2017 3rd Quarter Telluride Market Report

Telluride

MARKET REPORT

Quarter 3 | 2017

The Market Report Telluride Real Estate Corp. is pleased to present our comprehensive market report for the third quarter of 2017. In this report, you will find an overall snapshot of the market as well as detailed information on the different market segments making up the Telluride region.

Telluride Real Estate Corp.

TRUSTED. EXPERIENCED. PROFESSIONAL. SINCE 1981.

Telluride Real Estate Corp. / Christie’s International Real Estate is proud to be one of the most established real estate brokerages in the region, with a team that includes over 35 licensed brokers, assistants and staff members. Our organization is comprised of only experienced, successful and dedicated full-time real estate professionals.

Our partners are deeply embedded in the community, having been directly involved in the planned development of the Telluride area as a world-class ski resort. Our owners and the majority of our Telluride real estate agents are longtime Telluride locals who are passionate about their careers and about living in this spectacular mountain town.

In a sense, we are ambassadors for this community, bringing Telluride to the rest of the world. In addition, the partners, brokers and assistants that make up the TREC team are some of the region’s most dynamic individuals – a group of people who share energy, enthusiasm, a sense of purpose, and an ability to get things going and get things done. Real estate is about personal relationships, and we strive to provide an unrivaled experience for our buyers and sellers from beginning to end and beyond.

Indeed, most TREC clients are clients for life.

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All data in this report is collected from Telluride Consulting and the Telluride Multiple Listing Service. All information is deemed accurate and reliable but is not guaranteed.

MARKET HIGHLIGHTS

40%

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18%

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40%

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INCREASE IN DOLLAR VOLUME OF TRANSACTIONS

INCREASE IN NUMBER OF TRANSACTIONS

TREC’S INCREASE IN NUMBER OF TRANSACTIONS

S I G NI F I C A N T S A L E 12 Elkstone Place Unit 501 | $3,600,000 Sold by TREC/Christie’s

MARKET HIGHLIGHTS

The Telluride real estate market continues to hold strong with dollar volume and number of transactions at a 6-year record high. With $431.4M in contracts closed through September, sales are up 40% over YTD ‘16. The number of sales are up 18% with 472 closed transactions.

Mountain Village continues to see a steady number of high-end luxury homes trading hands. There were five sales over $4M in the third quarter and eleven YTD. Overall, Mountain Village single-family home and condo/townhome sales are nearly twice that relative to sales through Q3 ‘16.

Despite the limited inventory, properties in the Town of Telluride are still trading briskly, with the number of sales up 32% over the third quarter of 2016. With $138.6M in closed transactions, the Town of Telluride saw a 26% increase in dollar volume.

Entering the final quarter of the year, the Telluride real estate market outlook is positive, with $137.3M in sales currently under contract according to the MLS.

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YTD Q3 2017

Q3 2017

472 (up 18%)

# OF TRANSACTIONS

165

$431.4M (up 40%)

$ OF TRANSACTIONS

$164.2M

$7,850,000

HIGHEST PRICE SOLD

$7,550,000

$913,983

AVERAGE PRICE

$995,152

MARKET HIGHLIGHTS YTD QUARTER 3 | 2017

134

TRANSACTIONS $1-5 MILLION

227

TRANSACTIONS UNDER $1 MILLION*

7

TRANSACTIONS $5 MILLION+

*excludes mining claims, parking spaces, fractionals, deed-restricted properties

SALES DISTRIBUTION BY LOCATION

30%

34%

36%

SALES DISTRIBUTION BY SEGMENT

TELLURIDE

SINGLE FAMILY

26%

MOUNTAIN VILLAGE

45%

REMAINDER OF COUNT Y

24%

5%

CONDOMINIUM

VACANT LAND

OTHER

Market Details | Q3 2017 SOLD | 3 Old Brewery Road Listed at $2,750,000 Listed by TREC/Christie’s

Town of Telluride

# OF TRANSACTIONS 116 (up 32%)

YTD Q3 2017

$ OF TRANSACTION5 $138.6M (up 26%)

Town of Telluride sales are up 26% in dollar volume, despite the tight inventory. With construction on nearly every block, vacant land sales have slowed due to limited inventory with prices trending up. Single-family home sales are steady, with an average price of $2.4M. Condos/townhomes saw a 56% increase in the number of sales compared to Q3 ’16 and a 75% increase in dollar volume, signifying a continued desire for the convenience and proximity town properties offer.

MAJOR MARKET SEGMENTS Single-Family

Condo/Townhome

Vacant Land

# OF TRANSACTIONS

23

78

6

$ OF TRANSACTIONS

$55.3M

$68.4M

$6.2M

AVERAGE SALE PRICE

$2,404,348

$876,923

$1,033,333

MAX SALE PRICE

$5,650,000

$3,150,000

$1,750,000

7

15

6

# OF PENDING TRANSACTIONS

Market Details | Q3 2017

Mountain Village

# OF TRANSACTIONS 130 (up 34%)

YTD Q3 2017

$ OF TRANSACTION5 $199.5M (up 68%)

Mountain Village single-family home and condo/townhome sales are nearly twice that relative to sales through Q3 ‘16. In the third quarter alone there were five sales over $4M. Condo/townhomes remain an attractive purchase with their proximity to the ski resort and rental income potential. Condo/townhome sales are up 35% by number volume and 54% by dollar volume. Mountain Village design regulations were relaxed in early 2017 which may be the stimulus to the doubling of vacant land sales compared to the third quarter of 2016.

