Telluride Quarter 3 2022 Market Report

Telluride

Market Update

Fueled mainly by residential transactions, the third quarter of 2022 produced a dollar volume of more than $267M.

The year-to-date (YTD) ‘22 number of transactions (493) is down 31% from YTD ‘21 (711), but is up 4% over the prior five-year average (475).

The total dollar volume for YTD ‘22 ($907.15M) is up 64% over the prior fiveyear average ($551.47M) showing that average sales prices around the county have increased 31% over the same time last year.

The market snapshot comparison of Telluride vs. Mountain Village shows a retraction in all sectors as the market continues to plateau from the all-time highs seen last year.

The Telluride, Mountain Village and Remainder of County markets all are down from this time last year in YTD total dollar volume at a rate of 11%, 7% and 12% respectively. However, all sectors average sales prices from YTD ‘22 are up from YTD ‘21. Telluride up 12%, Mountain Village up 38% and the Remainder of the County up 34%.

THE TELLURIDE MARKET

Telluride is a former Victorian mining town in the SW corner of Colorado set in a box canyon amid forested peaks at the base of its popular ski & golf resort. The first prospector struck gold in the Valley in 1875, 3 years later the town of Telluride was established. The town’s Historic District boasts famous landmarks like the Sheridan Opera House, built in 1913, and the Telluride Historical Museum, showcasing 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 world-class skiing in a resort named #1 by Conde Nast traveler, the legendary Film and Music festivals, or the low-key Western 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 & 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 no stoplights or fast food restaurants, and the famous Gondola links Telluride and Mountain Village. From attention weary celebrities to ski bums & second homeowners, our casually exclusive enclave offers a dream lifestyle.

The market trend in the region continues to revolve around vacant land sales with a total of 111 sales during the first 9 months of the year, which makes up 23% of total sales. This is being driven by the lack of single-family home and condominium inventory in the Town of Telluride and Town of Mountain Village paired with continued demand.

With less inventory, the price per square foot continues to reach alltime highs in Telluride and Mountain Village and 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 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: 117 Sunny Ridge Place GL 101 Mountain Village, CO | $6.4M | LISTED & SOLD by TREC

LEFT: Gondola overlooking Downtown Telluride, CO | PRICELESS

Market Highlights

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OF COUNTY

SINGLE-FAMILY

119 O’Rourke Drive Ophir, CO

$580,000

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Positioned to capture the natural beauty of this iconic location atop the shores of Trout Lake, this historic cabin built in 1930 was originally a one-room school house located near Placerville, Colorado. Relocated in 1963 to its current knoll-top location by the O’Rourke Family.

CONDOMINIUMS

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CO | $12.5M

GRAY HEAD PRESERVE

An 885-acre development nestled at the base of Mt. Sneffels Wilderness, just 8 miles from the town of Telluride. This private community of 35-acre parcels offers breathtaking views in every direction, highlighted by the iconic 14,000’ Wilson Range. Residents of Gray Head also enjoy numerous unique and exceptional amenities, including a historic Homeowners cabin, extensive hiking trails, outdoor winter ice rink, fly fishing, tennis and much more. The natural beauty and setting of this Wilderness Preserve is unsurpassed.

7039

Single Family Residential

CATMANDO

Single

Bedrooms,

PARADISE FOUND --- For those seeking a wilderness lifestyle, but just down the road from all resort amenities, absolute privacy atop the highest knoll in the Gray Head Wilderness Preserve offers up the ultimate retreat.

Listed by TD Smith and Steve Catsman Contact TD Smith 970.729.1577 or Steve Catsman 970.729.0100 for more information or to schedule a private viewing. https://www.catsman.com/telluride/grayhead-homes-in-telluride/

It has often been said that one should go where you feel the most alive. Painstakingly constructed from three pre-civil war barns, Wilson Way offers a gateway to a lifestyle that captures the allure of the rugged wilderness from its doorstep and beyond to what seems like an infinity of beauty called the San Juan Mountains laced with 14,000 ft. peaks, old growth forests and lush mountain meadows. One needn’t escape the residence to sense the wonder of the immense frame work of beauty beyond, as the home’s design is uniquely a part of its environment with a sensation that the jagged peaks beyond can be touched by the hand of its owner.

The foreground envelopes acres of lushly landscaped grounds and stone hardscape along with a reflective, spring fed, stone lined pond teeming with trout.

Listed by TD

and Steve

LISTED

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, Consultant & former 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.