Telluride Real Estate Corp.
MARKET REPORT
Q3 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 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 San Miguel County real estate market continues its record pace with $132.8M in sales during September 2021, pushing the year-to-date total dollar volume over $1 billion. This is well ahead of the single year total dollar volume record set in ‘20 for $1.16 billion. Fueled mainly by residential and vacant land transactions in Mountain Village and the Remainder of the County, the 3rd Quarter of 2021 produced a dollar volume of more than $373.9M which is an all-time dollar volume high for any 3rd Quarter on record. The YTD ‘21 number of transactions (711) is up 143% over the prior 5-year average for the same time period (413). After the close of Q3 ‘21, the market snapshot comparison continues to favor the upward trend of Mountain Village locations with dollar volume up 96% from last year and the total number of transactions up 119%. The upward market trend in San Miguel County continues to be driven by vacant land sales with a total of 217 sales during the first 9 months of 2021. This continues to be driven by the lack of Single-Family Homes and Condo inventory in the Town of Telluride and Town of Mountain Village. Diminishing supply is continuing to push price per square foot to all-time highs in the Town of Telluride and Mountain Village, leading buyers to look in surrounding areas such as Ski Ranches, Aldasoro and other nearby areas.
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 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: 1422 Wagner Way Telluride, CO | $7.995M | LISTED by TREC LEFT: SOLD: 144 High Country Road Mountain Village, CO | $7.3M | LISTED by TREC
TO W N O F T E L L U R I D E Quarter 3 | 2021
SOLD: 1422 Wagner Way Telluride, CO | $7.995M | LISTED by TREC Privacy and seclusion in the West Meadows, with 360 degree views of mountains piercing the crystal blue skies, are the trademarks of this property just minutes from all resort amenities.
SINGLE-FAMILY HOMES 2020
2021
% Change
YTD Number of Sales
34
27
-21%
YTD Total Dollar Value
$98,078,518
$111,610,455
+14%
$1,301
$1,982
+52%
YTD AVG Price Per Square Foot
YTD Avg. Sales Price
CONDOMINIUMS
per unit vs. Previous YTD Avg. Sales Price
2020
2021
% Change
YTD Number of Sales
83
63
-24%
YTD Total Dollar Value
$153,672,550
$86,573,939
-44%
$1,035
$1,268
+22%
YTD AVG Price Per Square Foot
14 per unit: 2021: $2,064,733 2020: $1,686,138
VACANT PROPERTY
Overall YTD unit sales in the Town of Telluride are down 22%, from 173 in 2020 to 135 in 2021, largely due to lack of inventory.
2020
2021
% Change
YTD Number of Sales
13
21
+62%
YTD Total Dollar Value
$24,839,850
$32,115,000
+29%
TOWN OF TELLURIDE MARKET YTD Unit Sales
4
YTD Dollar Sales
2020
2021
% Change
173
135
-22%
$291,701,908
$278,738,908
-4%
Overall Market Highlights
8%
Avg. Sale Price
63
Town of Telluride Condo Sales YTD
$86.5M
57%
Total Dollar Volume
45%
Total Transactions
27 Town of Telluride Single-Family Home Sales $112M
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 3 | 2021
SOLD: 670 Mountain Village Blvd. #5, Mountain Village, CO | $4.55M | LISTED by TREC Recognized as the gold standard for Mountain Village core living, Heritage Crossing is the closest property to the Gondola for effortless access to the Town of Telluride. Elegant and spacious with 3,486 feet of refined living-all on one expansive level.
Overall Market Highlights
124
SOLD
$184M
711
Mountain Village Condo Sales YTD
34 Mountain Village Single-Family Home Sales $165M
Total Transactions Year-to-Date 2021
SOLD *excludes mining claims, parking spaces, fractionals, deed-restricted properties
SINGLE-FAMILY HOMES
YTD unit sales in the Mountain Village Market increased from 149 in Sept. 2020 to 326 in Sept. 2021, a 119% increase.
2020
2021
% Change
YTD Number of Sales
25
34
+36%
YTD Total Dollar Value
$104,114,393
$164,758,850
+58%
$739
$838
+13%
2020
2021
% Change
YTD Number of Sales
55
124
+125%
YTD Total Dollar Value
$82,889,634
$184,156,100
+122%
$733
$815
+11%
YTD AVG Price Per Square Foot
CONDOMINIUMS
125
YTD AVG Price Per Square Foot
VACANT PROPERTY 2020
2021
% Change
YTD Number of Sales
23
57
+148%
YTD Total Dollar Value
$15,120,000
$38,961,688
+158%
YTD Avg. Sales Price
MOUNTAIN VILLAGE MARKET YTD Unit Sales YTD Dollar Sales
148 per unit vs. Previous YTD Avg. Sales Price
2020
2021
% Change
149
326
+119%
$212,700,752
$417,052,883
+96%
per unit: 2021: $1,279,303 2020: $1,427,522
REMAINDER OF COUNTY Quarter 3 | 2021
SOLD: 155 Hayden View Trail Placerville, CO | $1.8M | SOLD by TREC The 35-acre 155 Hayden View Trail ranchette occupies an irreplaceable location between Telluride and Ridgway directly across from the iconic Last Dollar Ranch, whose picturesque big mountain vistas have welcomed Marlboro men and Budweiser Clydesdales.
