Q1 REPORT Telluride Real Estate
2019
ACTIVITY
Granita Penthouse 401, Mountain Village - Offered at $2,595,000
San Miguel County Overview
# 523
555
$
ďƒˆ1% compared to ytd 2018
562
ďƒ‡4% compared to ytd 2018 $621.1M
619 $507.1M
499
$537.5M $461.8M $452.8M
$114.8 YTD
108 YTD
2014
2015
2016
2017
2018
2019
# of Tr an sact i ons S an Miguel C ount y
2014
2015
2016
2017
2018
Dol l a r Vo l u me San M i g uel C ount y
Lot 101 Basque Boulevard, Aldasoro Ranch - Offered at $630,000 The information represented above is compiled from Telluride Consulting data ytd as of 3/31/19 and represents all sales in San Miguel County.
2019
First quarter snowfall and real estate sales were robust with both coming close to setting record highs. San Miguel County real estate sales boasted the second highest dollar volume since 2007. While one might think this winter’s significant snowfall in comparison to last year translated into higher sales volume, the 2019 increase was a minimal 4% over 2018 in the first quarter. Thus, reaffirming that skiing is simply one of many lifestyle attributes that drive people’s motivation to buy in Telluride! The Town of Telluride continues to drive the market with significant sales including an east end approved hotel site at $12,750,000, four single family homes ranging from $1,675,000 to $ 3,625,000 and a commercial/residential building at $5,700,000. Mountain Village home sales numbered three during the first quarter with sold prices ranging from $1,800,000 to $4,025,000, off the pace of 2018 numbers which showed five sales ranging from $2,900,000 to $4,475,000. Certain single family and condominium market segments have seen continued depletion of inventory, resulting in fewer sales but at increasing price levels. The demand for newer contemporary product has prompted a flurry of building projects, largely condominium style, in Telluride that are coming to fruition this summer. Mountain Village does not have any significant condominium projects under construction and thus may find further depletion of inventory moving forward. The current market dynamics have created an uptick in land sales, albeit modest, that portends new product in the future. In that vein, there are a good number of end user contemporary homes currently being built and handful of single family spec projects underway by savvy investors bullish on our market. Outlying area sales and under contract homes, many below $1,000,000, have been noticeably strong during the first quarter of 2019, especially along the San Miguel River corridor and on Wilson Mesa. Significant activity has also been seen in the outlying towns of Norwood and beyond signaling strength and optimism throughout our area. Our snow in the high mountains and recharging water tables will make for a wonderful spring and summer. Interest rates remain attractive and it appears that our Real Estate market, in general, will remain strong for the remainder of 2019.
What’s Selling? Town of Tel luride Under Contract
Number Sold
Sold Price Range
Average Sold Price
Average % Off Asking $
3 Bedrooms
1
3
$1,675,000 - $2,150,000
$1,941,333
3%
4 Bedrooms
1
0
--
--
--
5+ Bedrooms
0
2
$3,625,000 - $8,400,000
$6,012,500
11%
Studio & 1 Bedrooms
2
2
$500,000 - $537,000
$518,500
2%
2 Bedrooms
1
6
$535,000 - $1,460,000
$972,333
3%
3 Bedrooms
1
5
$1,250,000 - $1,995,000
$1,644,200
6%
4 Bedrooms
2
0
--
--
--
5+ Bedrooms
1
1
$5,700,000**
$5,700,000
14%
0
3
$1,150,000 - $1,400,000
$1,241,667
10%
Single Family Homes
Condominiums
Vacant Land All
**This sale was a commercial/residential building with 1 commercial space and 2 condos.
The information represented above is compiled from the Telluride MLS ytd as of 3/31/2019 and includes the Idarado subdivision. It excludes deed-restricted, commercial, & fractional properties.
ytd
$
2019
as of 3/31/2019 there have been 22 sales in Town of Telluride for a total dollar volume of $42,366,000.
5
ďƒ‡30% compared to ytd 2018
3
#
ďƒˆ19% compared to ytd 2018
14
$17,849,000
$3,725,000
$20,792,000
HOMES
LAND
CONDOS
372 Pandora Lane, Idarado - Sold 2/28/2019 for $8,400,000 Listed & Sold by Telluride Properties
Auberge Resorts at Element 52 - River House A, Town of Telluride - Offered at $3,695,000
What’s For Sale? Town of Tel luride
Number Available
Asking Price Range
Average Asking Price
3 Bedrooms
8
$1,350,000 - $4,495,000
$2,884,375
4 Bedrooms
10
$1,397,000 - $6,125,000
$3,209,800
5+ Bedrooms
10
$2,155,000 - $9,950,000
$5,507,000
Studio & 1 Bedrooms
8
$160,000 - $899,000
$515,000
2 Bedrooms
9
$369,000 - $1,995,000
$878,333
3 Bedrooms
5
$1,095,000 - $3,695,000
$2,407,000
4 Bedrooms
10
$1,295,000 - $8,150,000
$4,179,500
5+ Bedrooms
8
$3,880,000 - $6,500,000
$5,247,500
17
$669,000 - $5,000,000
$1,802,882
Single Family Homes
Condominiums
Vacant Land All
The information represented above is compiled from the Telluride MLS ytd as of 3/31/2019 and includes the Idarado subdivision. It excludes deed-restricted, commercial, & fractional properties.
