2023 Year-End Telluride Market Report

WE’VE BEEN AROUND EVERY BLOCK.

Q4 Noteworthy Sales

AND WE’VE GOT THE STATS TO PROVE IT. 102 Sunny Ridge Place \ $2,950,000 Listed and Sold by TREC/Forbes

152 Country Club Drive | $5,250,000 Sold by TREC/Forbes

9175 Co. Rd 58P 177 Co. Rd 61V True Grit Ranch | $8,495,000

Listed and Sold by TREC/Forbes

117 Sunny Ridge Place GL101 | $7,295,000 Listed by TREC/Forbes

28266 CO-145 Roaring Forks Ranch | $6,000,000 Listed by TREC/Forbes

8121 Preserve Drive | $17,500,000 Listed by TREC/Forbes

VIEW ALL PROPERTIES FOR SALE IN THE TELLURIDE MARKET www.gotelluride.com Alex Martin Broker Associate alex@gotelluride.com 970.729.1691

Marcin Ostromecki Broker Associate marcin@gotelluride.com 970.708.4119

THE TELLURIDE REPORT YEAR END 2023

REAL ESTATE MARKET

SOLD

YTD Avg. Sale Price

42

Town of Telluride Condo Sales

24%

$105M

YTD Total Dollar Volume

19 Town of Telluride Single-Family Home Sales $98M

23%

YTD Total Transactions

The Town of Telluride saw a decline in Single-Family Home (19) and Condominium (42) sales in 2023 compared to 25 and 65 respectively. The average sale price minimally softened with the driving factor being limited inventory. The price per square foot for Telluride SFH did fall slightly from 2022 ($1,910) to $1,872 in ‘23, the Telluride Condo price per square foot also fell in ‘23 $1,767 (down from $1,781 in ‘22).

REMAINDER OF COUNTY

TOWN OF TELLURIDE

1%

SOLD

14%

YTD Avg. Sale Price

60

County Vacant Land Sales

$57M

37%

YTD Total Dollar Volume

51 County Single-Family Home Sales

$119M

$1,945,000 Average Sale Price 2023

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Average Sale Price 2022

27%

YTD Total Transactions

A contributing factor to the increased country average sale price was the Significant Sale of 8121 Preserve Drive at $17,500,000 sold by the Martin | Ostromecki Team.

In Perspective MOUNTAIN VILLAGE

SOLD

14%

YTD Avg. Sale Price

69

Mountain Village Condo Sales

$180M

11%

YTD Total Dollar Volume

23 Mountain Village Single-Family Home Sales $198.5M

21%

YTD Total Transactions

The Town of Mountain Village jumped to all-time highs for price per square foot in both the SFH and Condo categories, rising to $1,597 and $1,386 respectively in ‘23.

The increase in average sale price is due to limited inventory coupled with high demand.

With the conclusion of 2023, the San Miguel County real estate landscape underwent a noticeable shift. The echoes of historically low mortgage rates and intense home-buying activity have faded. The Town of Telluride, the Town of Mountain Village, and the surrounding region wrapped up the year with $865.73 million in total sales volume across 445 transactions, marking the lowest annual sales since 2013 (410 transactions). The year concluded with a 22% decrease in dollars and a 24% decrease in the number of transactions compared to year prior. Nevertheless, it stands as the fourth-highest grossing year in recent history, with the total dollar volume decreasing only by 10% compared to the prior 5-year average.

The Telluride market contributed $231 million (27%) to the annual sales within in county, while the Mountain Village market generated $440 million (51%) and the remaining county areas amassed $194 million.

As we distance from the challenges posed by the COVID years, 2024 presents optimism for a return to normalcy.

Should the government lower interest rates in spring, it is poised to restore consumer confidence and boost local transactions. Growing investor interest and sustained area desirability further contribute to the ongoing attraction for buyers.

Supply and demand economics underscore the resilience of the Telluride real estate market, while from time-totime experiencing a decline in sales, it has remained resilient as to value even during economic downturns.

Surrounded by federally-controlled property (USFS and BLM), future growth is limited to approximately 14,000 private acres. With a master plan allowing for fewer than 4,000 single-family equivalents on approximately one-third of the private land, this density is notably lower than other major resorts. This controlled growth assurance plays a pivotal role in driving both volume and value in the marketplace. Telluride stands as a truly unique destination, offering distinctive real estate, lifestyle, and community experiences.

