Market Report | Quarter 2 2017

Telluride

MARKET REPORT

Quarter 2 | 2017

The Market Report Telluride Real Estate Corp. is pleased to present our comprehensive market report for the second 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

50%

{

}

21%

{

}

51%

{

}

INCREASE IN DOLLAR VOLUME OF TRANSACTIONS

INCREASE IN NUMBER OF TRANSACTIONS

TREC’S INCREASE IN DOLLAR VOLUME OF TRANSACTIONS

S I G NI F I C A N T S A L E 11 Stonegate Drive | $4,650,000 Listed and Sold by TREC/Christie’s

MARKET HIGHLIGHTS

The Telluride real estate market is holding strong half way through the year. With $267.2M in contracts closed through the second quarter, sales are up 50%. The number of sales were up 21% compared to the second quarter of 2016. TREC is pleased that its sales are on pace with the market with the company’s dollar volume up 51% over the second quarter of 2016.

Mountain Village continues to see a steady number of high-end luxury homes trading hands.

There was one $7M sale followed by 4 sales over $2M. Overall, Mountain Village single family home sales are up double compared to sales through Q2 ‘16.

Despite the limited inventory, properties in the Town of Telluride are still trading briskly with the number of sales up 53% over the second quarter of 2016. With $93M in closed transactions, the Town of Telluride saw a 46% increase in dollar volume.

Entering the summer selling season, the Telluride real estate market looks strong, with $82.6M in sales currently under contract according to the MLS.

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YTD Q2 2017

Q2 2016

307 (up 21%)

# OF TRANSACTIONS

158

$267.2M (up 50%)

$ OF TRANSACTIONS

$127.4M

$7,850,000

HIGHEST PRICE SOLD

$7,000,000

$870,358

AVERAGE PRICE

$806,329

MARKET HIGHLIGHTS YTD QUARTER 2 | 2017

85

TRANSACTIONS $1-5 MILLION

143

TRANSACTIONS UNDER $1 MILLION*

5

TRANSACTIONS $5 MILLION+

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

SALES DISTRIBUTION BY LOCATION

SALES DISTRIBUTION BY SEGMENT

TELLURIDE

31%

32%

37%

SINGLE FAMILY

26%

MOUNTAIN VILLAGE

44%

REMAINDER OF COUNT Y

25%

5%

CONDOMINIUM

VACANT LAND

OTHER

Market Details | Q2 2017 SOLD | 560 W. Columbia Avenue Listed at $4,250,000 Sold by TREC/Christie’s

Town of Telluride

$ OF TRANSACTION5 $93.0M (up 46%)

YTD Q2 2017

# OF TRANSACTIONS 75 (up 34%)

Town of Telluride sales are up 46% in volume, despite the tight inventory. With construction on nearly every block, vacant land sales have slowed due to inventory with prices trending up. The second quarter saw five single-family home sales over $3M. Condos/townhomes saw a 34% increase in the number of sales compared to Q2 ’16 and a 65% 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

12

51

5

$ OF TRANSACTIONS

$32.8M

$46.8M

$5.6M

AVERAGE SALE PRICE

$2,730,967

$918,496

$1,129,600

MAX SALE PRICE

$5,650,000

$3,150,000

$1,650,000

7

7

0

# OF PENDING TRANSACTIONS

Market Details | Q2 2017

Mountain Village

# OF TRANSACTIONS 78 (up 37%)

YTD Q2 2017

$ OF TRANSACTION5 $111.9M (up 65%)

Mountain Village home sales are up double in dollar volume compared to the second quarter of 2016. TREC represented four of the five sales over $2M in Mountain Village. Condo/townhomes remain an attractive purchase with their proximity to the ski resort and rental income potential. Condo/townhome sales are up 41% by number volume and 35% 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 second quarter of 2016.

MAJOR MARKET SEGMENTS Single-Family

Condo/Townhome

Vacant Land

# OF TRANSACTIONS

15

48

11

$ OF TRANSACTIONS

$51.2M

$52.1M

$12.9M

AVERAGE SALE PRICE

$3,414,187

$1,085,796

$1,175,091

MAX SALE PRICE

$7,000,000

$2,450,000

$1,300,000

4

9

3

# OF PENDING TRANSACTIONS

SOLD | 204 Wilson Peak Drive Listed at $2,750,000 Listed by TREC/Christie’s

Market Details | Q2 2017

t e

SOLD||60 153Sunrise WapitiCircle Road SOLD Listedatat$1,195,000 $1,825,000 Listed Listed by TREC/Christie’s Listed by TREC/Christie’s

Remainder of County

# OF TRANSACTIONS 88 (up 7%)

YTD Q2 2017

$ OF TRANSACTION5 $51.8M (up 36%)

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 one third. 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

35

8

43

$ OF TRANSACTIONS

$33.7M

$2.6M

$15.3M

AVERAGE SALE PRICE

$961,447

$329,875

$354,849

$2,900,000

$520,000

$3,100,000

11

1

8

MAX SALE PRICE # OF PENDING TRANSACTIONS

telluridereal estatecorp.com christiesrealestate.com | searchtellurideproperties.com

Let’s talk numbers! Contact us below.

Town of Telluride | 970.728.3111 | 232 W. Colorado Avenue Mountain Village | 970.728.6655 | On Heritage Plaza Mountain Lodge | 970.369.6003 | 457 Mountain Village Boulevard

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