2020 Telluride Real Estate Activity Report Q4 - Telluride Properties

Q4 REPORT Telluride Real Estate

2020

ACTIVITY

6515 County Road 60M, Wilson Mesa - Offered at $5,478,000

Wow, what an unprecedented and unpredictable year 2020 was. Full of heartbreak and turmoil for so many, we in Telluride were reminded time and time again how lucky we are to enjoy the lifestyle provided by our quaint town in the San Juan Mountains. As we reflect on the trajectory of the Telluride real estate market over the past 12 months, it seems that very lifestyle sentiment was the prevailing force in driving an extraordinary influx of demand, as the dollar volume of sales reached all-time highs. In fact, the previous high dollar volume mark set in 2007 at $756.6m was blown out of the water in 2020, increasing more than 50% for a total dollar volume of $1.16b. Incredibly, every month of the year exceeded $125m in dollar volume for San Miguel County.

All across ski country, from Aspen to Jackson Hole to Big Sky, a flood of new demand has been the story of the past year, driving prices to new heights in many areas. 46% of Aspen’s 2020 dollar volume came from home sales in excess of $10m. In Jackson Hole, $3,000+/square foot is the “new normal” for properties in the upper-end.

By comparison, Telluride’s surge has been more of an exacerbation of underlying dynamics; a steady increase in prices – particularly in town – and dwindling Town-ofTelluride inventory were influencing factors even before the pandemic. The average price per-square-foot of Telluride and Mountain Village homes currently on the market is $1,340, up modestly from the average of $1,006 in 2019. Even with recent “outlier” sales in the upper echelon of the per-foot metric, Telluride continues to represent a more sustainable price appreciation than comparable resort towns in the west. While the highs that our market achieved this past year are completely unmatched, the dynamics behind those highs in Telluride are full of substance and longevity.

What droves of buyers sought-out in Telluride this year will remain in spades for years to come. The authenticity of the Telluride lifestyle, wide open spaces and fresh mountain air are here to be enjoyed, even when the pandemic is no more.

San Miguel County Overview #

$

Ç47% compared to 2019

Ç118% compared to 2019

1.16B

814

555

2015

562

2016

$621.1M

619 499

2017

2018

540

$537.5M

594.3M

$461.8M $452.8M

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

425 East Galena Avenue, Town of Telluride - Offered at $9,970,000 The information represented above is compiled from Telluride Consulting data ytd as of 12/31/2020 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

12

$925,000 - $10,000,000

$2,912,500

6%

4 Bedrooms

3

25

$855,000 - $7,300,000

$3,000,000

2.6%

5+ Bedrooms

1

14

$2,637,500 - $7,900,000

$5,787,500

5.5%

Studio & 1 Bedrooms

1

41

$160,000 - $675,000

$418,000

3.4%

2 Bedrooms

3

34

$485,000 - $2,075,000

$825,000

2.3%

3 Bedrooms

5

36

$865,000 - $3,600,000

$1,510,000

2.3%

4 Bedrooms

1

16

$1,380,000 - $11,200,000

$3,175,000

3.7%

5+ Bedrooms

0

7

$4,550,000 - $8,200,000

$5,250,000

5.1%

3

25

$187,553 - $6,100,000

$1,385,000

4.5%

Single Family Homes

Condominiums

Vacant Land All

The information represented above is compiled from the Telluride MLS ytd as of 12/31/2020 and includes the Idarado subdivision & Valley Floor. It excludes deed-restricted, commercial, & fractional properties.

ytd 2020

as of 12/31/2020 there have been 218 sales in the Town of Telluride for a total dollar volume of $470,858,878.

Town of Telluride - Sold 11/10/2020 for $10,000,000 Sold by Telluride Properties

$ 58

Ç113% compared to ytd 2019

25

#

Ç72% compared to ytd 2019

135

$212,380,378

$39,462,000

$219,016,500

HOMES

LAND

CONDOS

What’s For Sale?

Town of Tel luride Number Available

Asking Price Range

Median Asking Price

3 Bedrooms

4

$2,895,000 - $5,999,999

$3,795,000

4 Bedrooms

3

$4,050,000 - $18,000,000

$6,495,000

5+ Bedrooms

4

$3,278,000 - $9,970,000

$6,145,000

Studio & 1 Bedrooms

3

$489,000 - $750,000

$674,900

2 Bedrooms

3

$1,100,000 - $3,050,000

$1,185,000

3 Bedrooms

3

$1,100,000 - $4,950,000

$4,950,000

4 Bedrooms

1

$1,395,000

--

5+ Bedrooms

0

--

--

12

$669,000 - $5,000,000

$2,045,000

Single Family Homes

Condominiums

Vacant Land All

The information represented above is compiled from the Telluride MLS ytd as of 12/31/2020 and includes the Idarado subdivision & Valley Floor. It excludes deed-restricted, commercial, & fractional properties.

404 East Columbia Avenue, Town of Telluride - Offered at $5,999,999

What’s Selling?

