MICROMARKET REPORT
TELLURIDE | Q1 2020
TELLURIDE
SAN MIGUEL COUNTY
1. Telluride 2.
Mountain Village
3. Norwood 4. Ridgway
4
3
2
1
Pictured on cover: 3 Tunnel Lane, Mountain Village
coloradomicroreports.com
TELLURIDE MARKET UPDATE In Colorado’s Southwestern corner sits San Miguel County, a mountain community consisting of the Town of Telluride, Mountain Village, and other surrounding neighborhoods. Telluride is a historic mining town that has put itself and its neighboring town of Mountain Village on the map as destinations for skiers, hikers, and lovers of all thing’s nature. These close-knit communities keep residents and visitors entertained all year-long with a host of outdoor adventure activities and an assortment of festivals and events. The charm and character found within these towns make living there a dream and keeps visitors coming back for more, year-after-year. LIV Sotheby’s International Realty produces a Micro Market Report analyzing Telluride’s real estate performance Q1 2020 compared to that of Q1 2019. In its entirety, San Miguel County saw an astounding 83.6% increase in total sales volume for all residential property types through March of 2020 compared to the same time frame in 2019. An equally impressive 77.2% increase in average sold price likely contributed to the rise in total sales volume. The average sold price for all residential property types in San Miguel County during Q1 of this year was $2,481,286, compared to Q1 of 2019 when the average sold price was $1,400,429.
SAN MIGUEL COUNTY January through March
2019
2020
% Change
Sold Listings (All Properties)
55
57
3.6%
Sold Single Family
19
21
10.5%
Sold Townhouse/Condo/Duplex
36
36
0.0%
271
305
12.5%
$1,400,429
$2,481,286
77.2%
93.9%
93.1%
-0.9%
$77,023,586
$141,432,250
83.6%
Average Days on Market Average Sold Price % Sold Price to Original List Price Total Dollar Volume Sold
In the Town of Telluride, the total number of properties sold for all residential property types increased by 66.7%, the largest increase in San Miguel County. Looking at single family homes, Mountain Village saw the largest increase in homes sold during Q1 of this year, rising 166.7% from 2019 when three homes sold compared to 2020 when eight homes sold. More condominiums, townhomes, and duplexes sold in the Town of Telluride than any other community in San Miguel County during Q1 of this year. Through March of this year, 24 residences in this category were sold, a 71.4% increase from the same time frame of 2019 when 14 condominiums, townhomes, and duplexes sold. For consumers who want to escape the ordinary and experience the extraordinary, Telluride and all of San Miguel County is the place to be. With more homebuyers investing in this mountain lifestyle the community has to offer, this region’s real estate market continues to thrive.
Based on Information from flexmls/Telluride Association of Realtors. This representation is based in whole or in part on data supplied by flexmls/Telluride Association of Realtors. flexmls/ Telluride Association of Realtors does not guarantee nor is in any way responsible for its accuracy. Data maintained by flexmls/Telluride Association of Realtors may not reflect all real estate activity in the market.
MICROMARKET REPORT | Telluride resprts.livsothebysrealty.com
JANUARY - MARCH 2020 • COLORADOMICROREPORTS.COM
126.6%
TOWN OF TELLURIDE January through March Average Price Average Price per Square Foot Average Days on Market
The average sold price for all residential properties in the Town
Highest Price
of Telluride increased by 126.6% January through March 2020
Properties Sold
compared to that of 2019.
% Sold Price to List Price
2019
2020
% Change
$1,385,611
$3,139,925
126.6%
$954
$1,310
37.3%
237
312
31.6%
$3,625,000
$11,200,000
209.0%
18
30
66.7%
95.0%
92.7%
-2.5%
All Residential Properties
TOWN OF TELLURIDE January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
TOWN OF TELLURIDE
2019
2020
% Change
January through March
$2,362,250
$3,342,000
41.5%
Average Price
$966
$1,409
45.9%
Average Price per Square Foot
301
337
12.0%
Average Days on Market
$3,625,000
$5,900,000
62.8%
Highest Price
4
6
50.0%
Properties Sold
94.9%
95.1%
0.3%
% Sold Price to List Price
2019
2020
% Change
$1,106,571
$3,089,406
179.2%
$950
$1,286
35.4%
219
306
39.7%
$1,955,000
$11,200,000
472.9%
14
24
71.4%
95.2%
92.1%
-3.3%
Single Family Homes
Condos, Townhomes, Duplexes
TOWN OF TELLURIDE January through March Average Price Average Days on Market Highest Price Properties Sold
Due to Telluride’s signiďŹ cant role in the history of the American West, the core area of Telluride was designated a National Historic Landmark District in 1964.
% Sold Price to List Price
2019
2020
% Change
$5,025,000
$638,000
-87.3%
92
974
958.7%
$12,750,000
$638,000
-95.0%
3
1
-66.7%
98.5%
85.1%
-13.7% Land
coloradomicroreports.com
MOUNTAIN VILLAGE January through March Average Price
2019
2020
% Change
$1,415,343
$2,305,833
62.9%
$654
$723
10.6%
295
349
18.3%
$4,025,000
$6,335,000
57.4%
25
18
-28.0%
94.5%
94.1%
-0.3%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
62.9% The average sold price for all residential
properties in the Town of Mountain Village increased by 62.9% January through March 2020 compared to that of 2019.
