollar volume and a 48% increase in number of sales. March showed a 153% increase in dollar volume and a 164% increase in number of transactions over the prior 5-year average. 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 report is YTD data collected on a quarterly basis, and our Annual 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: SOLD: 407 Benchmark Drive, Mountain Village, CO | $6.9M* | Listed & Sold by TREC *highest Q1 sale for TREC LEFT: SOLD: 120 Aldasoro Boulevard Telluride, CO | $3.955M | Listed by TREC
TOWN OF TELLURIDE Q1 | 2021
SOLD: 455 E. Colorado Avenue | $5.6M | Listed by TREC Nestled in the Aspens & Cottonwoods this home is steps to the San Miguel River. The new owners will spend summers enjoying the front deck and rear outdoor courtyard, with hot-tub, soaking in views of Bear Creek and the Ski Area. The inside is just as inviting with walnut flooring & custom kitchen w/ bar seating.
SINGLE-FAMILY HOMES 2020
2021
% Change
YTD Number of Sales
4
5
+25%
YTD Total Dollar Value
$10,645.000
$24,315,000
+129%
$1,272
$1,391
+9%
YTD Price Per Square Foot
Q1 2021 Bottom Line: San
CONDOMINIUMS 2020
Miguel County closed out the first quarter of 2021 2021
% Change
YTD Number of Sales
24
20
-17%
YTD Total Dollar Value
$68,845,800
$24,988500
-64%
$1,243
$1,127
-9%
YTD Price Per Square Foot
136 with the largest Q1 dollar volume ever recorded at $287.67M. A 136% increase.
VACANT PROPERTY
Overall unit sales in the Town of Telluride are down
2020
2021
% Change
YTD Number of Sales
1
5
+400%
YTD Total Dollar Value
$638,000
$6,091,000
+855%
38%, from 61 in Q1 2020 to 38 in Q1 2021, largely due to lack of inventory.
TOWN OF TELLURIDE MARKET
38
YTD Unit Sales
YTD Dollar Sales
2020
2021
% Change
61
38
-38%
$86,664,441
$69,086,600
-20%
Overall Market Highlights Q1 2021 Sales Distribution by Location
28%
Avg. Sale Price
Telluride
Mountain Village
Remainder of County
89%
Sales Distribution by Segment
Total Dollar Volume
78%
Total Transactions
Single-Family Home
Condo/Townhome
Vacant Land
Commericial
*excludes mining claims, parking spaces, fractionals, deed-restricted properties
M O U N TA I N V I L L A G E Q1 | 2021
SOLD: 121 High Country, Mountain Village, CO | $4.875M | SOLD by TREC A timeless, classic log home. This quintessential log beauty borders Teddy’s Way and acres of wooded open space. The new owners will enjoy plenty of room for entertaining in luxurious mountain style.
Overall Market Highlights Q1 2021
42
Mountain Village Condo Sales $57.9M
13 Mountain Village Single-Family Home Sales $62.17M
SOLD
188
Total Transactions Year-to-Date 2021
*excludes mining claims, parking spaces, fractionals, deed-restricted properties
SINGLE-FAMILY HOMES
The 89% county wide increase was driven in large part by vacant land sales across the county, as well as Mountain Village Home and Condo sales totaling $120M.
2020
2021
% Change
YTD Number of Sales
9
13
+44%
YTD Total Dollar Value
$33,656,900
$62,177,500
+85%
$801
$862
+8%
2020
2021
% Change
YTD Number of Sales
8
42
+413%
YTD Total Dollar Value
$14,545,000
$57,777,000
+297%
$625
$754
+21%
YTD Price Per Square Foot
CONDOMINIUMS
89
YTD Price Per Square Foot
VACANT PROPERTY 2020
2021
% Change
YTD Number of Sales
2
24
+1100%
YTD Total Dollar Value
$955,000
$14,023,688
+1368%
MOUNTAIN VILLAGE MARKET YTD Unit Sales
YTD Dollar Sales
2020
2021
% Change
34
104
+206%
$52,502,375
$139,853,765
+166%
13 The Mountain Village Market average sales price dipped 13%, from $1,544,188 YTD in 2020 to $1,344,748 YTD in 2021.
REMAINDER OF COUNTY Q1 | 2021
SOLD: 315 Bluff View Drive Placerville, CO | $1.65M | SOLD by TREC Beautifully appointed, private ranch setting with ample sun and a spacious floorplan; the new owners will enjoy a contemporary home capturing abundant natural light and panoramic views of the Sneffles range.
SINGLE-FAMILY HOMES 2020
2021
% Change
YTD Number of Sales
11
29
+163%
YTD Total Dollar Value
$4,900,000
$41,346,780
+740%
$447,214
$1,425,751
+218%
Average Sale Price
CONDOMINIUMS 2020
2021
% Change
YTD Number of Sales
4
2
-50%
YTD Total Dollar Value
$1,400,000
$1,224,000
-13%
$349,125
$612,000
+75%
Average Sale Price
519 The strong increase in sales for the Remainder of the County continued with $78.7M in Q1 2021 vs. $12.7M in 2020.
VACANT PROPERTY
Buyers sought out more land and properties in the surrounding mesas, with the average price of land sales increasing 49.3% and the number of properties sold up 271.4%.