SINGLE-FAMILY HOMES 2020
2021
% Change
YTD Number of Sales
36
33
-8.3%
YTD Total Dollar Value
$59,324,506
$61,348,150
+3.4%
Average Sale Price
$1,643,434
$1,859,035
+13.12%
CONDOMINIUMS 2020
2021
% Change
YTD Number of Sales
3
3
0%
YTD Total Dollar Value
$1,350,000
$1,153,000
-14.59%
$450,000
$384,333
-14.59%
Average Sale Price
3.4 The YTD average sales price increased 54% vs. previous YTD average sales price for the remainder of the county from $793,622 in 2020 to $1,221,236 in 2021.
VACANT PROPERTY
Buyers sought out more land and properties in the surrounding mesas, with the average price of land sales increasing 181% and the number of properties sold up 96%.
2020
2021
% Change
YTD Number of Sales
54
106
+96%
YTD Total Dollar Value
$23,206,107
$65,270,950
+181%
REMAINDER OF CO. MARKET YTD Unit Sales
48
YTD Dollar Sales
2020
2021
% Change
169
250
+48%
$134,122,201
$305,309,039
+128%
Overall Market Highlights
Average Sale Price 2021
$2M to $5M 20%
$1,300,458
$1M to $2M 13%
Average Sale Price 2020
“
The demand in our region remains incredibly high, resulting in fewer days on t he market and continued low inventory.
$500K to $1M 28%
Under $500K 33%
SALES DISTRIBUTION BY PRICE
$1,408,018
>$5M 6%
*excludes mining claims, parking spaces, fractionals, deed-restricted properties
“
What’s for Sale? TOWN OF TELLURIDE # Available
Asking Price
Average Asking Price
3 Bedrooms
2
$3.8M - $4.3M
$4,037,500
4 Bedrroms
7
$3.8M - $29.5
$8,035,000
5 Bedrooms
5
$4.6M - $11M
$7,943,400
6 Bedrooms
5
$8M - $27M
$19,699,000
7+ Bedrooms
3
$15M - $21.5M
$17,467,676
1 Bedroom
5
$345K - $1.4M
$834,600
2 Bedrooms
5
$1.4M - $3.3M
$2,048,000
3+ Bedrooms
9
$1.5M - $13.9M
$4,459,444
17
$595K - $26M
$3,56
SINGLE FAMILY HOMES
CONDOMINIUMS
VACANT LAND
LISTED by TREC: 8121 Preserve Drive Telluride, CO | $21.5M
LISTED by TREC: 407 Benchmark Drive Mountain Village, CO | $12.495M
What’s for Sale? MOUNTAIN VILLAGE # Available
Asking Price
Average Asking Price
4 Bedrooms
3
$5M - $6.9M
$6,215,000
5 Bedrroms
5
$4.2M - $14.8M
$8,180,000
6 Bedrooms
6
$5.9M - $14.1M
$8,030,833
7+ Bedrooms
5
$9M - $36.8M
$21,758,000
1 Bedroom
2
$895K - $1.2K
$1,035,000
2 Bedroom
0
$0
$0
3 Bedrooms
2
$899K - $3.2M
$2,074,500
4 Bedrooms
2
$4.2M - $8M
$5,471,667
24
$469K - $2.8M
$1,394,895
SINGLE FAMILY HOMES
CONDOMINIUMS
VACANT LAND
What’s for Sale? REMAINDER OF COUNTY # Available
Asking Price
Average Asking Price
1 Bedroom
5
$575K - $6M
$1,731,700
2 Bedrooms
1
$3.9M
$3.9M
3 Bedrooms
10
$212K - $1.8M
$783,000
4 Bedrooms
8
$1.2M - $8.5M
$2,649,375
5 Bedrooms
7
$4.3M - $10.9M
$7,634,285
6 Bedrooms
4
$8M - $25M
$20,998,750
7 Bedrooms
1
$12M
$12M
9+ Bedrooms
5
$1.4M - $48M
$17,394,000
89
$80K - $35M
$1,806,464
Ranches: 10
70+ acres: 18
SINGLE FAMILY HOMES
VACANT LAND
LISTED by TREC: Dolores River Ranch 25955 CO-145 Dolores, CO | $8.995M
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. Telluride Real Estate Corp. has joined this network of top brokerages with proven records of success in luxury property sales and exceptional client service. As a Forbes Global Properties member, Telluride Real Estate Corp. will capitalize 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 will be presented across Forbes and Forbes Global Properties print, digital, and social media channels with expert commentary, timely market data, and top-tier editorial. “Telluride has long been a place where lifestyle is celebrated and we are proud to be a large part of that lifestyle,” said Telluride Real Estate Corp. President and Managing Broker T.D. Smith. “Forbes Global Properties is primarily owned and directed by prestigious real estate firms, supported day to day by experienced, industry professionals and leveraged with a worldwide reach of one of the most trusted media outlets of the past 100 years.”
*Photo cred: Dale Malmedal
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