Telluride Real Estate Corp.
MARKET REPORT
Q1 2022
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 prospector 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 boasts famous 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 - just up the block from the first Bank robbed by Butch Cassidy. 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 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 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 nor any fast food restaurants, and the famous Gondola links Telluride and Mountain Village. From attention weary celebrities to ski bums and second homeowners, the casually exclusive enclave offers a dream lifestyle.
Market Update The first quarter of 2022 closed out with the largest Q1 dollar volume ever recorded at $335.55M, topping the record set in Q1 2021 at $287.67M. Main Contributors: - Vacant land sales across the county (38 sales, $66.5M) - Mountain Village Single-Family Home sales (10 sales, $62.48M) - Mountain Village Condo sales (30 sales, $51.36M) Although vacant land sales continue to be a driving force in Q1 ‘22, there are significant decreases in the number of sales and dollar volume for vacant sales in Mountain Village and the Town of Telluride compared to Q1 ‘21. The average sale price throughout San Miguel County has continued to rise, up 51% year to date (YTD) ‘22 ($1.99M) vs. YTD ‘21 ($1.31M). As in prior quarters, the market prices are inventory driven, with properties coming on the market at an estimated 10-20% above recently sold comps. The dollar volume of real estate transactions in the county has more than doubled from ‘19 to ‘21.
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: SOLD: 110 Granite Ridge Drive Mountain Village, CO | $10.750M | LISTED by TREC LEFT: KOTO Spring Street Dance, Downtown Telluride, CO | PRICELESS
TO W N O F T E L L U R I D E Quarter 1 | 2022
SOLD: 550 W Depot Avenue Telluride, CO | $165,000 River Club Fractional | SOLD by TREC With River Club ownership comes membership in the Telluride Ski & Golf Club.
SINGLE-FAMILY HOMES 2021
2022
% Change
YTD Number of Sales
5
8
+60%
YTD Total Dollar Value
$24,315,000
$46,210,000
+90%
$1,391
$2,127
+53%
YTD AVG Price Per Square Foot
CONDOMINIUMS 2021
2022
% Change
YTD Number of Sales
20
20
0%
YTD Total Dollar Value
$24,988,500
$41,643,000
+67%
$1,127
$1,891
+68%
YTD AVG Price Per Square Foot
68 YTD Avg. Price Per Sq. Ft. vs. Previous YTD Avg. Price Per Sq. Ft. for TOT Condominiums: 2022: $1,891 2021: $1,127 a 68% increase.
VACANT PROPERTY
Although YTD Unit Sales
2021
2022
% Change
YTD Number of Sales
5
3
-40%
YTD Total Dollar Value
$6,091,000
$4,575,000
-25%
decreased by 16%, YTD Dollar Sales increased by 34%.
TOWN OF TELLURIDE MARKET YTD Unit Sales
16
YTD Dollar Sales
2021
2022
% Change
38
32
-16%
$69,086,600
$92,593,000
+34%
Overall TOT Market Highlights
59%
YTD Avg. Sale Price
20
Town of Telluride Condo Sales YTD
$41.6M
34%
YTD Dollar Volume
16%
YTD Unit Sales
8 Town of Telluride Single-Family Home Sales $46.2M
SOLD *excludes mining claims, parking spaces, fractionals, deed-restricted properties
M O U N TA I N V I L L A G E Quarter 1 | 2022
SOLD: 135 High Country Road Mountain Village, CO | $6.995M | LISTED & SOLD by TREC The epic trailside mountain lifestyle of your dreams awaits you and your family at this custom log ski home on one of Mountain Village’s most sought after streets.
Overall MV Market Highlights
30
Mountain Village Condo Sales YTD $51.4M
10 Mountain Village Single-Family Home Sales $62.5M
SOLD
SOLD
169
Total Transactions Year-to-Date 2022 (entire region)
*excludes mining claims, parking spaces, fractionals, deed-restricted properties
SINGLE-FAMILY HOMES
The Town of Mountain Village saw Price Per Sq. Ft. for SFH at an all-time high of $1,135, up from the previous high last year of $862, a 32% increase.
2021
2022
% Change
YTD Number of Sales
13
10
-23%
YTD Total Dollar Value
$62,177,500
$62,481,500
--%
$862
$1,135
+32%
2021
2022
% Change
YTD Number of Sales
41
30
-27%
YTD Total Dollar Value
$57,777,000
$51,369,400
-11%
$754
$1,102
+46%
YTD AVG Price Per Square Foot
CONDOMINIUMS
32
YTD AVG Price Per Square Foot
VACANT PROPERTY 2021
2022
% Change
YTD Number of Sales
24
9
-62%
YTD Total Dollar Value
$14,023,688
$8,963,000
-36%
MOUNTAIN VILLAGE MARKET YTD Unit Sales YTD Dollar Sales
2021
2022
% Change
104
86
-17%
$139,853,765
$135,655,800
-3%
17 YTD Avg. Sales Price per unit vs. Previous YTD Avg. Sales Price per unit: 2022: $1,577,393 2021: $1,344,748 a 17% increase.
