2020 Telluride Real Estate Activity Report Q1 - Telluride Properties

Q1 REPORT Telluride Real Estate

2020

ACTIVITY

403 Larkspur Lane, Mountain Village - Offered at $4,200,000

Notwithstanding the uncertain status of the world, the financial markets, and the future, we at Telluride Properties have remained attentive to the condition of our real estate market and the many positive indicators we saw with 2020’s first quarter sales. To be clear, many, if not all of those transactions were under contract prior to recent world events. That said, only 12 contracts in the whole of San Miguel County were terminated during March, but it is likely we won’t truly start to see the impacts for 30 - 60 days.

The market as a whole is up 32% year-to-date in terms of total dollar volume and 14% in total number of transactions. This growth is driven in large part by the Town of Telluride’s condominium market, which saw upwards of $75M in sales during the first quarter. Many of those condominiums were of new construction in prime locations that represented opportunities not available for many years, and as a result, set price per square foot records.

Even still, those record sales align with similar product in other ski markets and represent a tremendous value when comparing their favored attributes; proximity to skiing and downtown, level of finish, finite supply, views, community, and all of the various intangibles provided by the unique Telluride lifestyle. In spite of a depleted inventory of Telluride single family homes, focus on the upper-end of this market has remained strong with a year-to-date median sales price of $3.8M. Of the 31 total sales in the Town of Telluride, 14 were over $3M and 7 of those sales were $5M+.

Mountain Village has also seen encouraging growth, particularly on the upper-end of the market, which has been notoriously stagnant in the last 5 years. This is evidenced by a 5% growth in dollar volume despite a decline of 34% in number of transactions. Awash with quality inventory at great prices, and perhaps in light of a paradigm shift towards space, privacy, seclusion and tranquility, the Mountain Village single family home market is worth keeping a careful eye on in the coming months.

As with the rest of the world at this juncture, looking at the coming months with any level of confident foresight seems next to impossible, if not futile. However, the fact remains that Telluride is one of the most serene and incredible places on earth and property here will continue to represent something far more valuable than a dollar amount. This period of uncertainty will pass and in the meantime, we at Telluride Properties are here to provide you with any insight that we can.

We look forward to seeing you in Telluride soon.

San Miguel County Overview # 555

562

$

Ç14% compared to ytd 2019

Ç32% compared to ytd 2019 $621.1M

619 499

540

$537.5M

594.3M

$461.8M $452.8M

151.8 ytd

123 ytd

2015

2016

2017

2018

2019

2020

# of Tr ans act i ons San Mi g u e l Count y

2015

2016

2017

2018

2019

2020

Dol l ar Vo l u me San Miguel C ount y

Lots 2, 8, & 9 Cortina Drive, Mountain Village - Offered at $275,000, $525,000, & $525,000 The information represented above is compiled from Telluride Consulting data ytd as of 3/31/2020 and represents all sales in San Miguel County.

What’s Selling?

Town of Tel luride Under Contract

Number Sold

Sold Price Range

Median Sold Price

Median % Off Asking $

3 Bedrooms

1

1

$4,487,500

--

10%

4 Bedrooms

4

2

$3,527,000 - $3,800,000

$3,663,500

4%

5+ Bedrooms

2

1

$5,900,000

--

2%

Studio & 1 Bedrooms

3

3

$165,000 - $345,000

$165,000

0%

2 Bedrooms

4

6

$280,808 - $1,550,000

$887,500

2%

3 Bedrooms

1

7

$1,400,000 - $3,600,000

$2,240,000

6%

4 Bedrooms

3

4

$2,950,000 - $11,200,000

$3,750,000

5%

5+ Bedrooms

1

5

$5,200,000 - $8,200,000

$5,450,000

2%

0

1

$638,000

--

15%

Single Family Homes

Condominiums

Vacant Land All

The information represented above is compiled from the Telluride MLS ytd as of 3/31/2020 and includes the Idarado subdivision. It excludes deed-restricted, commercial, & fractional properties.

ytd

$

2020

as of 3/31/2020 there have been 31 sales in the Town of Telluride for a total dollar volume of $93,966,558.

Ç89% compared to ytd 2019

5

1

#

Ç35% compared to ytd 2019

25

$18,902,000

$638,000

$74,426,558

HOMES

LAND

CONDOS

Transfer Telluride - SanJuan House 5, Town of Telluride - Sold 1/8/2020 for $8,200,000 Listed by Telluride Properties

What’s For Sale?