SOLD

YTD Avg. Sale Price

42

Town of Telluride Condo Sales

24%

$105M

YTD Total Dollar Volume

19 Town of Telluride Single-Family Home Sales $98M

23%

YTD Total Transactions

The Town of Telluride saw a decline in Single-Family Home (19) and Condominium (42) sales in 2023 compared to 25 and 65 respectively. The average sale price minimally softened with the driving factor being limited inventory. The price per square foot for Telluride SFH did fall slightly from 2022 ($1,910) to $1,872 in ‘23, the Telluride Condo price per square foot also fell in ‘23 $1,767 (down from $1,781 in ‘22).

REMAINDER OF COUNTY

TOWN OF TELLURIDE

1%

SOLD

14%

YTD Avg. Sale Price

60

County Vacant Land Sales

$57M

37%

YTD Total Dollar Volume

51 County Single-Family Home Sales

$119M

$1,945,000 Average Sale Price 2023

ʋǍȸǕ06ȸnjnjnj

Average Sale Price 2022

27%

YTD Total Transactions

A contributing factor to the increased country average sale price was the Significant Sale of 8121 Preserve Drive at $17,500,000 sold by the Martin | Ostromecki Team.

In Perspective MOUNTAIN VILLAGE

SOLD

14%

YTD Avg. Sale Price

69

Mountain Village Condo Sales

$180M

11%

YTD Total Dollar Volume

23 Mountain Village Single-Family Home Sales $198.5M

21%

YTD Total Transactions

The Town of Mountain Village jumped to all-time highs for price per square foot in both the SFH and Condo categories, rising to $1,597 and $1,386 respectively in ‘23.

The increase in average sale price is due to limited inventory coupled with high demand.

With the conclusion of 2023, the San Miguel County real estate landscape underwent a noticeable shift. The echoes of historically low mortgage rates and intense home-buying activity have faded. The Town of Telluride, the Town of Mountain Village, and the surrounding region wrapped up the year with $865.73 million in total sales volume across 445 transactions, marking the lowest annual sales since 2013 (410 transactions). The year concluded with a 22% decrease in dollars and a 24% decrease in the number of transactions compared to year prior. Nevertheless, it stands as the fourth-highest grossing year in recent history, with the total dollar volume decreasing only by 10% compared to the prior 5-year average.

The Telluride market contributed $231 million (27%) to the annual sales within in county, while the Mountain Village market generated $440 million (51%) and the remaining county areas amassed $194 million.

As we distance from the challenges posed by the COVID years, 2024 presents optimism for a return to normalcy.

Should the government lower interest rates in spring, it is poised to restore consumer confidence and boost local transactions. Growing investor interest and sustained area desirability further contribute to the ongoing attraction for buyers.

Supply and demand economics underscore the resilience of the Telluride real estate market, while from time-totime experiencing a decline in sales, it has remained resilient as to value even during economic downturns.

Surrounded by federally-controlled property (USFS and BLM), future growth is limited to approximately 14,000 private acres. With a master plan allowing for fewer than 4,000 single-family equivalents on approximately one-third of the private land, this density is notably lower than other major resorts. This controlled growth assurance plays a pivotal role in driving both volume and value in the marketplace. Telluride stands as a truly unique destination, offering distinctive real estate, lifestyle, and community experiences.

WE’VE BEEN AROUND EVERY BLOCK.

Q4 Noteworthy Sales

AND WE’VE GOT THE STATS TO PROVE IT. 102 Sunny Ridge Place \ $2,950,000 Listed and Sold by TREC/Forbes

152 Country Club Drive | $5,250,000 Sold by TREC/Forbes

9175 Co. Rd 58P 177 Co. Rd 61V True Grit Ranch | $8,495,000

Listed and Sold by TREC/Forbes

117 Sunny Ridge Place GL101 | $7,295,000 Listed by TREC/Forbes

28266 CO-145 Roaring Forks Ranch | $6,000,000 Listed by TREC/Forbes

8121 Preserve Drive | $17,500,000 Listed by TREC/Forbes

VIEW ALL PROPERTIES FOR SALE IN THE TELLURIDE MARKET www.gotelluride.com Alex Martin Broker Associate alex@gotelluride.com 970.729.1691

Marcin Ostromecki Broker Associate marcin@gotelluride.com 970.708.4119

THE TELLURIDE REPORT YEAR END 2023

REAL ESTATE MARKET