MAJOR MARKET SEGMENTS Single-Family

Condo/Townhome

Vacant Land

# OF TRANSACTIONS

24

81

18

$ OF TRANSACTIONS

$85.3M

$100.5M

$12.1M

AVERAGE SALE PRICE

$3,544,167

$1,240,740

$672,222

MAX SALE PRICE

$7,550,000

$4,650,000

$2,000,000

4

18

1

# OF PENDING TRANSACTIONS

SOLD | 145 Sunny Ridge Place Penthouse 118 Listed at $3,495,000 Sold by TREC/Christie’s

Market Details | Q3 2017

SOLD||Valentine 153 Wapiti RoadNorwood SOLD Farm, Listedatat$4,375,000 $1,825,000 Listed Listed by TREC/Christie’s Sold by TREC/Christie’s

Remainder of County

# OF TRANSACTIONS 136 (up 1%)

YTD Q3 2017

$ OF TRANSACTION5 $76.7M (up 20%)

The Ski Ranches and Aldasoro neighborhoods continue to be the most desirable for their proximity to Telluride and Mountain Village, along with open space and views. Sales for these neighborhoods are up 32% by dollar volume. Land sales remain stable, with favored locations being Ski Ranches, Aldasoro and year-round access mesa properties. This signals that buyers are interested in owning in the Telluride region while cost or availability may be prohibiting them from the Town of Telluride or Mountain Village.

MAJOR MARKET SEGMENTS Single-Family

Condo/Townhome

Vacant Land

# OF TRANSACTIONS

53

13

66

$ OF TRANSACTIONS

$48.7M

$4.2M

$22.9M

AVERAGE SALE PRICE

$918,868

$323,077

$346,970

$3,590,500

$625,000

$3,725,000

10

1

7

MAX SALE PRICE # OF PENDING TRANSACTIONS

DWIGHT | MARTIN TEAM Recognized by Christie’s International Real Estate for Significant Sales Exclusive Sales Team at Telluride Mountain Lodge Jon Dwight | 970.708.0691 | jon@gotelluride.com Jon’s hometown is Aspen, CO. He is a 1989 graduate of the University of Colorado. Jon’s family includes wife Martha and five great kids, Alex, Max, Wyatt, Lauren and Gavin. Jon has been a licensed commercial/residential real estate broker since 1991 with a diverse background in construction and real estate development. He joined Telluride Real Estate Corp. in 2002 and has specialized in representing projects such as Bear Creek Lodge, Sunnyside Ranch, Cornerstone, Brown Dog Ranch, as well as servicing a select group of highly valued clients. As an owner and director at TREC, Jon regularly attends Christie’s Owners’ Conferences, representing TREC and networking on an international level. Jon currently serves as Chairman of the Board of the Telluride Regional Airport Authority and is past Member of the Board (Residential Seat) of the Telluride Mountain Village Owners Association. Jon loves flying airplanes, skiing, hiking, mountain biking and traveling anywhere in the world.

“Telluride is an unmatched year round resort that offers an authentic Colorado experience. This just doesn’t exist in other resorts anymore.”’

Alex Martin | 970.729.1691 | alex@gotelluride.com Alex’s hometown is Olathe, KS. He is a graduate of the University of Colorado-Boulder. Alex’s family includes wife Sage and two sons, Henry and Jake. Alex joined TREC in 2004, working with a select group of highly valued clients and representing development projects such as Sunnyside Ranch, Cornerstone, and Brown Dog Ranch.

Prior to joining TREC, Alex enjoyed a 14-year sales and management career in litigation support and data storage technology in the San Francisco Bay Area. Alex and Managing Director Jon Dwight have been working together since 2004 and are partners in the Dwight | Martin Team. In his free time, Alex enjoys skiing, hiking, camping, mountain biking and sailing.

“From my first backpacking trip to the San Juans more than 30 years ago, I knew this special part of Colorado was where I needed to be.”

Marcin Ostromecki | 970.708.4119 | marcin@gotelluride.com Marcin’s hometown is Milwaukee, WI. He graduated from the University of Wisconsin- Milwaukee with a BA in Marketing. Marcin’s family includes wife Stacy and black lab Atlas. Working in the ski industry for over a decade, Marcin is no stranger to ski towns. With an international marketing background and experience in resort markets, Marcin joined TREC in 2014 to work alongside Jon Dwight and Alex Martin. In his role as Marketing Manager and Broker Associate, he believes that when a property is packaged and presented appropriately, sellers are positioned for success. Marcin is an avid skier and also enjoys mountain biking and hiking with his pup.

“I think the best part about Telluride is that it’s a real town.

There’s a genuine sense of community here. It’s not just a product of the ski resort. I think that’s why it’s retained its unique character.”

SIGNIFICANT SALES DWIGHT MARTIN Sales

128 Victoria Drive | $4,250,000 Sold by Dwight | Martin Team

Sunnyside Ranch, Lot 5 | $2,160,000 Listed by Dwight | Martin Team

Sunnyside Ranch lot 6| $2,149,000 Listed by TREC/Christie’s

145 Russell Drive | $3,649,500 Listed by TREC/Christie’s 153 Wapiti Road | $1,425,000 Listed by Dwight | Martin Team

Diamond Ranch Lot 2 | $2,080,000 Listed by Dwight | Martin Team

710 Mountain Village Blvd. | $6,000,000 Sold by Dwight | Martin Team

129 Victoria Drive | $3,200,000 Sold by Dwight | Martin Team

TOP 10 SIGNIFICANT SALE OCTOBER 2016

gotelluride .com christiesrealestate.com | jon.searchtellurideproperties.com T@gotelluride P@telluride_homes M@TellurideRealEstateCorp

Let’s talk numbers! Contact us below.

Jon Dwight | 970.708.0691 | jon@gotelluride.com Alex Martin | 970.729.1691 | alex@gotelluride.com Marcin Ostromecki | 970.708.4119 | marcin@gotelluride.com

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