Town of Tel luride Number Available

Asking Price Range

Median Asking Price

3 Bedrooms

8

$1,950,000 - $4,795,000

$3,195,000

4 Bedrooms

6

$1,595,000 - $7,495,000

$3,642,500

5+ Bedrooms

8

$2,155,000 - $7,995,000

$4,572,500

Studio & 1 Bedrooms

14

$175,000 - $995,000

$538,500

2 Bedrooms

9

$599,450 - $3,050,000

$825,000

3 Bedrooms

8

$895,000 - $3,750,000

$1,572,500

4 Bedrooms

6

$1,295,000 - $6,000,000

$3,500,000

5+ Bedrooms

2

$2,695,000 - $5,200,000

$3,947,500

25

$669,000 - $5,000,000

$1,795,000

Single Family Homes

Condominiums

Vacant Land All

The information represented above is compiled from the Telluride MLS ytd as of 3/31/2020 and includes the Idarado subdivision. It excludes deed-restricted, commercial, & fractional properties.

404 West Colorado Avenue, Town of Telluride - Offered at $3,485,000

What’s Selling?

Mountain V il lage Under Contract

Number Sold

Sold Price Range

Median Sold Price

Median % Off Asking $

3 Bedrooms

0

1

$3,675,000

--

5%

4 Bedrooms

1

5

$1,535,000 - $3,175,000

$2,330,000

9%

5 Bedrooms

0

2

$4,400,000 - $6,335,000

$5,367,500

6%

6+ Bedrooms

1

0

--

--

--

Studio & 1 Bedrooms

5

1

$515,000

--

6%

2 Bedrooms

2

1

$369,000

--

0%

3 Bedrooms

1

3

$670,000 - $1,768,000

$1,575,000

2%

4 Bedrooms

2

2

$1,913,000 - $2,975,000

$2,444,000

8%

5+ Bedrooms

0

2

$2,475,000 - $2,800,000

$2,637,500

6%

5

2

$395,000 - $560,000

$477,500

2%

Single Family Homes

Condominiums

Vacant Land All

The information represented above is compiled from the Telluride MLS ytd as of 3/31/2020, it excludes deed-restricted, commercial, & fractional properties.

ytd

$

2020

as of 3/31/2020 there have been 19 sales in Mountain Village for a total dollar volume of $41,905,000.

8

Ç5%

compared to ytd 2019

2

#

ďƒˆ34%

compared to ytd 2019

9

$25,890,000

$955,000

$15,060,000

HOMES

LAND

CONDOS

116 Rocky Road, Mountain Village - Sold 3/4/2020 for $6,335,000 Listed by Telluride Properties

What’s For Sale?

Mountain V il lage Number Available

Asking Price Range

Median Asking Price

3 Bedrooms

3

$2,749,000 - $3,800,000

$3,295,000

4 Bedrooms

11

$2,500,000 - $6,750,000

$3,900,000

5 Bedrooms

14

$2,095,000 - $6,995,000

$4,375,000

6+ Bedrooms

13

$3,795,000 - $9,475,000

$5,995,000

Studio & 1 Bedrooms

19

$169,000 - $875,000

$310,500

2 Bedrooms

17

$395,000 - $1,850,000

$579,000

3 Bedrooms

10

$525,000 - $2,995,000

$2,395,000

4 Bedrooms

12

$850,000 - $4,650,000

$2,637,500

5+ Bedrooms

5

$2,149,000 - $4,500,000

$2,675,000

80

$195,000 - $5,000,000

$699,500

Single Family Homes

Condominiums

Vacant Land All

The information represented above is compiled from Telluride MLS data ytd as of 3/31/2020, it excludes deed-restricted, commercial, & fractional properties.

103 Double Eagle Way, Mountain Village - Offered at $2,749,000

What’s Selling?

