Telluride Real Estate Corp.
MARKET REPORT
SEMIANNUAL
2022
THE TELLURIDE MARKET
Telluride is a former Victorian mining town in the SW corner of Colorado set in a box canyon amid forested peaks at the base of its popular ski & golf resort. The first prospector struck gold in the Valley in 1875, 3 years later the town of Telluride was established. The town’s Historic District boasts famous landmarks like the Sheridan Opera House, built in 1913, and the Telluride Historical Museum, showcasing local history in a converted hospital built in 1896 - just up the block from the first Bank robbed by Butch Cassidy. Now, whether it’s world-class skiing in a resort named #1 by Conde Nast traveler, the legendary Film and Music festivals, or the low-key Western vibe, Telluride is certainly the ‘best big mountain and little ski town in America.’ While most travelers search for nuggets of authenticity, Telluride offers that up and more with its close-knit community & epic skiing on uncrowded, high-altitude runs with an unpretentious old west feel. Telluride’s vibe is becoming increasingly rare amid so many theme-park-like resort villages, as few things limit growth and sprawl as effectively as the geology of the box canyon. People drawn to the area love its smaller scale – the town has no stoplights or fast food restaurants, and the famous Gondola links Telluride and Mountain Village. From attention weary celebrities to ski bums & second homeowners, our casually exclusive enclave offers a dream lifestyle.
Market Update Telluride and the surrounding area closed out the first half of 2022 with a 122% increase in dollar volume ($639.69M) compared to the prior YTD 5-year average ($324.17M). A major contributor was the surge in the dollar volume of Mountain Village Condominium sales (51 sales totalling $98.1M) and Mountain Village SingleFamily Home sales (16 sales totalling $109.6M for January - June 2022). June ‘22 saw a 32% increase in total dollar volume ($91.84M) over June ‘21 ($69.65M). However, there was a 45% decrease in the number of transactions over the same time period - 44 in June ‘22 and 80 in June ‘21. This 29% decrease in the number of transactions could be a sign of the limited inventory in the Telluride area. YTD average price per sf of Town of Mountain Village SFHs and Condos are at all-time highs of $1,152 and $1,129 respectively, while the Town of Telluride has seen a slight dip in YTD average sales price per sf of SFHs from this time last year ($2,020 YTD June ‘21 v. $1,905 YTD June ‘22) However, the Telluride Condo average price per sf has risen significantly from this time last year ($1,202 YTD June ‘21 v. $1,824 YTD June ‘22). The average sales price has favorably increased compared to last year in every major market. This may be attributed to buyers continuing to be highly motivated to invest in a special lifestyle while hedging inflation, preserving capital and expecting financial appreciation over time. Telluride Real Estate Corp. produces an in-depth analysis of real estate activity in Telluride and Mountain Village, as well as the surrounding regions. Our quarterly reports are YTD data collected on a quarterly basis, and our End of Year Market Report is an in-depth review of how the market performed in the last calendar year. The report is broken down by area so you can find how the market performed in each neighborhood. COVER: SOLD: 215 San Juan Avenue | $6.25M | SOLD by TREC LEFT: Gondola overlooking Downtown Telluride, CO | PRICELESS
TO W N O F T E L L U R I D E SEMI-ANNUAL | 2022
SOLD: 100 Colorado Avenue Telluride, CO | $3.95M | SOLD by TREC A rare rooftop penthouse offering located above the main street in Telluride. AAA location with epic 270 degree views of Telluride’s box canyon, Ingram Falls the Ski Area, red rocks and Bear Creek.
SINGLE-FAMILY HOMES 2021
2022
% Change
YTD Number of Sales
15
15
0%
YTD Total Dollar Value
$53,900,000
$74,245,000
+38%
$2,019
$1,905
-6%
YTD AVG Price Per Square Foot
32 TOT YTD Avg. Sales
CONDOMINIUMS
Price vs. Previous YTD Avg. Sales Price:
2021
2022
% Change
2022: $2,604,777
YTD Number of Sales
44
42
-5%
a 32% increase
YTD Total Dollar Value
$56,301,639
$82,576,8333
+47%
$1,202
$1,823
+52%
YTD AVG Price Per Square Foot
2021: $1,978,492
VACANT PROPERTY 2021
2022
% Change
YTD Number of Sales
13
7
-46%
YTD Total Dollar Value
$17,381,000
$14,175,000
-18%
By Mid 2022, TOT YTD Unit
Sales
dropped
17% from 88 in June ‘21 to 73 in June ‘22. Largely due to lack of inventory.
