Telluride Quarter 3 2021 Market Report

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