What’s Selling? Mountain V il lage Under Contract
Number Sold
Sold Price Range
Average Sold Price
Average % Off Asking $
3 Bedrooms
0
1
$1,800,000
$1,800,000
0%
4 Bedrooms
0
1
$2,200,000
$2,200,000
4%
5 Bedrooms
0
1
$4,025,000
$4,025,000
6%
6+ Bedrooms
0
0
--
--
--
Studio & 1 Bedrooms
1
3
$143,000 - $739,000
$371,500
7%
2 Bedrooms
0
4
$305,000 - $1,525,000
$916,875
10%
3 Bedrooms
2
5
$630,000 - $3,700,000
$1,986,000
4%
4 Bedrooms
1
3
$1,950,000 - $2,400,000
$2,250,000
8%
5+ Bedrooms
1
2
$1,454,086 - $2,325,000
$1,889,543
8%
2
4
$350,000 - $3,975,000
$1,581,250
3%
Single Family Homes
Condominiums
Vacant Land All
The information represented above is compiled from the Telluride MLS ytd as of 3/31/2019, it excludes deed-restricted, commercial, & fractional properties.
ytd
$
2019
as of 3/31/2019 there have been 24 sales in Mountain Village for a total dollar volume of $39,591,086.
3
ďƒˆ22%
compared to ytd 2018
4
#
ďƒˆ8%
compared to ytd 2018
17
$8,025,000
$6,325,000
$25,241,086
HOMES
LAND
CONDOS
See Forever Penthouse 132, Mountain Village - Sold 3/20/2019 for $2,450,000 Listed by Telluride Properties
131 AJ Drive, Mountain Village - Offered at $4,795,000
What’s For Sale? Mountain V il lage
Number Available
Asking Price Range
Average Asking Price
3 Bedrooms
4
$2,995,000 - $4,600,000
$3,685,000
4 Bedrooms
12
$1,994,000 - $7,295,000
$4,226,167
5 Bedrooms
19
$2,095,000 - $9,200,000
$5,045,342
6+ Bedrooms
22
$3,795,000 - $10,950,000
$6,304,818
Studio & 1 Bedrooms
19
$162,500 - $899,000
$379,158
2 Bedrooms
22
$389,000 - $1,699,000
$640,636
3 Bedrooms
18
$510,000 - $3,295,000
$1,770,444
4 Bedrooms
19
$785,000 - $5,495,000
$2,939,842
5+ Bedrooms
4
$2,200,000 - $4,500,000
$3,350,000
73
$195,000 - $2,900,000
$863,486
Single Family Homes
Condominiums
Vacant Land All
The information represented above is compiled from Telluride MLS data ytd as of 3/31/2019, it excludes deed-restricted, commercial, & fractional properties.
What’s Selling? Surround ing Areas Under Contract
Number Sold
Sold Price Range
Median Sold Price
Median % Off Asking $
Turkey Creek Mesa
0
3
$875,000 - $1,500,000
$950,000
14%
Deep Creek Mesa
2
1
$3,200,000
$3,200,000
0%
Down Valley
1
0
--
--
--
Wilson Mesa
2
2
$202,000 - $550,000
$376,000
4%
Specie Mesa
0
0
--
--
--
Hastings Mesa
1
1
$200,000
$200,000
9%
Iron Springs/Horsefly Mesa
0
4
$250,000 - $700,000
$360,000
10%
Ilium/Ames
0
0
--
--
--
Ophir
0
0
--
--
--
(Turkey Creek Mesa) Alta Lakes, Elk Run, Preserve, Raspberry Patch, Ski Ranches, Skyfield, and West Meadows (Deep Creek Mesa) Aldasoro Ranch, Deep Creek Ranches, Diamond Ranch, Falls at Telluride, Golden Ledge, Gray Head, Last Dollar, Meadows at Deep Creek, Redtail Estates, and Sunnyside Ranch (Down Valley) Fall Creek, Sawpit, Placerville, Placervalley Village, Redcliff Estates, Shadohoochi Hill (Wilson Mesa) Elk Creek Reserve, Muddy Creek Meadows, Ptarmigan Ranch, and Wilson Mesa Ranches (Specie Mesa) Estate Ranches, Great American, Little Cone Ranch, Peninsula Park, Peninsula Pines, Peninsula Point, Specie Mesa Ranch, Specie Wilderness, The Peninsula, and Top of the World (Hastings Mesa) Alder Canyon Ranches, Beaver Pond, Cradle Park Ranches, Finnegan Ranch, Hastings Mesa Estates, Last Dollar Tracts, Little Lake Ranches, Old Elam Ranch, Pleasant View, San Juan Vista, Telluride Pines, and Willmeng Springs (Iron Springs/Horsefly Mesa) Anderson Ranch, Big Valley Ranch, The Bluffs, Brown Ranch, Canyon Creek Ranch, Colt Meadows Ranch, Cornerstone, Dancing Bear Ranch, Eagle Ridge Ranch, Elks Summit, Frontier, Golden Bear Ranch, Gracie Sky Mountain Ranch, Lakes at Carstens Ranch, McKenzie Spring Ranch, Panorama Acres, Rosorado, and San Juan Ranch (Ilium/Ames) Ptarmigan at Ilium, Lake Fork Junction, and South Fork Estates
The information represented above is compiled from Telluride MLS data ytd as of 3/31/2019, it excludes deed-restricted, commercial, & fractional properties.
