Market Report | Quarter 2 2019

Telluride

MARKET REPORT Quarter 2 | 2019

The Market Report

Telluride Real Estate Corp. is pleased to present the comprehensive market report for the second quarter of 2019. This report provides 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 40 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 long-time 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. on the cover Real estate is about personal relationships, and we strive to provide an unrivaled experience for our buyers and sellers from Featured Listing beginning to end and beyond.

$4.97M

522 West Colorado Avenue

Indeed, most TREC clients are clients for life.

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

[

DOLLAR VOLUME OF TRANSACTIONS

]

60

[

NUMBER OF TRANSACTIONS

]

$17M

[

TREC’S DOLLAR VOLUME OF TRANSACTIONS

]

24

[

TREC’S NUMBER OF TRANSACTIONS

]

$59.8M

S IGN I F I CA N T SA L E

SOLD | 136 Country Club Drive 851 $2.400,000 Listed by TREC/Christie’s

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

Market Highlights Thus far in 2019 there has been an even split of condominium sales in Telluride and Mountain Village with 30 sales in each. Similarly, there have been six Telluride Single Family Home sales versus five Mountain VIllage Single Family Home sales. The average sales price of single-family homes and condos in Telluride are lower than that of Mountain Village, however, price per square foot of singlefamily homes and condos is higher in Telluride than Mountain Village.

Year to date, the average price of a single-family home in Telluride is $2,129,833 compared to $2,732,000 in Mountain Village. Average price per square foot in Town is $966.99, compared to $576.25 in Mountain Village. Average price for condos in the Town of Telluride is $1,084,001 at $880.64 per square foot and $1,346,950 in the Town of Mountain Village at $642.83 per square foot.

Overall the dollar amount of sales has gone down 14% from last year at this time, from 225 sales at $218.8M in 2018 to 205 sales at $187.2M in 2019. The number of sales has gone down 9%.

In the past 5 years we have seen a surge in sales in May, however this year there was a 9% decline in number of sales and a 16% decline in dollar amount compared to May 2018. However, TREC brought in the record high for the month, co-listing and selling Lorian’s 111 San Joaquin Road 5 for $2,886,500.

The largest sale in April was Eagle’s View Reserve Condo Unit 4, a Mountain Village Condo that sold for $1.65M. June’s largest sale was 210 Wilson Peak Drive in Mountain Village, selling for $4.68M. It is anticipated that the market will pick back up during the summer months as record breaking snowfall and a promising start to Q3 provide an optimistic outlook for area real estate.

...

YTD Q2 2019 205 (

9% vs Q2 2018)

$187.2M (

14% vs Q2 2018)

$12,750,000 $913,170

looking ahead

$104M

under contract

Q2 2019 # OF TRANSACTIONS

60

$ OF TRANSACTIONS

$59.8M

HIGHEST PRICE SOLD

$4,650,000

AVERAGE PRICE

$996,666

Market Highlights Quarter 2 2019

21

39

TRANSACTIONS $1-5 MILLION

TRANSACTIONS UNDER $1 MILLLION

0

TRANSACTIONS $5 MILLION+

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

SALES DISTRIBUTION BY LOCATION 35%

23%

SALES DISTRIBUTION BY SEGMENT

TELLURIDE

SINGLE FAMILY

38%

MOUNTAIN VILLAGE

43%

42% REMAINDER OF COUNTY

18%

1%

CONDOMINIUM

VACANT LAND

COMMERCIAL

Market Details || QUARTER Quarter2 2018 2 2019 Market Details SOLD | 960 Primrose Lane $1,999,000 Listed & Sold by TREC/Christie’s

Town of Telluride

# OF TRANSACTIONS* 21 ( 12%)

QUARTER 2 | 2019

$ OF TRANSACTIONS* $24.9M ( 48%) *excludes mining claims, parking spaces, fractionals, deed-restricted properties

In April, there were two Telluride Single Family Home sales totaling $3.48M. It was a slow quarter compared to January - March 2019, but a trend we have come to expect during off-season. There were no Telluride Single Family Home sales in May, which contributed to a slow sales month. In June, there was one Telluride Single Family Home sale. Average sales price of both single-family homes and condos in Telluride are lower than that of Mountain Village, however, price per square foot of single-family homes and condos is higher in Telluride than Mountain Village. TREC brought in the max sales price in their significant sale of 960 Primrose Lane, selling in two weeks.

MAJOR MARKET SEGMENTS

*Denotes TREC Signature Sale

Single-Family

Condo/Townhome

# OF TRANSACTIONS

3

17

1

$ OF TRANSACTIONS

$5.3M

$19.3M

$280K

AVERAGE SALE PRICE

$1,776,333

$1,134,750

$280,000

MAX SALE PRICE

$1,999,000 *

$3,400,000

$280,000

18

4

# OF PENDING TRANSACTIONS

3

Vacant Land

Market Details | Quarter 2 2019

Mountain Village

# OF TRANSACTIONS* 14 ( 50%)

QUARTER 2 | 2019

$ OF TRANSACTIONS* $23M ( 45%) *excludes mining claims, parking spaces, fractionals, deed-restricted properties

In Q2 of 2019 there have been three Mountain Village Single Family Home sales and nine condo sales. In April there was one Mountain Village Single Family Home sale totaling $985K. In May, a lot directly across from the Granita Building and Blue Mesa Condominiums zoned for 9 Condominium Units, 2 Employee Apartments, and Commercial space sold for $3.3M. June’s largest sale was 210 Wilson Peak Drive in Mountain Village at $4.65M.

MAJOR MARKET SEGMENTS

*Denotes TREC Signature Sale

Single-Family

Condo/Townhome

Vacant Land

# OF TRANSACTIONS

3

9

2

$ OF TRANSACTIONS

$9M

$13.2M

$875,000

AVERAGE SALE PRICE

$2,986,667

$1,468,500

$437,500

MAX SALE PRICE

$4,650,000

$2,886,500 *

$650,000

# OF PENDING TRANSACTIONS

SOLD | 111 San Joaquin Road 5 $2.886,500 Co-listed & Sold by TREC/Christie’s

3

11

4

Market Details | Quarter 2 2019

SOLD | 153 Wapiti Road Listed at $1,825,000 Listed by TREC/Christie’s

SOLD | 3461 McKenzie Springs Road $1,075,000 Listed by TREC/Christie’s

Remainder of County

# OF TRANSACTIONS* 25 ( 8%)

QUARTER 2 | 2019

$ OF TRANSACTIONS* $11.9M ( 47%) *excludes mining claims, parking spaces, fractionals, deed-restricted properties

Sales for the remainder of the county have increased by 8% in number of transactions and are down 47% in dollar amount. The remainder of the county is responsible for 42% of overall sales for this quarter. There were 17 single-family homes sold in the remainder of the county, making up 28% of overall sales for the quarter.

The remainder of the county also boasted the highest number of vacant land sales at seven.

MAJOR MARKET SEGMENTS Single-Family

Condo/Townhome

Vacant Land

# OF TRANSACTIONS

17

1

7

$ OF TRANSACTIONS

$10.1M

$245,000

$1.5M

AVERAGE SALE PRICE

$598,759

$245,000

$212,500

$1,485,000

$245,000

$700,000

12

1

7

MAX SALE PRICE # OF PENDING TRANSACTIONS

t e

telluridereal estatecorp.com christiesrealestate.com |

T P M @TRECtelluride

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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