Telluride Quarter 1 2020 Market Report

Page 1

Telluride Real Estate Corp.

MARKET REPORT

Quarter 1 2020


MARKET HIGHLIGHTS

Quarter 1 2020

Telluride Real Estate Corp. TRUSTED. EXPERIENCED. PROFESSIONAL. SINCE 1981.

32%

TOTAL DOLLAR VOLUME Year to Year

Telluride Real Estate Corp. is pleased to present the Quarter 1 Market Report for 2020. This report provides an overall snapshot of the market as well as detailed information on the different market segments making up the Telluride Region. CHANGE IN

14%

NUMBER OF TRANSACTIONS Year to Year

DOLLAR VOLUME /

SALES

TELLURIDE +80% +135% MOUNTAIN VILLAGE +19% -40%* REMAINING COUNTY -43% +12% *mainly attributed to the slow down of fractional sales at the Franz Klammer Lodge as well as Condo/Hotel Units at the Peaks

We’ve been in the Telluride lifestyle business for 39 years, put that experience to work for you.

Cover: SOLD by TREC | List Price: $5,450,000 | 150 W Pacific Avenue 1 Arthouse North, Telluride

Pg. 1


Quarter 1 2020

MARKET INSIGHT

San Miguel County closed out a record-breaking year of real estate sales with the largest dollar volume month the county has ever witnessed with $96.9M in sales December 2019. Jan ‘20 was well above Jan ’19 with a 123.7% increase in dollar volume and a 38.7% increase in number of sales for the county. Compared to the prior year average the county is up 32% in total dollar volume and 14.3% in number of sales. The Town of Telluride market had a great start to the new year with $33M in sales compared to $12M in Mountain Village. The Mountain Village and the surrounding county are a potential buyer’s market for Single Family Homes and Condos with much lower asking price per square foot. February was another strong month for real estate in the county. The total dollar volume and number of transactions were up for February ‘20 from both the prior year and the prior 5-year average. They were also higher than any February from 2015-2019. The total dollar volume (+45%) and total number of transactions (+13%) both showed an increase for 2020 YTD compared to the prior 5-year average. February represented the

29%

TREC TOTAL DOLLAR VOLUME

fifth straight month that dollar volume of sales per month exceeded that of the prior 5-year average for the same time period.

Telluride continues to be a bullish market with $86M total sales in Q1 2020 compared to $52M total sales for Mountain Village. Price per sf of Telluride Single Family Homes are at an all-time high of $1,272, mainly due to 3 Single Family Home sales in March at an average of $1,521 per sf. There were 4 Single Family Homes that sold in Mountain Village in March, with a combined average sale price of more than $5M. TREC was responsible for 29% of the total dollar volume for quarter. Pg. 2


Quarter 1 2020 MARKET OVERVIEW

As of mid-February 2020, the marketplace was at a 13 year high. We have yet to see how COVID-19 will impact

SAN MIGUEL COUNTY MARKET SNAPSHOT

the local real estate market, but it is inevitable. The good news is there was a 38% increase in dollar volume in Q1 ’20 ($151.84M) compared to the prior 5-year average for Q1 ($110.06M). There was also a large uptick in the number of Telluride vacant land sales in March, 9 sales totaling $4.8M.

$8,200,000 RECORD PSF SALE RECORD PH SALE $2K PSF

Gross Dollar Sales are up for Town of Telluride Single

$1,769,600

Family Homes (+43%), Telluride Condos (+324%) and Town of Mountain Village Single Family Homes (+319%). Town of

AVERAGE SALE PRICE

Mountain Village Condos saw a 47% decrease. Looking back at 2019 vs. 2018 provides some insight into regional appreciation: Town of Telluride Single Family Homes +18% Town of Mountain Village Single Family Homes +16.3% Town of Telluride Condos +6.3%

15% INCREASE over Q1 2019

81 TOTAL TRANSACTIONS 9% INCREASE over Q1 2019

Town of Mountain Village Condos +16.3% *excludes mining claims, parking spaces, fractionals, deed-restricted properties

Pg. 3


Quarter 1 2020 MARKET OVERVIEW

Year to Date In Perspective Time Frame

Dollar Volume

Number of Sales

32%

March ‘15

$91.68M

108

Change in Dollar Volume

March ‘16

$93.55M

125

March ‘17

$139.91M

149

March ‘18

$110.33M

109

March ‘19

$114.83M

108

March ‘20

$151.84M

123

Q1 2019 vs. Q1 2020 38% over the 5-year average

Pg. 4


Quarter 1 2020 MARKET OVERVIEW SALES DISTRIBUTION BY LOCATION

43

43%

MOUNTAIN VILLAGE

24%

TRANSACTIONS UNDER $1 MILLION

REMAINDER OF COUNTY

33%

7

31

TRANSACTIONS $1-5 MILLION

TELLURIDE

SALES DISTRIBUTION BY SEGMENT

SINGLE FAMILY

29%

TRANSACTIONS $5 MILLION+

40%

CONDOMINIUM

*excludes mining claims, parking spaces,

fractionals, deed-restricted properties

17%

HIGHEST SALE LOWEST SALE Pg. 5

14%

$8,200,000 $65,000

VACANT LAND

COMMERCIAL


MARKET HIGHLIGHTS

HISTORICAL DATA

Pg. 6


MARKET HIGHLIGHTS

HISTORICAL DATA

Pg. 6


TOWN OF TELLURIDE Quarter 1 | 2020

# OF TRANSACTIONS 29 ( $ OF TRANSACTIONS $80M (

20%) 66%)

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

January saw a drastic increase in sales in the Telluride Market compared to the same time last year ($33.3M in ’20 vs. $4.8M in ’19). A significant amount of Telluride Market sales came from the Transfer Telluride sales, making up around $16M of the sales for January. There were two sales in January over $5M, the Telluride Transfer Unit 301 for $8.2M and 547 W. Pacific Condos Unit A for $5.9M. Telluride saw an increase in monthly sales and year to date sales in February. This is partly attributed to deed restricted sales at Longwill 16 and Silverjack along with large sales of the Telluride Transfer Condos.