REMAINDER OF COUNTY Quarter 1 | 2022
SOLD: 101 Buckskin Lane Placerville, CO | $15M | LISTED by TREC An incomparable recreational ranch set in one of Colorado’s most scenic settings of the Mt. Wilson massif.
SINGLE-FAMILY HOMES 2021
2022
% Change
YTD Number of Sales
30
21
-30%
YTD Total Dollar Value
$42,826,780
$50,920,174
+19%
$1,427,559
$2,424,770
+69%
Average Sale Price
CONDOMINIUMS 2021
2022
% Change
YTD Number of Sales
2
1
-50%
YTD Total Dollar Value
$1,224,000
$850,000
-31%
$612,000
$850,000
+39%
Average Sale Price
106 The YTD Avg. sales price increased 106% vs. previous YTD Avg. sales price for the remainder of the county from $1,022,454 in 2021 to $2,103,966 in 2022.
VACANT PROPERTY
The remainder of the county saw growth compared to the prior year with dollar volume up 36%. The remainder of the county tallied $107M.
2021
2022
% Change
YTD Number of Sales
31
22
-29%
YTD Total Dollar Value
$25,665,250
$48,937,100
+91%
REMAINDER OF COUNTY MARKET YTD Unit Sales
36
YTD Dollar Sales
2021
2022
% Change
77
51
-34%
$78,728,942
$107,302,274
+36%
Overall Market Highlights
Average Sale Price 2022
$1,313,558
Average Sale Price 2021
“
The demand in our region remains incredibly high, resulting in fewer days on t he market and continued low inventory.
$2M to $5M 20%
$1M to $2M 26%
$500K to $1M 22%
Under $500K 24%
SALES DISTRIBUTION BY PRICE
$1,985,509
>$5M 8%
*excludes mining claims, parking spaces, fractionals, deed-restricted properties
“
What’s for Sale? TOWN OF TELLURIDE # Available
Asking Price
Average Asking Price
3 Bedrooms
1
$4.95M
$4,950,000
4 Bedrooms
2
$4.85M - $9M
$6,925,000
6 Bedrooms
2
$10.3M $12.5M
$11,423,500
8 Bedrooms
1
$15.9M
$15,950,000
0-1 Bedroom
4
$775K - $1.4M
$902,250
2 Bedrooms
5
$1.5M - $1.8M
$1,679,000
3 Bedrooms
4
$3.1M - $4.95M
$4,111,250
4+ Bedrooms
5
$3.2M - $10.2M
$6,384,000
5
$749K - $3.5M
$2,154,000
SINGLE FAMILY HOMES
CONDOMINIUMS
VACANT LAND
LISTED by TREC: 8121 Preserve Drive Telluride, CO | $21.5M
LISTED by TREC: 105 Highlands Way Mountain Village, CO | $18.995M
What’s for Sale? MOUNTAIN VILLAGE # Available
Asking Price
Average Asking Price
5 Bedrooms
4
$9.3M - $16M
$11,537,350
6 Bedrroms
2
$11.9M - $18.9M
$15,495,000
7 Bedrooms
3
$10.9M - $11.2M
$11,097,500
9+ Bedrooms
7
$16M - $34.5M
$25,250,000
0-1 Bedroom
3
$385K - $525K
$463,667
2 Bedroom
1
$1.2M
$1,200,000
4 Bedrooms
4
$4.3M - $6.9M
$5,250,000
5 Bedrooms
1
$5.7M
$5,700,000
24
$1.25M $47.5M
$2,529,500
SINGLE FAMILY HOMES
CONDOMINIUMS
VACANT LAND
What’s for Sale? REMAINDER OF COUNTY # Available
Asking Price
Average Asking Price
1 Bedroom
2
$444K - $6.4M
$3,344,833
3 Bedrooms
9
$289K - $2.9M
$1,198,000
4 Bedrooms
7
$419K - $12M
$4,052,500
5 Bedrooms
6
$3.5M - $12.5M
$8,424,500
6 Bedrooms
2
$22.9M - $23M
$22,950,000
7 Bedrooms
2
$2.9M - $18.5M
$10,747,500
9+ Bedrooms
3
$21.5M - $48M
$34,750,000
1 Bedroom
1
$695K
$695,000
3 Bedrooms
1
$879K
$879,000
52
$92K - $26M
$1,636,051
SINGLE FAMILY HOMES
CONDOMINIUMS
VACANT LAND
LISTED by TREC: Dolores River Ranch 25955 CO-145 Dolores, CO | $8.250M
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, 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.
THE MARKET R E P O RT 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
@TRECTELLURIDE
Mountain Lodge 970.369.6003 | 457 Mountain Village