Telluride Real Estate Corp. MARKET REPORT
Quarter 2 2023
THE TELLURIDE MARKET
Telluride is a former Victorian mining town in the SW corner of Colorado set in a box canyon amid forested peaks at the base of its popular ski & golf resort. The first prospector struck gold in the Valley in 1875, 3 years later the town of Telluride was established.
The town’s Historic District boasts famous landmarks like the Sheridan Opera House, built in 1913, and the Telluride Historical Museum, showcasing local history in a converted hospital built in 1896 - just up the block from the first Bank robbed by Butch Cassidy.
Now, whether it’s world-class skiing in a resort named #1 by Conde Nast traveler, the legendary Film and Music festivals, or the low-key Western vibe, Telluride is certainly the ‘best big mountain and little ski town in America.’
While most travelers search for nuggets of authenticity, Telluride offers that up and more with its close-knit community & epic skiing on uncrowded, high-altitude runs with an unpretentious old west feel. Telluride’s vibe is becoming increasingly rare amid so many theme-park-like resort villages, as few things limit growth and sprawl as effectively as the geology of the box canyon. People drawn to the area love its smaller scale – the town has no stoplights or fast food restaurants, and the famous Gondola links Telluride and Mountain Village.
From attention weary celebrities to ski bums & second homeowners, our casually exclusive enclave offers a dream lifestyle.
Quarter 1 Market Update
The first quarter of 2023 had gross dollar sales of $168.1 million involving 90 transactions. This represents a decrease in sales volume of 16% over the 5-year prior average. Of course, the COVID influence years of ’21 and ’22 skewed the overall 5-year average upward. Quarter 1 ’23 was the third largest first quarter of all time. Single-family homes and condominiums in the Telluride Mountain Village accounted for nearly 50% of total sales. A very strong March ($74.6 Million) bodes well for the upcoming sales season.
Given nearly a 50% decline in inventory, a decrease in sales was to be expected. The silver lining for our market is that the average sales price county wide only decreased 6% from Q1 2022 with an average price per transaction of $1.87 million. Telluride Mountain Village sales witnessed a 36% increase in incidents of sale and an increase of single-family home prices of 15% and condominiums 18% on a PSF basis.
Simple supply and demand economics support that the Telluride Real Estate marketplace, while from time-to-time experiencing a decline in sales, has remained resilient as to value during economic downturns. The Telluride Region is surrounded by federally controlled property (USFS and BLM) limiting future growth to approximately 14,000 private acres. Virtually all of the private ground is subject to a master plan which allows for the development of fewer than 4,000 single family equivalents on about one third (1/3) of the above-mentioned ground. This density is but a small fraction of allowable densities in other major resorts and it is this assurance of future controlled growth that positively drives the market place both with regard to volume and value.
Telluride Real Estate Corp. produces an in-depth analysis of real estate activity in Telluride and Mountain Village, as well as the surrounding regions. Our Quarterly Reports are YTD data collected on a quarterly basis, and our End of Year Market Report is an in-depth review of how the market performed in the last calendar year. The report is broken down by area so you can find how the market performed in each neighborhood.
COVER: SOLD: 407 Benchmark Drive Mountain Village, CO | $9,450,000 | LISTED by TREC LEFT: Telluride Main Street during the March 2023 KOTO Street Dance
TOWN OF TELLURIDE QUARTER 1 | 2023 SOLD: 512 West Colorado Avenue Telluride, CO | $6,450,000 | LISTED by TREC A stunning, completely reconstructed gem from architect Tommy Hein and builder Dave Gerber. 4 bedroom/4.5 bath custom home maximized for efficiency, and thoughtfully curated for the ultimate in refined living.
SINGLE-FAMILY HOMES
19 TOT YTD Avg. Sales Price vs. Previous YTD Avg. Sales Price: 2023: $2,355,369 2022: $2,893,531 a 19% decrease
CONDOMINIUMS 2022 2023 % Change YTD Number of Sales 8 4 -50% YTD Total Dollar Value $46,210,000 $25,267,010 -45% YTD AVG Price Per Square Foot $2,127 $2,036 -4% 2022 2023 % Change YTD Number of Sales 20 7 -65% YTD Total Dollar Value $41,643,000 $10,565,000 -75% YTD AVG Price Per Square Foot $1,891 $1,665 -12%
The Town of Telluride market accounted for $44.7M of the annual sales within the county.
