Telluride Year End 2019 Micro Market Report

MICROMARKET REPORT

TELLURIDE | YEAR END 2019

TELLURIDE

SAN MIGUEL COUNTY

1. Telluride 2.

Mountain Village

3. Norwood 4. Ridgway

4

3

2

1

Pictured on cover: 114 Victoria Drive, Mountain Village

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TELLURIDE MARKET UPDATE Telluride is a former mining town that has blossomed into a destination for those with a passion for the mountains. A year-round calendar of activities keeps visitors and residents busy no matter the season with hiking, mountain biking, and a schedule of eclectic festivals in the summer and world-class skiing in the winter.

It’s no wonder people are drawn to this unique and historic community.

LIV Sotheby’s International Realty produces a Micro Market Report analyzing Telluride’s real estate performance in 2019 compared to that of 2018. The year-end report proves outstanding increases in activity for San Miguel County and many of the neighborhoods within.

In its entirety, San Miguel County saw a 10.6% increase in sold listings in 2019 compared to 2018. Perhaps even more interesting, condominiums, townhomes, and duplexes saw significantly more sales last year than single family homes in San Miguel County. Overall, the total sales volume in this mountain region grew by 13.4%, totaling $495,340,551 for 2019.

SAN MIGUEL COUNTY

In the Town of Telluride, total properties sold increased by 22.2% but on a more granular level, condominiums, townhomes, and duplexes saw a 34.1% rise in sales which aligns with the trends seen in San Miguel County as a whole. The average sold price for these condominiums, townhomes, and duplexes in the Town of Telluride also grew during 2019, increasing by 18.9% from 2018 to $1,149,119 in 2019.

January through December

2018

2019

% Change

Sold Listings (All Properties)

312

345

10.6%

Sold Single Family

135

129

-4.4%

Sold Townhouse/Condo/Duplex

177

216

22.0%

300

257

-14.3%

$1,320,106

$1,435,770

8.8%

94.3%

93.2%

-1.3%

$436,624,290

$495,340,551

13.4%

Average Days on Market Average Sold Price % Sold Price to Original List Price Total Dollar Volume Sold

The neighboring town of Mountain Village experienced a very similar boost in sales during 2019. There were 8.5% more sales last year than in 2018 for all home types. However, in contrast to the Town of Telluride, the increase in sales of single family homes out-performed condominiums, townhomes, and duplexes in Mountain Village. Single family home sales increased by 11.5% as compared to the 7.5% increase seen in condominiums, townhomes, and duplexes.

In other surrounding neighborhoods which include Aldasoro Ranch, Elk Run, GrayHead, Idarado Legacy, Raspberry Patch, Ski Ranches, The Preserve, and West Meadows, the average sold price for all residential properties climbed 3.5%, making the average price for homes in these areas $2,571,102 and the average price per square foot $632.

This beautiful resort community, cloistered away by the San Juan Mountains presents a unique opportunity to live among some of the most scenic landscapes in all of Colorado. The metrics seen above prove the demand is high for homes in the Telluride region. x 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 resorts.livsothebysrealty.com livsothebysrealty.com

JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM

TOWN OF TELLURIDE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$1,417,898

$1,387,878

-2.1%

$861

$870

1.0%

318

219

-31.1%

$7,850,000

$7,725,000

-1.6%

117

143

22.2%

95.2%

94.0%

-1.2%

All Residential Properties

TOWN OF TELLURIDE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$2,997,129

$2,774,952

-7.4%

$1,095

$1,309

19.5%

335

268

-20.0%

$7,688,000

$7,625,000

-0.8%

26

21

-19.2%

95.5%

93.6%

-2.0%

Due to Telluride’s significant role in the history of the American West, the core area of Telluride was designated a National Historic Landmark District in 1964.

Single Family Homes

TOWN OF TELLURIDE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$966,689

$1,149,119

18.9%

$794

$794

0.0%

313

211

-32.6%

$7,850,000

$7,725,000

-1.6%

91

122

34.1%

89.4%

94.2%

5.4%

Condos, Townhomes, Duplexes

200 Deer Park Lane, Telluride

179.9%

TOWN OF TELLURIDE January through December Average Price Average Days on Market

The average price for land in the Town of Telluride

Highest Price

increased by 179.9% January through December

Properties Sold

2019 compared to that of 2018.

% Sold Price to List Price

2018

2019

% Change

$868,750

$2,431,875

179.9%

345

125

-63.8%

$3,200,000

$12,750,000

298.4%

8

8

0.0%

89.0%

96.3%

8.2% Land

coloradomicroreports.com

MOUNTAIN VILLAGE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$1,496,728

$1,881,428

25.7%

$637

$670

5.2%

297

345

16.2%

$6,510,000

$16,250,000

149.6%

106

115

8.5%

93.5%

92.2%

-1.4%

All Residential Properties

52.2%

The average price for Mountain Village single

family homes increased by 52.2% January through December 2019 compared to that of 2018.