2020
2021
% Change
YTD Number of Sales
10
42
+417%
YTD Total Dollar Value
$5,400,000
$34,691,750
+660%
REMAINDER OF CO. MARKET
49
YTD Unit Sales
YTD Dollar Sales
2020
2021
% Change
28
77
+175%
$12,673,856
$78,728,942
+521%
Overall Market Highlights Q1 2021
Average Sale Price 2021
$1,234,477
Average Sale Price 2020
“
“
The demand in our region remains incredibly high, resulting in fewer days on the market and continued low inventory.
$2M to $5M 20%
$1M to $2M 13%
$500K to $1M 28%
Under $500K 33%
S A L E S D I S T R I B U T I O N BY P R I C E
$1,313,558
>$5M 6%
*excludes mining claims, parking spaces, fractionals, deed-restricted properties
What’s for Sale? TOWN OF TELLURIDE SINGLE FAMILY HOMES
# Available
Asking Price Range Average Asking Price
2 Bedrooms
3
$2.8M - $14.4M
$6,399,333
3 Bedrroms
1
$6M
$5,999,999
4 Bedrooms
6
$1.85M - $ 18M
$9,132,500
5 Bedrooms
2
$3.37M - $10M
$6,762,500
6+ Bedrooms
6
$4.35M - $27M
$16,045,665
2 Bedrooms
6
$1.3M - $3M
$1,792,333
3 Bedrooms
3
$2M - $5.5M
$4,183,333
5+ Bedrooms
2
$9.6M - $$14.8M
$12,197,500
16
$215K - $4.5M
$1,836,562
CONDOMINIUMS
VACANT LAND
LISTED by TREC: 685 Wilson Way Telluride, CO | $10.15M
LISTED by TREC: 135 High Country Road, Mountain Village, CO | $7.5M
What’s for Sale? MOUNTAIN VILLAGE SINGLE FAMILY HOMES
# Available
Asking Price Range Average Asking Price
4 Bedrooms
4
$2.9M - $6.8M
$4,168,500
5 Bedrroms
3
$5.6M - $7.6M
$6,916,665
6 Bedrooms
4
$3.5M - $7.5M
$5,758,750
8 Bedrooms
2
$16M - $ 36.8M
$26,400,000
1 Bedroom
4
$199K - $995K
$566,000
2 Bedroom
4
$842K - $1M
$1,292,000
3 Bedrooms
3
$1.7M - $3M
$2,315,000
4+ Bedrooms
7
$1.2M - $8.4M
$3,564,285
29
$79K - $9.8M
$1,874,924
CONDOMINIUMS
VACANT LAND
What’s for Sale? REMAINDER OF COUNTY SINGLE FAMILY HOMES
# Available
Asking Price Range Average Asking Price
1 Bedroom
3
$319K - $1M
$597,665
2 Bedrroms
3
$539K - $20M
$7,171,333
3 Bedrooms
12
$199K - $ 2.4M
$964,083
4 Bedrooms
11
$195K - $18M
$5,136,954
5 Bedrooms
6
$349K - $9.8M
$2,859665
6 Bedrooms
5
$2.6M - $ 29M
$13,924,800
7 Bedrooms
3
$8M - $10M
$8,866,665
10+ Bedrooms
3
$1.3M - $24.5M
$13,575,000
96
$75K - $35M
$1,359,077
VACANT LAND
LISTED by TREC: 101 Buckskin Lane Placerville, CO | $24.5M
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
$202B
Countries
Offices
Real Estate Professionals
2019 Annual Sales
62 Million annual website visits to christiesrealestate.com CIRE’s website attracts a significant number of international visitors, and has a proven worldwide reach that consistently ranks among the top luxury real estate results on major search engines.
Luxury Defined: Annual Report and Blog Because CIRE remains under common ownership with the Christie’s art auction house, their experts are uniquely qualified to understand shifts and trends impacting high value assets, from fine art to fine homes.
Global Referral Network The CIRE referral network allows our real estate brokers to refer clients to other affiliates. This gives clients the confidence that their matters will be attended to with the utmost level of meticulous service.
1M Cooperative Advertising Program CIRE advertising initiatives receive prominent placement in such periodicals as The New York Times, The Wall Street Journal, The Wall Street Journal International, Country Life, and Robb Report Collection.
Annual readership of Christie’s Real Estate Magazine Produced quarterly in print and digital versions, this industry-leading publication has more than 200 pages of lifestyle articles and the world’s most exclusive real estate, reaching individuals of exceptional means.
Worldwide Brochure Distribution Crafted for select real estate, visually rich property brochures are distributed to more than 350 cities in 46 countries for prominent display in Christie’s salerooms and many Affiliate global offices.
... TREC holds its affiliation with CIRE in the highest regard and continuously utilizes the many resources and avenues an affiliation of this caliber affords. In doing so, TREC is able to make every client/broker experience that much better and that much more memorable. After all, both TREC and CIRE believe that elegant homes deserve elegant showcases.
THE MARKET REPORT 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
With a record shattering year of sales in 2020 of over $1 Billion, the first quarter of 2021 closed out with the largest dollar volume on record ($287.67 M). This county wide increase of 89% was driven in large part by vacant land sales across the county and Mountain Village Home and Condo sales totaling $120M. March 2021 delivered a very high number of transactions of 96 which represents an increase of 121% over March of 2020 and a 129% rise over the 5-year average. Average sales prices continue to escalate in double digit fashion in most market categories with properties transacted over $5M rising 11%. As COVID restrictions begin relaxing, we look forward to a strong summer.
*Photo cred: Dale Malmedal
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. 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.
C H R I S T I E S R E AL E S TAT E . C OM
T P M @TRECTELLURIDE