2022 Telluride Real Estate Activity Report Q3 - Telluride Properties

As the summer selling season comes to a close, we are seeing the dollar volume of sales down only 9% from last year, however the number of transactions are down 31% in San Miguel County. Not to much surprise, average sales prices in the county have increased 31% YTD over the record setting 2021. Overall, the dollar volume for the Telluride and Mountain Village markets are down YTD 11% and 7% respectively, yet average sales prices are up 12% and 38%. In general, the Telluride area market now seems to have reached a plateau.

Even as buyer demand has moderated, inventories still have not increased much as most people are very happy with their ownership and are not looking to sell. Limited affordability (exclusivity), low inventory and moderate demand are not putting enough downward pressure on pricing at this time to drive prices down from a balanced market.

The key market trend to monitor now is inventory. Despite a decline in sales activity, inventory is still historically very low and prices are up over 30%. If inventory increases, we may see more price improvements, but this phenomenon is simply not likely on the quality, coveted properties which continue to garner strong interest. This coveted group tends to include newer-construction or newly remodeled homes and condos in Telluride and Mountain Village, with desirable vacant land a close alternative, although most local architects and contractors are already booked up for the foreseeable future.

As for the effects of global economics on pricing, Buyers and Sellers have a difference of opinion. Buyers feel it’s their bargaining chip for negotiating list prices down, while wellhealed Sellers tend to be patient and will continue to enjoy their asset as a happy alternative to selling. It will be interesting to watch the list-to-sale price ratio over the coming months to see if sellers continue to hang tight to their asking prices or, conversely, if buyers begin to finally reap more negotiating power.

Town of Telluride

Under Contract Number Sold Sold Price Range Median Sold Price Median % Off Asking $

Single Family Homes

2-3 Bedrooms 2 11 $1,300,000 - $6,950,000 $3,550,058 0%

4 Bedrooms 2 5 $2,376,187 - $9,950,000 $3,900,000 1%

5+ Bedrooms 3 4 $4,500,000 - $9,750,000 $8,405,000 1%

Condominiums

Studio & 1 Bedrooms 3 25 $345,000 - $1,400,000 $912,500 3%

2 Bedrooms 0 19 $575,000 - $3,850,000 $1,500,000 2%

3 Bedrooms 1 13 $1,300,000 - $5,900,000 $2,375,000 1%

4 Bedrooms 0 4 $4,000,000 - $12,500,000* $5,725,000 7%

5+ Bedrooms 0

Vacant Land

All 0 7 $1,300,000 - $5,800,000 $2,400,000 8%

*the offering for $12,500,000 included commercial space.

Town of Telluride

Number Available Asking Price Range Median Asking Price

Single Family Homes

2-3 Bedrooms 6 $2,295,000 - $5,995,000 $4,325,000

4 Bedrooms 7 $3,495,000 - $12,000,000 $8,995,000

5+ Bedrooms 9 $6,250,000 - $16,900,00 $9,994,000

Condominiums

Studio & 1 Bedrooms 6 $775,000 - $2,095,000 $1,212,500

2 Bedrooms 7 $1,250,000 - $2,900,000 $1,725,000

3 Bedrooms 6 $2,400,000 - $8,375,000 $4,150,000

4 Bedrooms 4 $4,395,000 - $6,750,000 $5,837,500

5+ Bedrooms

Vacant Land

All 8 $749,000 - $3,500,000 $2,492,500

above

Mountain Village

Under Contract Number Sold Sold Price Range Median Sold Price Median % Off Asking $

Single Family Homes

3 Bedrooms 0 3 $4,946,200 - $6,500,000 $5,200,000 0%

4 Bedrooms 2 6 $2,495,000 - $6,700,000 $5,002,500 1%

5 Bedrooms 3 6 $4,800,000 - $15,000,000 $7,650,000 2%

6+ Bedrooms 4 9 $3,946,500 - $17,100,000 $6,995,000 2%

Condominiums

Studio & 1 Bedrooms 3 17 $270,000 - $1,998,000 $725,000 0%

2 Bedrooms 2 15 $640,000 - $2,525,000 $1,080,000 1%

3 Bedrooms 1 19 $1,150,000 - $3,850,000 $2,595,000 0%

4 Bedrooms 4 14 $2,080,000 - $6,400,000 $4,187,500 2%

5+ Bedrooms 0 4 $3,795,000 - $7,950,000 $5,400,000 2%

Vacant Land

All 31 20 $459,000 - $2,700,000 $1,325,000 5%

Mountain Village

Number Available Asking Price Range Median Asking Price

Single Family Homes

3 Bedrooms

4 Bedrooms 2 $3,575,000 - $10,995,000 $7,285,000

5 Bedrooms 5 $8,900,000 - $15,950,000 $11,995,000

6+ Bedrooms 8 $8,995,000 - $34,500,000 $14,925,000

Condominiums

Studio & 1 Bedrooms 9 $365,000 - $810,000 $409,000

2 Bedrooms 4 $899,000 - $3,125,000 $1,962,500

3 Bedrooms 6 $1,495,000 - $5,200,000 $3,125,000

4 Bedrooms 3 $3,990,000 - $10,500,000 $4,199,000

5+ Bedrooms

Vacant Land

All 31 $729,000 - $4,750,000 $2,100,000

*the offering for $34,500,000 includes 2 homes.

Surrounding Areas

Under Contract Number Sold Sold Price Range

Median Sold Price Median % Off Asking $

Turkey Creek Mesa 5 14 $585,000 - $14,000,000 $2,392,500 1%

Deep Creek Mesa 0 14 $910,000 - $8,450,000 $2,948,750 0%

Down Valley 1 6 $850,000 - $1,400,000 $980,000 7%

Wilson Mesa 2 13 $400,000 - $15,000,000 $1,682,500 4%

Specie Mesa 3 7 $390,000 - $32,000,000 $2,000,000 7%

Hastings Mesa 2 9 $350,000 - $1,485,000 $825,000 1%

Iron Springs/Horsefly Mesa 2 16 $210,000 - $8,550,000 $400,500 5%

Ilium/Ames 1

Ophir 0 5 $240,000 - $1,800,000 $365,000 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

Surrounding Areas

Number Available Asking Price Range Median Asking Price

Turkey Creek Mesa 8 $649,000 - $23,950,000 $1,940,000

Deep Creek Mesa 15 $1,495,000 - $25,900,000 $7,100,000

Down Valley 4 $1,095,000 - $6,900,000 $4,222,500

Wilson Mesa 1 $1,550,000

Specie Mesa 10 $295,000 - $8,750,000 $1,900,000

Hastings Mesa 8 $230,000 - $9,600,000 $1,334,500

Iron Springs/Horsefly Mesa 18 $225,000 - $11,477,000 $597,500

Ilium/Ames 0

Ophir 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 9/30/22, it excludes deed-restricted, commercial, & fractional properties. It includes homes and land.