Mountain V il lage Under Contract

Number Sold

Sold Price Range

Median Sold Price

Median % Off Asking $

3 Bedrooms

1

4

$2,637,500 - $4,295,000

$3,162,500

4.1%

4 Bedrooms

2

22

$1,255,000 - $4,995,000

$3,147,500

2.5%

5 Bedrooms

2

13

$2,750,000 - $6,600,000

$3,900,000

6.3%

6+ Bedrooms

2

13

$4,550,000 - $8,917,526

$6,387,093

3.4%

Studio & 1 Bedrooms

8

26

$129,500 - $880,000

$460,000

3.2%

2 Bedrooms

5

32

$345,000 - $2,100,000

$587,500

2.3%

3 Bedrooms

3

23

$485,000 - $2,800,000

$1,650,000

3.3%

4 Bedrooms

4

20

$825,000 - $4,400,000

$2,270,750

3.1%

5+ Bedrooms

2

6

$2,450,000 - $4,200,000

$3,175,000

6%

6

46

$194,000 - $2,250,000

$458,500

7.1%

Single Family Homes

Condominiums

Vacant Land All

The information represented above is compiled from the Telluride MLS ytd as of 12/31/2020, it excludes deed-restricted, commercial, & fractional properties.

ytd 2020

as of 12/31/2020 there have been 205 sales in Mountain Village for a total dollar volume of $391,755,138.

$ 52

Ç72%

compared to ytd 2019

46

#

Ç70%

compared to ytd 2019

107

$220,353,419

$26,840,500

$144,561,219

HOMES

LAND

CONDOS

529 Benchmark Drive, Mountain Village - Sold 12/23/2020 for $8,650,000 Sold by Telluride Properties

What’s For Sale?

Mountain V il lage Number Available

Asking Price Range

Median Asking Price

3 Bedrooms

1

$1,995,000

--

4 Bedrooms

5

$2,695,000 - $6,750,000

$2,999,000

5 Bedrooms

4

$2,995,000 - $7,750,000

$5,797,500

6+ Bedrooms

12

$3,500,000 - $16,000,000

$6,874,500

Studio & 1 Bedrooms

9

$219,000 - $899,999

$435,000

2 Bedrooms

3

$550,000 - $1,195,000

$1,025,000

3 Bedrooms

10

$1,899,000 - $3,295,000

$2,372,500

4 Bedrooms

2

$3,675,000 - $3,750,000

$3,712,500

5+ Bedrooms

3

$2,200,000 - $3,920,000

$2,695,000

55

$799,000 - $4,699,000

$850,000

Single Family Homes

Condominiums

Vacant Land All

The information represented above is compiled from Telluride MLS data ytd as of 12/31/2020, it excludes deed-restricted, commercial, & fractional properties.

Madeline Residence 1203, Mountain Village - Offered at $849,000

What’s Selling?

Surround ing Areas Under Contract

Number Sold

Sold Price Range

Median Sold Price

Median % Off Asking $

Turkey Creek Mesa

1

38

$255,000 - $13,250,000

$1,350,250

5%

Deep Creek Mesa

7

27

$320,000 - $4,800,000

$1,110,000

5%

Down Valley

2

12

$215,000 - $1,680,000

$675,000

5.4%

Wilson Mesa

2

17

$100,000 - $10,000,000

$395,000

5%

Specie Mesa

2

5

$155,000 - $910,000

$325,000

6.9%

Hastings Mesa

4

14

$110,000 - $1,340,000

$346,000

3.3%

Iron Springs/Horsefly Mesa

5

15

$100,000 - $6,930,000

$820,000

6.7%

Ilium/Ames

1

1

$1,700,000

--

--

Ophir

1

6

$145,000 - $504,000

$324,500

3.7%

(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 12/31/2020, it excludes deed-restricted, commercial, & fractional properties.

500 Elk Run Drive, Turkey Creek Mesa - Sold 10/28/2020 for $5,140,290 Sold by Telluride Properties

What’s For Sale?

Surround ing Areas Number Available

Asking Price Range

Median Asking Price

Turkey Creek Mesa

10

$425,000 - $14,400,000

$1,760,000

Deep Creek Mesa

23

$475,000 - $29,000,000

$2,950,000

Down Valley

5

$249,900 - $1,795,000

$349,000

Wilson Mesa

8

$169,000 - $24,500,000

$1,349,500

Specie Mesa

27

$197,500 - $35,000,000

$1,050,000

Hastings Mesa

10

$225,000 - $8,000,000

$1,035,000

Iron Springs/Horsefly Mesa

41

$115,000 - $4,975,000

$350,000

Ilium/Ames

0

--

--

Ophir

5

$160,000 - $349,000

$189,000

(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 12/31/2020, it excludes deed-restricted, commercial, & fractional properties.

462 Dragon Lode Drive - Hastings Mesa - Offered at $2,950,000

2020 Sales Highlights Tel luride Propert ies

THE LARGEST TELLURIDE MLS SALE OF 2020

Represented Seller and Buyer in the sale of 250 Raspberry Patch Road / $13,250,000

55%

OF TELLURIDE MLS SALES $4M+ Represented Seller and/or Buyer in 41 mls sales, $4,000,000 and above.

$13,250,000

$11,200,000

$10,000,000

$8,650,000

$8,200,000

$7,900,000

49%

OF SALES DOUBLE SIDED Represented the Seller and Buyer.

3.4%

MEDIAN OFF ASKING PRICE For Seller represented listings.

PARTICIPATED IN 6/10 OF 2020’S LARGEST TELLURIDE MLS SALES Represented the Seller and/or Buyer.

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