2022 Telluride Real Estate Activity Report Q4 - Telluride Properties

ACTIVITY REPORT

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.

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.

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.

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.

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

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