ACTIVITY REPORT
321 North Willow Street, Town of Telluride - Offered at $9,994,000
Q4 2022
The year 2022 has retreated into our rear-view mirror and the short-term message relative to the Telluride Real Estate Market in early 2023 indicates that mortgage rates may have eased off from their meteoric rise and the buying frenzy of the past two years has subsided.
A snapshot of year-end market data indicates a slowdown in the market evidenced by a retreat in dollar sales volume down 22% (2022 vs 2021) and number of transactions down 38%. Segregating the year-to-date (December) data from 2021 to 2022 within our larger regional markets (Telluride, Mountain Village and the remainder of San Miguel County) reveals declines of 29%, 15% and 25% respectively.
An optimistic data point reveals that total property sales of $5mm and above declined a modest 9% from 2021 based on transaction volume. Another bright point shows that although dollar volume and number of sales have pulled back in 2022, the overall price per square foot averages, across most property types, have risen or held firm due to very limited inventory.
What is perplexing is December 2022’s rapid sales slowdown of only 16 transactions - the least amount of any December dating back to 1985. This appears to be an anomaly which could be attributed to a perfect storm of pandemic hangover, very limited inventory and the initial shock of the rapid rise of interest rates in September and October which translates into December closings.
While inventory continues to be very tight across all market sectors (which typically portends stability of pricing within those property classes) conversely, we have experienced “price improvements” within several segments of the market. As an example: Town of Telluride single family homes currently on the market total 22; of these, 14 have enacted price reductions from their original offerings. With that said, there continues to be pent up demand for well-priced inventory that affords good views, newer construction or prime locations, as several new listings have recently contracted within a short period of hitting the market.
In sum, as 2023 begins, national and local economic forces continue to influence the market. It appears that a number of Sellers, especially those with properties the market is desirous of, are holding firm on their prices while others are exhibiting more motivation and re-evaluating their position ... a market where buyers now have a bit more room to negotiate. Time will tell as we enter the heart of the 2023 winter selling season.
Dollar Volume San Miguel County 2017 619 # of Transactions San Miguel County The information represented above is compiled from Telluride Consulting data ytd as of 12/31/22 and represents all sales in San Miguel County. Tract 35, Wilson Mesa Ranches - Offered at $669,000 2019 540 2017 2018 $621.1M $537.5M 2019 $594.3M $ 22% compared to 2021 # 38% compared to 2021 2018 499 2020 814 2020 $1.16B 944 2021 2021 $1.42B 2022 $1.1B 582 2022
Town of Telluride
Under Contract Number Sold Sold Price Range
Single Family Homes
Median Sold Price Median % Off Asking $
2-3 Bedrooms 0 13 $1,300,000 - $6,950,000 $3,200,000 0%
4 Bedrooms 0 6 $2,376,187 - $9,950,000 $5,274,500 0%
5+ Bedrooms 1 7 $4,500,000 - $14,500,000 $7,850,000 0%
Condominiums
Studio & 1 Bedrooms 1 28 $345,000 - $1,400,000 $900,000 3%
2 Bedrooms 0 21 $575,000 - $3,850,000 $1,625,000 2%
3 Bedrooms 0 15 $1,300,000 - $5,900,000 $2,543,333 1%
4 Bedrooms 0 4 $4,000,000 - $12,500,000* $5,725,000 7%
5+ Bedrooms 0 Vacant Land
All 1 7 $1,300,000 - $5,800,000 $2,400,000 8%
*the offering for $12,500,000 included commercial space.
The information represented above is compiled from the Telluride MLS ytd as of 12/31/22 and includes the Idarado Subdivision & Valley Floor. It excludes deed-restricted, commercial, & fractional properties.
396 East Galena Avenue, Town of Telluride - Sold 11/17/22 for $14,500,000 Sold by Telluride Properties 26 $133,378,995 68 $137,670,049 7 $19,300,000 HOMES LAND CONDOS as of 12/31/2022 there have been 101 sales in the Town of Telluride for a total dollar volume of $290,349,044. $ 29% # 37% 2022 compared to ytd 2021 compared to ytd 2021 Ç
Town of Telluride
Single Family Homes
Number Available Asking Price Range Median Asking Price
2-3 Bedrooms 7 $2,880,000 - $5,995,000 $4,150,000
4 Bedrooms 7 $3,295,000 - $12,000,000 $8,350,000
5+ Bedrooms 11 $5,495,000 - $23,000,000 $9,994,000
Condominiums
Studio & 1 Bedrooms 4 $925,000 - $1,500,000 $960,000
2 Bedrooms 14 $1,250,000 - $2,900,000 $1,650,000
3 Bedrooms 5 $2,400,000 - $8,375,000 $5,100,000
4 Bedrooms 3 $4,395,000 - $6,750,000 $5,700,000
5+ Bedrooms 0
Vacant Land
All 5 $749,000 - $3,500,000 $1,650,000
The information represented above is compiled from the Telluride MLS ytd as of 12/31/22 and includes the Idarado Subdivision & Valley Floor. It excludes deed-restricted, commercial, & fractional properties.