VACANT PROPERTY
TOWN OF TELLURIDE MARKET
52
2022 2023 % Change YTD Number of Sales 3 1 -67% YTD Total Dollar Value $4,575,000 $3,125,000 -32% 2022 2023 % Change YTD Unit Sales 32 19 -41% YTD Dollar Sales $92,593,000 $44,752,009 -52%
Overall TOT Market Highlights
19% YTD Avg. Sale Price
7 Town of Telluride Condo Sales Quarter 1 2023
52% YTD Total Dollar Volume
4 Town of Telluride
Single-Family Home Sales Quarter 1 2023
41% YTD Total Transactions
SOLD
Telluride Condos and Single-Family Homes have adjusted to $1,667 and $2,036 PSF compared to $1,891 and $2,127 respectively at this time last year.
*excludes mining claims, parking spaces, fractionals, deed-restricted properties
MOUNTAIN VILLAGE QUARTER 1| 2023 SOLD: 111 San Joaquin Road #4 Mountain Village, CO | $5,700,000 | SOLD by TREC A fantastic location, with perhaps the best single-level 4000 square foot floor plan in the Mountain Village.
Overall MV Market Highlights
16 Mountain Village Condo Sales
YTD $46M
5 Mountain Village Single-Family Home Sales $35M
45 Total MV Transactions Quarter 1 2023
The Town of Mountain Village boasted $96.3M in total sales so far in 2023. The strong increase in activity for the Mountain Village market carried the overall San Miguel County sales, accounting for 57% of the total dollar volume.
*excludes mining claims, parking spaces, fractionals, deed-restricted properties
SOLD
SOLD
SINGLE-FAMILY HOMES
MV YTD Avg. Sales Price vs. Previous YTD Avg. Sales Price: 2023: $2,139,615 2022: $1,577,393 a 36% increase
CONDOMINIUMS 2022 2023 % Change YTD Number of Sales 10 5 -50% YTD Total Dollar Value $62,481,500 $34,775,000 -44% YTD AVG Price Per Square Foot $1,135 $1,311 +15% 2022 2023 % Change YTD Number of Sales 30 16 -47% YTD Total Dollar Value $51,369,400 $45,880,000 -11% YTD AVG Price Per Square Foot $1,102 $1,295 +18% 36
48 Mountain Village YTD Unit Sales: 2023: 45 2022: 86 a 48% decrease
MOUNTAIN VILLAGE MARKET 2022 2023 % Change YTD Number of Sales 9 5 -44% YTD Total Dollar Value $8,963,000 $11,365,930 +27% 2022 2023 % Change YTD Unit Sales 86 45 -48% YTD Dollar Sales $135,655,800 $96,282,680 -29%
VACANT PROPERTY
REMAINDER OF COUNTY QUARTER 1 | 2023 SOLD: 21 North Hancock Street 10R Rico, CO | $155,000 | SOLD by TREC This gem of a property is only 28 miles from Telluride and is ready for a custom build. Tons of sun, big mountain views and thoughtful tree shielding from future neighbors further enhance the parcel.
SINGLE-FAMILY HOMES CONDOMINIUMS
The YTD Avg. Sales Price decreased 51% vs. previous YTD Avg. Sales Price for the Remainder of the County from $2,103,966 in 2022 to $1,041,140 in 2023.
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2022 2023 % Change YTD Number of Sales 21 11 -48% YTD Total Dollar Value $50,920,174 $18,584,000 -64% 2022 2023 % Change YTD Number of Sales 1 0 -100% YTD Total Dollar Value $850,000 $0 -100%
The Remainder of the County saw YTD Dollar Volume down 75%. From $107,302,274 in 2022 to $27,069,650 in 2023.
VACANT PROPERTY
REMAINDER OF COUNTY MARKET
75
2022 2023 % Change YTD Number of Sales 22 8 -64% YTD Total Dollar Value $48,937,100 $5,322,000 -89% 2022 2023 % Change YTD Unit Sales 51 26 -49% YTD Dollar Sales $107,302,274 $27,069,650 -75%
Overall Market Highlights
$1,867,826
$1,985,509 Average Sale Price 2023
Average Sale Price 2022
Quarter 1 2023 Total Dollar Volume was the 3rd Largest Q1 of all time. $168.1M over 90 transactions.