TOWN OF TELLURIDE MARKET YTD Unit Sales
17
YTD Dollar Sales
2021
2022
% Change
88
73
-17%
$174,107,295
$190,148,708
+9%
Overall TOT Market Highlights
32%
Avg. Sale Price
42
Town of Telluride Condo Sales YTD
$82.6M
9%
Total Dollar Volume
17%
Total Transactions
15 Town of Telluride Single-Family Home Sales $74M
SOLD
The Fed raising interest rates is pushing mortgage rates higher at t he fastest pace in history, which is an attempt by policymakers to control housing cost and ultimately control inflation. There still seems to be a long way to go before t he Telluride Market cools down. *excludes mining claims, parking spaces, fractionals, deed-restricted properties
M O U N TA I N V I L L A G E SEMI-ANNUAL | 2022
SOLD: 300 Prospect Falls Court B, Mountain Village, CO | $5.35M | LISTED by TREC Perhaps the finest residence at Townhomes on the Creek in the Mountain Village. Features include dramatic views of the northern peaks, excellent ski access, and a well appointed interior.
Overall MV Market Highlights
51
Mountain Village Condo Sales YTD $98M
16 Mountain Village Single-Family Home Sales $110M
SOLD
338
Total Transactions Year-to-Date 2022
SOLD Buyers have been forced to turn toward t he condominium market where t here seems to be more options. Buyers are also continuing to seek out vacant land of any kind. This will continue to put pressure on architects, contractors and construction workers in t he region. *excludes mining claims, parking spaces, fractionals, deed-restricted properties
SINGLE-FAMILY HOMES 2021
2022
% Change
YTD Number of Sales
26
16
-38%
YTD Total Dollar Value
$126,958,850
$109,627,700
-14%
$831
$1,151
+38%
2021
2022
% Change
YTD Number of Sales
81
51
-37%
YTD Total Dollar Value
$108,383,200
$98,120,400
-9%
$762
$1,128
+48%
MV YTD Avg. Sales Price vs. Previous YTD Avg. Sales Price: 2022: $1,614,380
YTD AVG Price Per Square Foot
2021: $1,295,048 a 25% increase
CONDOMINIUMS
25
YTD AVG Price Per Square Foot
VACANT PROPERTY 2021
2022
% Change
YTD Number of Sales
49
17
-65%
YTD Total Dollar Value
$32,807,688
$22,783,000
-31%
MOUNTAIN VILLAGE MARKET
28 Mountain Village YTD Unit Sales: 2022: 157
YTD Unit Sales YTD Dollar Sales
2021
2022
% Change
218
157
-28%
$282,320,483
$253,457,700
-10%
2021: 218 a 28% decrease
REMAINDER OF COUNTY SEMI-ANNUAL | 2022
SOLD: 3087 San Juan Vista Road Placerville, CO | $1.485M | LISTED by TREC A place of utter serenity, this custom built, private residence sits on over 6 ½ acres on one of the most coveted areas of Hastings Mesa.
SINGLE-FAMILY HOMES 2021
2022
% Change
YTD Number of Sales
26
38
+37%
YTD Total Dollar Value
$126,958,850
$105,888,699
-18%
CONDOMINIUMS 2021
2022
% Change
YTD Number of Sales
81
6
-172%
YTD Total Dollar Value
$108,383,200
$2,903,000
-189%
35 The YTD Avg. Sales Price increased 35% vs. previous YTD Avg. Sales Price for the Remainder of the County from $1,348,931 in 2021 to $1,815,553 in 2022.
VACANT PROPERTY
The Remainder of the County saw YTD Dollar Volume down 14%. From $227,969,389 in 2021 to $196,079,724 in 2022.
2021
2022
% Change
YTD Number of Sales
68
45
-34%
YTD Total Dollar Value
$54,963,450
$68,317,850
+24%
REMAINDER OF COUNTY MARKET YTD Unit Sales
61
YTD Dollar Sales
2021
2022
% Change
169
108
-36%
$227,969,389
$196,079,724
-14%
Overall Market Highlights
Average Sale Price 2022
$1,440,836
Average Sale Price 2021
“
The demand in our region remains incredibly high, resulting in fewer days on t he market and continued low inventory.