930 East Columbia Avenue, Town of Telluride - Offered at $2,880,000
Mountain Village
Under Contract Number Sold Sold Price Range
Single Family Homes
Median Sold Price Median % Off Asking $
3 Bedrooms 1 3 $4,946,200 - $6,500,000 $5,200,000 0%
4 Bedrooms 1 9 $2,495,000 - $10,250,000 $4,995,000 3%
5 Bedrooms 4 6 $4,800,000 - $15,000,000 $7,650,000 2%
6+ Bedrooms 3 11 $3,946,500 - $17,100,000 $7,100,000 3%
Condominiums
Studio & 1 Bedrooms 2 23 $270,000 - $1,998,000 $646,000 0%
2 Bedrooms 1 21 $640,000 - $3,025,000 $1,160,000 3%
3 Bedrooms 2 22 $1,150,000 - $3,850,000 $2,645,000 0%
4 Bedrooms 3 17 $2,080,000 - $9,500,000 $4,150,000 2%
5+ Bedrooms 1 5 $3,795,000 - $11,000,000 $5,450,000 0%
Vacant Land
All 1 23 $459,000 - $3,650,000 $1,400,000 5%
The information represented above is compiled from the Telluride MLS ytd as of 12/31/22, it excludes deed-restricted, commercial, & fractional properties.
112 Snowfield Drive, Mountain Village - Sold 10/05/2022 for $10,700,000 Listed & Sold by Telluride Properties 29 $211,479,917 88 $208,678,400 23 $34,233,000 HOMES LAND CONDOS as of 12/31/2022 there have been 140 sales in Mountain Village for a total dollar volume of $454,391,317. $ 15% # 38% 2022 compared to ytd 2021 compared to ytd 2021
Mountain Village
Single Family Homes
Number Available Asking Price Range Median Asking Price
3 Bedrooms 0
4 Bedrooms 1 $3,575,000
5 Bedrooms 6 $8,900,000 - $16,900,000 $12,747,500
6+ Bedrooms 6 $6,350,000 - $34,500,000* $11,608,000
Condominiums
Studio & 1 Bedrooms 10 $350,000 - $1,595,000 $402,000
2 Bedrooms 3 $895,000 - $2,195,000 $915,000
3 Bedrooms 3 $1,575,000 - $5,200,000 $2,950,000
4 Bedrooms 5 $2,690,000 - $5,595,000 $3,990,000
5+ Bedrooms 1 $7,170,000
Vacant Land
All 33 $629,000 - $27,000,000 $2,000,000
*the offering for $34,500,000 includes 2 homes.
The information represented above is compiled from Telluride MLS data ytd as of 12/31/22, it excludes deed-restricted, commercial, & fractional properties.
Cortina Penthouse 11, Mountain Village - Offered at $5,595,000
Surrounding Areas
Under Contract Number Sold Sold Price Range
Median Sold Price Median % Off Asking $
Turkey Creek Mesa 0 18 $585,000 - $14,850,000 $2,642,500 4% Deep Creek Mesa 0 15 $910,000 - $8,450,000 $2,397,500 0% Down Valley 0 7 $293,000 - $1,400,000 $972,000 7% Wilson Mesa 2 14 $400,000 - $15,000,000 $1,591,250 5% Specie Mesa 0 9 $390,000 - $32,000,000 $1,955,000 5% Hastings Mesa 0 12 $350,000 - $1,485,000 $659,000 2% Iron Springs/Horsefly Mesa 1 20 $210,000 - $8,550,000 $373,000 5%
Ilium/Ames 0 1 $1,050,000 Ophir 1 5 $241,000 - $1,675,000 $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
The information represented above is compiled from Telluride MLS data ytd as of 12/31/22, it excludes deed-restricted, commercial, & fractional properties. It includes homes and land.
Road,
- Sold 10/11/22 for $14,850,000 Listed & Sold by
Properties
336 Ridge
Ski Ranches/Turkey Creek Mesa
Telluride
Surrounding Areas
Number Available Asking Price Range Median Asking Price
Turkey Creek Mesa 9 $649,000 - $10,750,000 $4,750,000
Deep Creek Mesa 16 $1,599,000 - $25,900,000 $7,175,000
Down Valley 3 $1,250,000 - $5,450,000 $2,895,000
Wilson Mesa 2 $669,000 - $1,330,000 $999,500
Specie Mesa 8 $245,000 - $6,975,000 $1,687,500
Hastings Mesa 2 $2,400,000 - $7,900,000 $5,150,000
Iron Springs/Horsefly Mesa 14 $275,000 - $15,149,000 $695,000
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 12/31/22, it excludes deed-restricted, commercial, & fractional properties. It includes homes and land.
140 West Serapio Drive, Aldasoro Ranch/Deep Creek Mesa - Offered at $8,995,000
Telluride Properties 2022 Sales Highlights
REPRESENTED 7 OF THE 10 LARGEST HOME/CONDO SALES IN THE TOWN OF TELLURIDE Represented Seller and/or Buyer The information represented above is compiled from Telluride MLS data ytd as of 12/31/22
OF
TELLURIDE
MORE BUYERS REPRESENTED
48%
We represented 147 buyers, our closest competitor represented 99. 98%
$14,500,000 $12,500,000 $11,000,000 $14,850,000 $10,250,000 $9,950,000 $9,500,000 $10,700,000 48%
ASKING PRICE ACHIEVED Median % for Seller represented listings.
OF
MLS SALES $5M+ Represented Seller and/or Buyer in 30 of 62 sales, $5,000,000 and above.
970.728.0808 tellurideproperties.com Telluride Offices 237 S. Oak St. at the Telluride Gondola 220 E. Colorado Avenue #102 Mountain Village Office 560 Mountain Village Boulevard, Ste. 103