*excludes mining claims, parking spaces, fractionals, deed-restricted properties
SALES DISTRIBUTION BY PRICE
“ “ Under $500K 28% $500K to $1M 21% $1M to $2M 23% $2M to $5M 22% >$5M 6%
What’s for Sale?
TOWN OF TELLURIDE
SINGLE FAMILY HOMES # Available Asking Price Average Asking Price 2-3 Bedrooms 9 $2.9M - $6.9M $4,133,333 4 Bedrooms 7 $3.3M - $10M $6,323,714 5 Bedrooms 2 $12M - $13M $12,497,000 6 Bedrooms 1 $8.7M $8,750,000 7+ Bedrooms 2 $6.3M - $15M $10,600,000 CONDOMINIUMS 0-1 Bedroom 1 $799K $799,000 2 Bedrooms 7 $1.4M - $2.9M $1,829,999 3+ Bedrooms 10 $2.6K - $8.4M $4,566,000 VACANT LAND 6 $749K - $3.5M $2,099,833
LISTED by TREC: 220 N Oak Street Telluride, CO | $8.75M
LISTED by TREC: TBD Arizona Street Mountain Village, CO | $8.9M
What’s for Sale?
MOUNTAIN VILLAGE
SINGLE FAMILY HOMES # Available Asking Price Average Asking Price 4 Bedrooms 1 $6.5M $6,475,000 5 Bedrooms 7 $8.9M - $16.9M $12,605,000 6 Bedrooms 5 $6.4M - $15.4M $10,690,000 7+ Bedrooms 4 $8.9M - $34.5M $16,802,750 CONDOMINIUMS 0-1 Bedroom 12 $350K - $1.99M $715,791 2 Bedrooms 2 $875K - $975K $925,000 3 Bedrooms 1 $3.4M $3,395,000 4+ Bedrooms 4 $3M - $5.99M $4,407,500 VACANT LAND 29 $249K - $5.25M $2,151,620
What’s for Sale?
REMAINDER OF COUNTY
SINGLE FAMILY HOMES # Available Asking Price Average Asking Price 0 Bedroom 1 $380K $380,000 1 Bedrooms 1 $429K $429,000 2 Bedrooms 5 $390K - $1.9M $1,047,600 3 Bedrooms 12 $425K - $6.5M $2,106,416 4 Bedrooms 11 $462K - $14.8M $5,645,545 5 Bedrooms 7 $949K - $12.5M $7,369,142 6 Bedrooms 10 $2M - $25.9M $11,627,500 7+ Bedrooms 2 $16.9M - $18M $17,450,000 VACANT LAND 71 $10K - $28M $2,250,506
LISTED by TREC: 151 Adams Ranch Road Mountain Village, CO | $6.350M
An exclusive worldwide residential real estate partner of Forbes, Forbes Global Properties provides branding and marketing services to the world’s premier real estate firms and is now represented by approximately 2,440 specialists in 135 locations across the globe.
As a Forbes Global Properties member, Telluride Real Estate Corp. capitalizes on Forbes’ engaged audience of more than 132 million monthly global visitors to connect, inspire, and inform affluent potential homebuyers and sellers about the finest properties for sale. Homes are presented across Forbes and Forbes Global Properties print, digital, and social media channels with expert commentary, timely market data, and top-tier editorial.
“Celebrated and regarded as North America’s number one ski resort year after year, Telluride tops the list for affluent buyers seeking secondary and primary residences alike,” said Alex Lange, Consultant & former CEO of Forbes Global Properties. “With a deep-rooted commitment to the community and a longstanding record of success in luxury property sales, Telluride Real Estate Corp. is the ideal ambassador for the area’s coveted lifestyle offerings and distinctive properties.”
Telluride Real Estate Corp. THE MARKET REPORT Alex Martin 970.729.1691 alex@gotelluride.com Marcin Ostromecki 970.708.4119 marcin@gotelluride.com Let’s talk numbers! Contact us below.
