Telluride Quarter 3 2023 Market Report

WE’VE BEEN AROUND EVERY BLOCK.

Q3 Noteworthy Sales

AND WE’VE GOT THE STATS TO PROVE IT.

166 Country Club Drive | $11,500,000

Sold by TREC/Forbes

398 S Davis Street E7 | $10,950,000 Listed by TREC/Forbes

117 Sunny Ridge Place 124

102 Lodges Lane 1 | $3,650,000

$4,750,000 Sold by TREC/Forbes

Sold by TREC/Forbes

THE TELLURIDE REPORT Q3 2023

REAL ESTATE MARKET

438 W Columbia Avenue $3,500,000 Listed by TREC/Forbes

126 W Colorado Avenue 304 | $4,800,000

Listed by TREC/Forbes

................

VIEW ALL PROPERTIES FOR SALE IN THE TELLURIDE MARKET

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SOLD

YTD Avg. Sale Price

36

Town of Telluride Condo Sales $90M

22%

YTD Total Dollar Volume

16 Town of Telluride

Single-Family Home Sales $84M

31%

YTD Total Transactions Telluride Condos and Single-Family Homes have adjusted to $1,833 and $1,896 PSF compared to $1,823 and $1,905 respectively at t his time last year.

REMAINDER OF COUNTY

TOWN OF TELLURIDE

13%

SOLD

19%

YTD Avg. Sale Price

32

County Vacant Land Sales $32M

31 County Single-Family Home Sales $56M

48%

YTD Total Dollar Volume

35%

YTD Total Transactions

$1,319,997 Average Sale Price 2023

$1,630,979 Average Sale Price 2022

In Perspective MOUNTAIN VILLAGE

SOLD

25%

Three of the past five years were COVID-influenced, with average gross dollar sales of $1.2B. A 5-year look back demonstrates $960M / year on average. However, YTD the market has realized a 6% increase over that 5-year average.

Therefore, the Telluride marketplace is simply “back to the new normal.”

10%

Even more notable, the resiliency of the market continues with a serious decline in inventory - as much as 50% compared to prior to the pandemic. With this lack of inventory, San Miguel County average sale prices increased 10%, the Town of Telluride achieved a 13% increase and the Mountain Village increased 48%. The latter segment of the market accounted for 51% of total sales volume YTD as compared to 40% during the same period last year. In addition, Mountain Village sale prices saw a 25% increase. Most notably, Telluride has long experienced investor resistance at price levels above $10,000,000, however, that notion is now in the rear-view mirror with 12 properties closing between $10,250,000 and $18,900,000 YTD.

YTD Avg. Sale Price

55

Mountain Village Condo Sales $147M

17 Mountain Village Single-Family Home Sales $152M

YTD Total Dollar Volume

28%

YTD Total Transactions

Mountain Village has emerged as t he standout market in t he initial 9 mont hs of 2023, wit h approximately $350M in sales, a 51% share of San Miguel County ’s entire sales volume.

The high demand for properties in t he Mountain Village has resulted in an increase in t he PSF for bot h Condos ($1,373) and Single-Family Homes ($1,647).

Simply put, supply and demand economics support that the Telluride real estate marketplace, while from time-totime experiencing a decline in sales, has remained resilient as to value during economic downturns. The Telluride region is surrounded by federally-controlled property (USFS and BLM) limiting future growth to approximately 14,000 private acres. Virtually all of the private ground is subject to a master plan which allows for the development of fewer than 4,000 single-family equivalents on about one third (1/3) of the above-mentioned ground. This density is but a small fraction of allowable densities in other major resorts and it is this assurance of future controlled growth that positively drives the marketplace both with regard to volume and value.

SOLD

YTD Avg. Sale Price

36

Town of Telluride Condo Sales $90M

22%

YTD Total Dollar Volume

16 Town of Telluride

Single-Family Home Sales $84M

31%

YTD Total Transactions Telluride Condos and Single-Family Homes have adjusted to $1,833 and $1,896 PSF compared to $1,823 and $1,905 respectively at t his time last year.

REMAINDER OF COUNTY

TOWN OF TELLURIDE

13%

SOLD

19%

YTD Avg. Sale Price

32

County Vacant Land Sales $32M

31 County Single-Family Home Sales $56M

48%

YTD Total Dollar Volume

35%

YTD Total Transactions

$1,319,997 Average Sale Price 2023

$1,630,979 Average Sale Price 2022

In Perspective MOUNTAIN VILLAGE

SOLD

25%

Three of the past five years were COVID-influenced, with average gross dollar sales of $1.2B. A 5-year look back demonstrates $960M / year on average. However, YTD the market has realized a 6% increase over that 5-year average.

Therefore, the Telluride marketplace is simply “back to the new normal.”

10%

Even more notable, the resiliency of the market continues with a serious decline in inventory - as much as 50% compared to prior to the pandemic. With this lack of inventory, San Miguel County average sale prices increased 10%, the Town of Telluride achieved a 13% increase and the Mountain Village increased 48%. The latter segment of the market accounted for 51% of total sales volume YTD as compared to 40% during the same period last year. In addition, Mountain Village sale prices saw a 25% increase. Most notably, Telluride has long experienced investor resistance at price levels above $10,000,000, however, that notion is now in the rear-view mirror with 12 properties closing between $10,250,000 and $18,900,000 YTD.

YTD Avg. Sale Price

55

Mountain Village Condo Sales $147M

17 Mountain Village Single-Family Home Sales $152M

YTD Total Dollar Volume

28%

YTD Total Transactions

Mountain Village has emerged as t he standout market in t he initial 9 mont hs of 2023, wit h approximately $350M in sales, a 51% share of San Miguel County ’s entire sales volume.

The high demand for properties in t he Mountain Village has resulted in an increase in t he PSF for bot h Condos ($1,373) and Single-Family Homes ($1,647).

Simply put, supply and demand economics support that the Telluride real estate marketplace, while from time-totime experiencing a decline in sales, has remained resilient as to value during economic downturns. The Telluride region is surrounded by federally-controlled property (USFS and BLM) limiting future growth to approximately 14,000 private acres. Virtually all of the private ground is subject to a master plan which allows for the development of fewer than 4,000 single-family equivalents on about one third (1/3) of the above-mentioned ground. This density is but a small fraction of allowable densities in other major resorts and it is this assurance of future controlled growth that positively drives the marketplace both with regard to volume and value.

WE’VE BEEN AROUND EVERY BLOCK.

Q3 Noteworthy Sales

AND WE’VE GOT THE STATS TO PROVE IT.

166 Country Club Drive | $11,500,000

Sold by TREC/Forbes

398 S Davis Street E7 | $10,950,000 Listed by TREC/Forbes

117 Sunny Ridge Place 124

102 Lodges Lane 1 | $3,650,000

$4,750,000 Sold by TREC/Forbes

Sold by TREC/Forbes

THE TELLURIDE REPORT Q3 2023

REAL ESTATE MARKET

438 W Columbia Avenue $3,500,000 Listed by TREC/Forbes

126 W Colorado Avenue 304 | $4,800,000

Listed by TREC/Forbes

................

VIEW ALL PROPERTIES FOR SALE IN THE TELLURIDE MARKET

w w w.t e l l u r i d e r e a l e s t a t e c o r p . c o m