MOUNTAIN VILLAGE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$2,716,807

$4,134,552

52.2%

$637

$763

19.8%

387

586

51.4%

$6,510,000

$16,250,000

149.6%

26

29

11.5%

93.0%

90.6%

-2.6%

Single Family Homes

MOUNTAIN VILLAGE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$1,100,202

$1,121,653

1.9%

$637

$639

0.3%

269

263

-2.2%

$4,700,000

$3,895,000

-17.1%

80

86

7.5%

93.9%

94.3%

0.4%

Condos, Townhomes, Duplexes

124 Victoria Drive, Mountain Village

MOUNTAIN VILLAGE January through December Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price Land

2018

2019

% Change

Mountain Village is steps

$1,069,326

$852,368

-20.3%

away from the gondola

589

385

-34.6%

and its slope-side location

$8,150,000

$3,975,000

-51.2%

cannot be beat.

23

19

-17.4%

80.8%

93.6%

15.9%

MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com livsothebysrealty.com

JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM

SURROUNDING NEIGHBORHOODS

3.5%

January through December Average Price Average Price per Square Foot

The average price for Surrounding Neighborhoods

Average Days on Market

increased by 3.5% January through December

Highest Price

2019 compared to that of 2018.

Properties Sold % Sold Price to List Price

2018

2019

% Change

$2,484,583

$2,571,102

3.5%

$460

$632

37.4%

268

256

-4.5%

$7,500,000

$8,400,000

12.0%

18

16

-11.1%

92.0%

93.3%

1.4%

All Residential Properties

SURROUNDING NEIGHBORHOODS January through December Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$666,042

$731,944

9.9%

371

534

43.9%

$2,400,000

$1,800,000

-25.0%

12

9

-25.0%

92.7%

89.0%

-3.9%

9.9%

The average price for Surrounding Neighborhoods increased by 9.9% January through December 2019 compared to that of 2018.

Land

Surrounding Neighborhoods: Aldasoro Ranch, Elk Run, GrayHead, Idarado Legacy, Raspberry Patch, Ski Ranches, The Preserve, West Meadows

coloradomicroreports.com

SURROUNDING MESAS January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

27.7%

2018

2019

% Change

$1,866,314

$1,422,005

-23.8%

$440

$443

0.7%

354

256

-27.7%

January through December 2019, the average

$7,500,000

$5,750,000

-23.3%

days on market in Surrounding Mesas

36

29

-19.4%

decreased by 27.7% compared to that of 2018.

93.7%

94.1%

0.4%

All Residential Properties

6.9%

January through December 2019, the number of properties sold in Surrounding Mesas increased

by 6.9% compared to that of 2018.

SURROUNDING MESAS January through December Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$860,345

$790,661

-8.1%

747

544

-27.2%

$8,000,000

$7,250,000

-9.4%

29

31

6.9%

93.6%

85.0%

-9.2% Land

Surrounding Mesas: Deep Creek Mesa, Hastings Mesa, Iron Springs/Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, Wilson Mesa

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JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM

NORWOOD January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$340,843

$290,583

-14.7%

$190

$186

-2.1%

285

223

-21.8%

$1,070,000

$550,000

-48.6%

30

18

-40.0%

96.0%

94.9%

-1.1%

All Residential Properties

NORWOOD January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$364,778

$96,208

-73.6%

268

768

186.6%

$2,100,000

$325,000

-84.5%

9

12

33.3%

87.2%

90.0%

3.3%

100.0%

98.0%

-2.0%

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.

Land

51.5% The average days on market for all

residential properties in Ridgway decreased by 51.5% January through December 2019 compared to that of 2018.

RIDGWAY: OURAY COUNTY January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$482,129

$471,247

-2.3%

$244

$239

-2.0%

309

150

-51.5%

$1,100,000

$750,000

-31.8%

18

18

0.0%

95.4%

95.7%

0.3%

All Residential Properties

coloradomicroreports.com

RIDGWAY: OURAY COUNTY January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

23.1%

2018

2019

% Change

$545,108

$503,819

-7.6%

$252

$237

-6.0%

241

157

-34.9%

$1,100,000

$750,000

-31.8%

January through December 2019, the number of

13

16

23.1%

single family homes sold for Ridgway increased

95.8%

95.5%

-0.3%

by 23.1% compared to that of 2018.

Single Family Home

RIDGWAY: OURAY COUNTY

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.

January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$318,385

$210,675

-33.8%

$221

$254

14.9%

484

90

-81.4%

$522,000

$211,350

-59.5%

5

2

-60.0%

93.6%

98.2%

5.0%

Condos, Townhomes, Duplexes, and Triplexes

RIDGWAY: OURAY COUNTY January through December

2018

2019

% Change

$225,876

$2,533,111

1021.5%

557

329

-40.9%

$1,250,000

$21,150,000

1592.0%

24

9

-62.5%

Properties Sold

93.3%

99.7%

6.8%

% Sold Price to List Price

98.4%

95.4%

-3.0%

Average Price Average Price per Square Foot Average Days on Market Highest Price

Land

750 Chipeta Drive, Ridgway

MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com livsothebysrealty.com

JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM

WHY COLORADO? NATIONAL PARKS: 4

MOUNTAIN RANGES: 7

SKI AREAS & RESORTS: 28

AVERAGE DAYS OF SUNSHINE ANNUALLY: 300

CRAFT BREWERIES: 350+

IMAGINE. DESIGN. SHOP.

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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.