101 Josefa Lane, Aldasoro Ranch (Deep Creek Mesa) - Sold 3/6/2019 for $3,200,000 Sold by Telluride Properties
395 Skunk Creek Drive, Ski Ranches (Turkey Creek Mesa) - Offered at $1,995,000
What’s For Sale? Surround ing Areas Number Available
Asking Price Range
Median Asking Price
Turkey Creek Mesa
24
$325,000 - $16,900,000
$1,425,000
Deep Creek Mesa
39
$399,000 - $24,950,000
$1,750,000
Down Valley
6
$275,000 - $759,000
$425,000
Wilson Mesa
16
$220,000 - $34,500,000
$788,500
Specie Mesa
19
$197,500 - $15,400,000
$1,050,000
Hastings Mesa
18
$120,000 - $3,800,000
$264,500
Iron Springs/Horsefly Mesa
39
$75,000 - $17,950,000
$269,000
Ilium/Ames
2
$1,499,000 - $3,395,000
$2,447,000
Ophir
3
$183,500 - $548,000
$210,000
(Turkey Creek Mesa) Alta Lakes, Elk Run, Preserve, Raspberry Patch, Ski Ranches, Skyfield, and West Meadows (Deep Creek Mesa) Aldasoro Ranch, Deep Creek Ranches, Diamond Ranch, Falls at Telluride, Golden Ledge, Gray Head, Last Dollar, Meadows at Deep Creek, Redtail Estates, and Sunnyside Ranch (Down Valley) Fall Creek, Sawpit, Placerville, Placervalley Village, Redcliff Estates, Shadohoochi Hill (Wilson Mesa) Elk Creek Reserve, Muddy Creek Meadows, Ptarmigan Ranch, and Wilson Mesa Ranches (Specie Mesa) Estate Ranches, Great American, Little Cone Ranch, Peninsula Park, Peninsula Pines, Peninsula Point, Specie Mesa Ranch, Specie Wilderness, The Peninsula, and Top of the World (Hastings Mesa) Alder Canyon Ranches, Beaver Pond, Cradle Park Ranches, Finnegan Ranch, Hastings Mesa Estates, Last Dollar Tracts, Little Lake Ranches, Old Elam Ranch, Pleasant View, San Juan Vista, Telluride Pines, and Willmeng Springs (Iron Springs/Horsefly Mesa) Anderson Ranch, Big Valley Ranch, The Bluffs, Brown Ranch, Canyon Creek Ranch, Colt Meadows Ranch, Cornerstone, Dancing Bear Ranch, Eagle Ridge Ranch, Elks Summit, Frontier, Golden Bear Ranch, Gracie Sky Mountain Ranch, Lakes at Carstens Ranch, McKenzie Spring Ranch, Panorama Acres, Rosorado, and San Juan Ranch (Ilium/Ames) Ptarmigan at Ilium, Lake Fork Junction, and South Fork Estates
The information represented above is compiled from Telluride MLS data ytd as of 3/31/2019, it excludes deed-restricted , commercial, & fractional properties.
FEATURED LISTING 108 Gold Hill Court - Mountain Village I $4,977,000
Telluride Properties participated in 36% of the dollar volume for San Miguel County Sales during the 1st quarter of 2019, while only representing 8% of all Realtors in Telluride. 970.728.0808 tellurideproperties.com Telluride Office 237 S. Oak St. at the Telluride Gondola Mountain Village Office 560 Mountain Village Boulevard, Ste. 103