All Residential Properties
MOUNTAIN VILLAGE January through March Average Price
2019
2020
% Change
$1,243,572
$1,561,500
25.6%
Average Price
$655
$620
-5.3%
Average Price per Square Foot
237
284
19.8%
Average Days on Market
$3,700,000
$2,975,000
-19.6%
Highest Price
22
10
-54.5%
Properties Sold
94.1%
95.3%
1.3%
Average Price per Square Foot Average Days on Market Highest Price
MOUNTAIN VILLAGE
Properties Sold % Sold Price to List Price Condos, Townhomes, Duplexes
January through March
% Sold Price to List Price
2019
2020
% Change
$2,675,000
$3,236,250
21.0%
$646
$850
31.6%
718
429
-40.3%
$4,025,000
$6,335,000
57.4%
3
8
166.7%
95.6%
93.5%
-2.3%
Single Family Homes
MOUNTAIN VILLAGE January through March Average Price
2019
2020
% Change
$1,581,250
$477,500
-69.8%
59
1,728
2,828.8%
$3,975,000
$560,000
-85.9%
4
2
-50.0%
99.3%
98.0%
-1.3%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price Land
Mountain Village is steps away from the gondola and its slope-side location cannot be beat.
MICROMARKET REPORT | Telluride resprts.livsothebysrealty.com
JANUARY - MARCH 2020 • COLORADOMICROREPORTS.COM
SURROUNDING NEIGHBORHOODS January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
SURROUNDING NEIGHBORHOODS Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
% Change
$3,493,750
$1,585,250
-54.6%
$694
$488
-29.7%
252
324
28.6%
$8,400,000
$1,608,000
-80.9%
4
2
-50.0%
90.7%
90.8%
0.1%
All Residential Properties
1327 Elk Run, Telluride
January through March
2019
2019
2020
% Change
$1,175,000
$692,500
-41.1%
626
635
1.4%
$1,400,000
$1,775,000
26.8%
2
6
200.0%
85.1%
85.3%
0.2%
200%
January through March 2020, the number of properties sold in Surrounding Neighborhoods increased by 200% compared to that of 2019.
Land
Surrounding Neighborhoods: Aldasoro Ranch, Elk Run, GrayHead, Idarado Legacy, Raspberry Patch, Ski Ranches, The Preserve, West Meadows
coloradomicroreports.com
SURROUNDING MESAS January through March Average Price
2020
% Change
$1,132,500
$1,360,167
20.1%
$362
$566
56.4%
397
500
25.9%
$3,200,000
$1,608,000
-49.8%
properties in Surrounding Mesas increased by
6
3
-50.0%
20.1% January through March 2020 compared
94.1%
89.9%
-4.5%
Average Price per Square Foot Average Days on Market Highest Price
20.1%
2019
Properties Sold % Sold Price to List Price
The average sold price for all residential
to that of 2019.
All Residential Properties
40.0%
January through March 2020, the number of
properties sold in Surrounding Mesas increased by 40.0% compared to that of 2019.
SURROUNDING MESAS January through March Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$470,400
$668,571
42.1%
711
641
-9.8%
$950,000
$1,775,000
86.8%
5
7
40.0%
81.2%
86.0%
5.9%
Land
Surrounding Mesas: Deep Creek Mesa, Hastings Mesa, Iron Springs/Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, Wilson Mesa
MICROMARKET REPORT | Telluride resprts.livsothebysrealty.com
JANUARY - MARCH 2020 • COLORADOMICROREPORTS.COM
25.8%
NORWOOD January through March Average Price Average Price per Square Foot Average Days on Market
The average sold price for all residential
Highest Price
properties in Norwood increased by 25.8%
Properties Sold
January through March 2020 compared to that
% Sold Price to List Price
of 2019.
Average Sold Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
% Change
$279,750
$351,917
25.8%
$182
$225
23.6%
156
165
5.8%
$345,000
$625,000
81.2%
4
6
50.0%
89.4%
94.3%
5.5%
All Residential Properties
NORWOOD January through March
2019
2019
2020
% Change
$255,000
-
-
1,330
-
-
$325,000
-
-
2
No Sales
-
89.3%
-
Land
Norwood is a western plateau, primarily agricultural in nature. Featuring ranch lands, cattle and other livestock operations, the area has become a bustling bedroom community for the Telluride Ski Resort.
coloradomicroreports.com
RIDGWAY: OURAY COUNTY January through March
2019
2020
% Change
Average Price
-
$658,125
-
Average Days on Market
-
123
-
Highest Price
-
$1,100,000
-
No Sales
4
-
-
98.0%
-
Properties Sold % Sold Price to List Price All Residential Properties
314 Hummingbird Trail, , Ridgway
Ridgway is also a thriving bedroom community for the Telluride Ski Resort. A great location for those who want to live a country-quiet lifestyle, but close to the city, with the opportunity to live within 30 miles of a major regional airport.
RIDGWAY: OURAY COUNTY January through March
2019
2020
% Change
Average Sold Price
-
$1,416,525
-
Average Days on Market
-
328
-
Highest Price
-
$9,175,000
-
No Sales
8
-
-
97.7%
-
Properties Sold % Sold Price to List Price Land
MICROMARKET REPORT | Telluride resprts.livsothebysrealty.com
JANUARY - MARCH 2020 • COLORADOMICROREPORTS.COM
WHY COLORADO? NATIONAL PARKS: 4
MOUNTAIN RANGES: 7
SKI AREAS & RESORTS: 28
AVERAGE DAYS OF SUNSHINE ANNUALLY: 300
CRAFT BREWERIES: 350+
The life you love.
livsothebysrealty.com | coloradomicroreports.com Based on Information from flexmls/Telluride Association of Realtors. This representation is based in whole or in part on data supplied by flexmls/Telluride Association of Realtors. flexmls/Telluride Association of Realtors does not guarantee nor is in any way responsible for its accuracy. Data maintained by flexmls/Telluride Association of Realtors may not reflect all real estate activity in the market.