MAJOR MARKET SEGMENTS

*Denotes TREC Signature Sale

Single-Family

Condo/Townhome

Vacant Land

# OF TRANSACTIONS

4

24

1

$ OF TRANSACTIONS

$10.6M

$68.85M

$638,000

AVERAGE SALE PRICE

$2,656,250

$2,868,575

$638,000

MAX SALE PRICE

$4,487,500 *

$8,200,000

$638,000

SOLD by TREC | List Price: $4,487,500 | 480 Depot Ave, Telluride


MOUNTAIN VILLAGE Quarter 1 | 2020

# OF TRANSACTIONS 19 ( 32%) $ OF TRANSACTIONS $49.2M ( 18%) *excludes mining claims, parking spaces, fractionals, deed-restricted properties

Mountain Village saw a slight decrease in sales in January compared to the same time last year. ($12.6M in ’20 vs. $13.0 in ’19). In February Mountain Village saw a decrease in both monthly sales and year to date sales. In March there was strong activity in the Mountain Village Single Family Homes sales – 4 in total. There were 3 Single Family Homes sold in February (2 TREC Significant Sales), and 2 Single Family Homes sold in January. Of the 8 Town of Mountain Village Condos sold, TREC brought in the highest sale of $2.9M.

MAJOR MARKET SEGMENTS

*Denotes TREC Signature Sale

Single-Family

Condo/Townhome

Vacant Land

# OF TRANSACTIONS

9

8

2

$ OF TRANSACTIONS

$33.7M

$14.5M

$955,000

AVERAGE SALE PRICE

$3,739,656

$1,818,125

$477,500

MAX SALE PRICE

$7,766,900

$2,975,000 *

$560,000

LISTED by TREC | List Price: $2,975,000 | Lorian Penthouse #6, Mountain Village


RREEMMAAI N I NDDEERROOF FCCOOUUNNTTY YY Q Eu A aRr tEeNr D1 || 22 00 1290

## OFOF TRANSACTIONS TRANSACTIONS137 25( ( 7%) 8.7%) $ OF$TRANSACTIONS OF TRANSACTIONS $230.6M $11.7M ( ( 23%) 48%) *excludes mining claims, parking spaces,

fractionals, deed-restricted properties

In March there was strong activity in Vacant Properties in the remainder of the county, specifically Elk Run, The Preserve, Ski Ranches and Aldasoro. TREC brought in the highest sale price for Single Family Homes for 111 Saddle Horn Lane ($1.6M) as well as the Significant Sale of The Preserve ($1.8M). The market as a whole saw an 8.7% increase in the number of transactions and a 48% decrease in dollar volume. Year over year however, both number of sales and total dollar volume have increased exponentially.

MAJOR MARKET SEGMENTS

*Denotes TREC Signature Sale

Single-Family

Condo/Townhome

Vacant Land

# OF TRANSACTIONS

11

4

10

$ OF TRANSACTIONS

$4.9M

$1.4M

$5.4M

AVERAGE SALE PRICE

$447,214

$349,125

$535,500

MAX SALE PRICE

$1,562,500 *

$418,000

$1,775,000 *

LISTED & SOLD by TREC | List Price: $1,775,000 |8051 Preserve Drive 8, Telluride


Hope in Uncertain Times - Life after COVID-19 Given superb planning over recent decades definitively limiting regional density to a fraction of other major resorts and design regulations that demand the highest of quality, the Telluride real estate marketplace has been resilient during times of economic crises. A lack of supply always tends to stabilize pricing in downward trends. This factor was no more evident during the “great recession” where values in the Telluride region diminished to a far lesser degree than in other major resorts. In short, our market may experience a slowdown in the short term but will bounce back at the first signs of returning to the “new norm”.

*Photo cred: Dale Malmedal


SIGNIFICANT SALES

150 W Pacific Ave.| $5,450,000

Sold by TREC/Christie’s

151 Benchmark Dr. | $2,690,000 Listed by TREC/Christie’s

480 Depot Ave | $4,487,500 Sold by TREC/Christie’s

312 Prospect Falls Ct.| $2,475,000 Listed by TREC/Christie’s

330 W Pacific Ave. | $2,500,000 Listed by TREC/Christie’s

408 W Pacific St. B | $2,240,000 Listed by TREC/Christie’s

230 San Joaquin Rd. | $2,230,000 Listed by TREC/Christie’s

111 San Joaquin Road 6| $2,975,000 Listed by TREC/Christie’s

408 W Pacific St. A330 w | $2,950,000 Listed by TREC/Christie’s


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. 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.

THE MARKET REPORT

C H R I S T I E S R E AL E S TAT E . C OM

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

...


THE CHRISTIE’S DIFFERENCE As Telluride’s exclusive Affiliate of Christie’s International Real Estate, Telluride Real Estate Corp. has access to a worldwide network of discriminating buyers, gaining maximum exposure for our Telluride listings. Christie’s International Real Estate, a wholly owned subsidiary of the world’s oldest fine art auction house, is synonymous with quality, integrity and customer satisfaction. The marketing efforts of Christie’s and Christie’s International Real Estate provide far-reaching exposure to a qualified and elite audience of homeowners and buyers. Christie’s International Real Estate is the world’s largest international network of real estate brokers specializing in the marketing and sale of luxury properties.

46

1,200

32,000

$115B

Countries

Offices

Real Estate Professionals

2018 Annual Sales


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