$2M to $5M 25%
$1M to $2M 20%
$500K to $1M 21%
Under $500K 28%
SALES DISTRIBUTION BY PRICE
$1,892,563
>$5M 6%
*excludes mining claims, parking spaces, fractionals, deed-restricted properties
“
What’s for Sale? TOWN OF TELLURIDE # Available
Asking Price
Average Asking Price
3 Bedrooms
3
$4.95M - $4.9M
$3,181,667
4 Bedrroms
6
$3.79M $10.34M
$8,062,000
5 Bedrooms
2
$8.9M $11.995M
$10,447,500
6 Bedrooms
4
$6.2M - $12.5M
$9,324,250
7+ Bedrooms
2
$14.995M $15.595M
$15,472,500
0-1 Bedroom
7
$775K - $2M
$1,250,142
2 Bedrooms
6
$1.72M - $2.9M
$2,054,166
3 Bedrooms
8
$3.79M - $13M
$6,845,000
8
$739K - $3.5M
$1,928,750
SINGLE FAMILY HOMES
CONDOMINIUMS
VACANT LAND
LISTED by TREC: 7039 Last Dollar Road Telluride, CO | $12.5M
LISTED by TREC: 105 Highlands Way Mountain Village, CO | $18.995M
What’s for Sale? MOUNTAIN VILLAGE # Available
Asking Price
Average Asking Price
5 Bedrooms
3
$8.9 - $15.95
$12,116,667
6 Bedrooms
3
$9.97M $18.995M
$15,823,333
7 Bedrooms
3
$8.995M $12.495M
$10,896,667
9+ Bedrooms
2
$16M - $34.5M
$25,250,000
0-1 Bedroom
7
$395K - $895K
$492,842
2 Bedroom
2
$895K - $2.45M
$1,672,500
3 Bedrooms
3
$3.3M - $5.2M
$4,133,333
4+ Bedrooms
10
$2.49M $10.5M
$5,331,111
32
$295K - $25M
$2,495,062
SINGLE FAMILY HOMES
CONDOMINIUMS
VACANT LAND
What’s for Sale? REMAINDER OF COUNTY # Available
Asking Price
Average Asking Price
1 Bedroom
6
$422K - $6.4M
$1,534,083
2 Bedrooms
5
$375K - $2.4M
$1,144,800
3 Bedrooms
17
$279K - $6.45M
$1,670,294
4 Bedrooms
13
$299K $14.75M
$5,498,307
5 Bedrooms
9
$3.5M $23.95M
$9,843,000
6 Bedrooms
4
$3.35M - $25M
$16,500,000
7 Bedrooms
2
$2.995M $18.5M
$10,747,500
9+ Bedrooms
1
$1.4M
$1,395,000
74
$75K - $26M
$1,686,774
SINGLE FAMILY HOMES
VACANT LAND
LISTED by TREC: 12665 62 Hwy Placerville, CO | $11.995M
An exclusive worldwide residential real estate partner of Forbes, Forbes Global Properties provides branding and marketing services to the world’s premier real estate firms and is now represented by approximately 2,440 specialists in 135 locations across the globe. As a Forbes Global Properties member, Telluride Real Estate Corp. capitalizes on Forbes’ engaged audience of more than 132 million monthly global visitors to connect, inspire, and inform affluent potential homebuyers and sellers about the finest properties for sale. Homes are presented across Forbes and Forbes Global Properties print, digital, and social media channels with expert commentary, timely market data, and top-tier editorial. “Celebrated and regarded as North America’s number one ski resort year after year, Telluride tops the list for affluent buyers seeking secondary and primary residences alike,” said Alex Lange, CEO of Forbes Global Properties. “We are delighted to welcome Telluride Real Estate Corp. to our growing international network of local property experts. With a deep-rooted commitment to the community and a longstanding record of success in luxury property sales, Telluride Real Estate Corp. is the ideal ambassador for the area’s coveted lifestyle offerings and distinctive properties.”
Telluride Real Estate Corp.
TRUSTED. EXPERIENCED. PROFESSIONAL. SINCE 1981. Telluride Real Estate Corp. 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. 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 R E P O RT 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
@TRECTELLURIDE
Mountain Lodge 970.369.6003 | 457 Mountain Village