Surround ing Areas Under Contract

Number Sold

Sold Price Range

Median Sold Price

Median % Off Asking $

Turkey Creek Mesa

5

6

$295,000 - $1,750,000

$981,250

13%

Deep Creek Mesa

0

2

$450,000 - $875,000

$662,500

10%

Down Valley

0

2

$215,000 - $400,000

$307,500

12%

Wilson Mesa

4

0

--

--

--

Specie Mesa

0

1

$910,000

--

13%

Hastings Mesa

2

0

--

--

--

Iron Springs/Horsefly Mesa

1

1

$525,000

--

9%

Ilium/Ames

0

0

--

--

--

Ophir

3

1

$210,000

--

29%

(Turkey Creek Mesa) Alta Lakes, Elk Run, Preserve, Raspberry Patch, Ski Ranches, Skyfield, and West Meadows (Deep Creek Mesa) Aldasoro Ranch, Deep Creek Ranches, Diamond Ranch, Falls at Telluride, Golden Ledge, Gray Head, Last Dollar, Meadows at Deep Creek, Redtail Estates, and Sunnyside Ranch (Down Valley) Fall Creek, Sawpit, Placerville, Placervalley Village, Redcliff Estates, Shadohoochi Hill (Wilson Mesa) Elk Creek Reserve, Muddy Creek Meadows, Ptarmigan Ranch, and Wilson Mesa Ranches (Specie Mesa) Estate Ranches, Great American, Little Cone Ranch, Peninsula Park, Peninsula Pines, Peninsula Point, Specie Mesa Ranch, Specie Wilderness, The Peninsula, and Top of the World (Hastings Mesa) Alder Canyon Ranches, Beaver Pond, Cradle Park Ranches, Finnegan Ranch, Hastings Mesa Estates, Last Dollar Tracts, Little Lake Ranches, Old Elam Ranch, Pleasant View, San Juan Vista, Telluride Pines, and Willmeng Springs (Iron Springs/Horsefly Mesa) Anderson Ranch, Big Valley Ranch, The Bluffs, Brown Ranch, Canyon Creek Ranch, Colt Meadows Ranch, Cornerstone, Dancing Bear Ranch, Eagle Ridge Ranch, Elks Summit, Frontier, Golden Bear Ranch, Gracie Sky Mountain Ranch, Lakes at Carstens Ranch, McKenzie Spring Ranch, Panorama Acres, Rosorado, and San Juan Ranch (Ilium/Ames) Ptarmigan at Ilium, Lake Fork Junction, and South Fork Estates

The information represented above is compiled from Telluride MLS data ytd as of 3/31/2020, it excludes deed-restricted, commercial, & fractional properties.

108 Cristelli Lane, Aldasoro Ranch - Sold 3/2/2020 for $450,000 Sold by Telluride Properties

What’s For Sale?

Surround ing Areas Number Available

Asking Price Range

Median Asking Price

Turkey Creek Mesa

20

$260,000 - $14,900,000

$1,335,000

Deep Creek Mesa

32

$169,000 - $9,750,000

$1,750,000

Down Valley

6

$275,000 - $1,279,000

$662,500

Wilson Mesa

14

$199,000 - $24,500,000

$567,500

Specie Mesa

18

$185,000 - $2,999,000

$575,000

Hastings Mesa

15

$107,000 - $2,690,000

$429,000

Iron Springs/Horsefly Mesa

29

$75,000 - $17,950,000

$550,000

Ilium/Ames

3

$760,000 - $3,395,000

$1,950,000

Ophir

3

$155,000 - $369,000

$190,000

(Turkey Creek Mesa) Alta Lakes, Elk Run, Preserve, Raspberry Patch, Ski Ranches, Skyfield, and West Meadows (Deep Creek Mesa) Aldasoro Ranch, Deep Creek Ranches, Diamond Ranch, Falls at Telluride, Golden Ledge, Gray Head, Last Dollar, Meadows at Deep Creek, Redtail Estates, and Sunnyside Ranch (Down Valley) Fall Creek, Sawpit, Placerville, Placervalley Village, Redcliff Estates, Shadohoochi Hill (Wilson Mesa) Elk Creek Reserve, Muddy Creek Meadows, Ptarmigan Ranch, and Wilson Mesa Ranches (Specie Mesa) Estate Ranches, Great American, Little Cone Ranch, Peninsula Park, Peninsula Pines, Peninsula Point, Specie Mesa Ranch, Specie Wilderness, The Peninsula, and Top of the World (Hastings Mesa) Alder Canyon Ranches, Beaver Pond, Cradle Park Ranches, Finnegan Ranch, Hastings Mesa Estates, Last Dollar Tracts, Little Lake Ranches, Old Elam Ranch, Pleasant View, San Juan Vista, Telluride Pines, and Willmeng Springs (Iron Springs/Horsefly Mesa) Anderson Ranch, Big Valley Ranch, The Bluffs, Brown Ranch, Canyon Creek Ranch, Colt Meadows Ranch, Cornerstone, Dancing Bear Ranch, Eagle Ridge Ranch, Elks Summit, Frontier, Golden Bear Ranch, Gracie Sky Mountain Ranch, Lakes at Carstens Ranch, McKenzie Spring Ranch, Panorama Acres, Rosorado, and San Juan Ranch (Ilium/Ames) Ptarmigan at Ilium, Lake Fork Junction, and South Fork Estates

The information represented above is compiled from Telluride MLS data ytd as of 3/31/2020, it excludes deed-restricted, commercial, & fractional properties.

Eagle Ridge Ranch (Iron Springs/Horsefly Mesa) - Offered at $5,295,000

Telluride Properties participated in 47% of the dollar volume for San Miguel County MLS Sales in the first quarter of 2020, while only representing 13% of all Realtors in Telluride.

970.728.0808 tellurideproperties.com Telluride Office 237 S. Oak St. at the Telluride Gondola Mountain Village Office 560 Mountain Village Boulevard, Ste. 103