MICROMARKET REPORT
TELLURIDE | Q3 2020
TELLURIDE
SAN MIGUEL COUNTY
1. Telluride 2.
Mountain Village
3. Norwood 4. Ridgway
4
3
2
1
Pictured on cover: 102 Singletree Ridge, Mountain Village
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TELLURIDE MARKET UPDATE Colorado’s southwest corner is home to the historic mining town of Telluride. This picturesque community is situated among the San Juan Mountains within Ouray and San Miguel County. Victorian homes, a shop-lined Main Street, and world-class skiing are just part of what make Telluride such a charming place to live. Its location off the beaten path has made this town and the communities that surround it, such as Mountain Village and Ridgway, popular escapes for those who want to feel like they are worlds away. With more people searching for a safe haven of their own, the collection of mountain communities in Telluride are experiencing enhanced market activity this year. LIV Sotheby’s International Realty produces a Micro Market Report analyzing the Town of Telluride, Mountain Village, and surrounding neighborhood’s real estate performance from January to September of 2020 compared to the same time period in 2019. Total sales volume in San Miguel County rose by an impressive 123.7%, from $244,515,144 through September of 2019 to $546,924,942 through September of this year. What’s more, the overall number of listings sold grew January through September 2019 2020 % Change by 56.3% and the average sold price increased by Sold Listings (All Properties) 176 275 56.3% 43.2% bringing the average sold price for residential properties in the area to $1,988,818. Sold Single Family 63 140 122.2%
SAN MIGUEL COUNTY
Sold Townhouse/Condo/Duplex
113
135
19.5%
Many neighborhoods within San Miguel County saw Average Days on Market 265 261 -1.5% impressive increases in the number of properties sold. The Town of Telluride had a boost in the Average Sold Price $1,389,291 $1,988,818 43.2% number of all residential properties sold, growing % Sold Price to Original List Price 91.2% 94.1% 3.2% by 78.3% from Q3 in 2019 when 69 homes sold to Q3 in 2020 when 123 homes sold. Mountain Village Total Dollar Volume Sold $244,515,144 $546,924,942 123.7% also saw immense growth in the number of single family homes sold through September of 2020. In this community, 29 homes have been sold so far in 2020, compared to the 14 homes that were sold through Q3 in 2019, a 107.1% increase.
The Town of Telluride not only increased the number of properties sold throughout 2020, but this community has also seen an increase in the average sold price. This beautiful mountain town has seen average single family home sold prices climb from $2,503,667 in 2019 to $3,155,554 thus far in 2020, a 26% increase. Mountain Village’s average sold price for all property types has also increased, climbing 37.4% which brings the average sold price in the area $2,253,701. Ridgway, within Ouray County, experienced an impressive rise in the number of land parcels sold through September of this year. There were 19 land parcels sold so far this year compared to the same time frame last year when just five parcels sold, a 280% increase. Not only did the amount of sold land parcels increase, but the average price of land parcels in this area rose as well. The average sold price for land parcels in Ridgway through Q3 of this year was $900,418, which is a 384.1% increase from last year. This drastic rise in price is influenced by the incredible $9,175,000 sale of a parcel of land. That sale boosted the highest price of a single land parcel for the year by an astounding 2,413.7%. Protected from the rest of the world by the breathtaking San Juan Mountains, the Telluride communities are the perfect place to buy homes for people searching for something different. The desire to live the mountain lifestyle has become a priority for many in recent months, driving the real estate market in these areas to perform especially well. As these consumer preferences continue, Telluride’s housing market will remain active and produce favorable outcomes for buyers and sellers. Based on Information from flexmls/Telluride Association of Realtors®. This representation is based in whole or in part on data supplied by flexmls/Telluride Association of Realtors®. flexmls/Telluride Association of Realtors does not guarantee nor is in any way responsible for its accuracy. Data maintained by flexmls/Telluride Association of Realtors may not reflect all real estate activity in the market.
MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com
JANUARY - SEPTEMBER 2020 • COLORADOMICROREPORTS.COM
TOWN OF TELLURIDE
64.4%
January through September Average Price Average Price per Square Foot
The average sold price for all residential properties in the
Average Days on Market
Town of Telluride increased by 64.4% January through
Highest Price
September 2020 compared to that of 2019.
Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,448,779
$2,381,545
64.4%
$925
$1,106
19.6%
211
261
23.7%
$7,625,000
$11,200,000
46.9%
69
123
78.3%
94.1%
94.9%
0.9%
All Residential Properties
TOWN OF TELLURIDE January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
TOWN OF TELLURIDE
2019
2020
% Change
January through September
$2,503,667
$3,155,554
26.0%
$1,148
$1,284
11.9%
Average Price per Square Foot
281
339
20.6%
Average Days on Market
$7,625,000
$7,496,850
-1.7%
12
39
225.0%
94.3%
94.0%
-0.3%
Average Price
Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,226,698
$1,818,957
48.3%
$878
$1,019
16.1%
196
230
17.3%
$7,550,000
$11,200,000
48.3%
57
85
49.1%
96.0%
98.0%
2.1%
Single Family Homes
Condos, Townhomes, Duplexes
TOWN OF TELLURIDE January through September Average Price Average Days on Market Highest Price Properties Sold
Due to Telluride’s significant role in the history of the American West, the core area of Telluride was designated a National Historic Landmark District in 1964.
% Sold Price to List Price
2019
2020
% Change
$2,348,750
$1,330,231
-43.4%
93
214
130.1%
$12,750,000
$6,100,000
-52.2%
8
13
62.5%
94.0%
91.0%
-3.2% Land
coloradomicroreports.com
MOUNTAIN VILLAGE January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,639,963
$2,253,701
37.4%
$642
$712
10.9%
329
281
-14.6%
$6,550,000
$7,900,000
20.6%
65
84
29.2%
94.0%
95.5%
1.6%
37.4%
The average sold price for all residential properties in the town of Mountain Village increased by 37.4% January through September 2020 compared to that of 2019.
All Residential Properties
MOUNTAIN VILLAGE January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
MOUNTAIN VILLAGE
2019
2020
% Change
$3,248,750
$3,808,514
17.2%
Average Price
$622
$688
10.6%
Average Price per Square Foot
592
312
-47.3%
Average Days on Market
$6,550,000
$7,900,000
20.6%
Highest Price
14
29
107.1%
Properties Sold
90.0%
96.0%
6.7%
Single Family Homes
January through September
% Sold Price to List Price
2019
2020
% Change
$1,198,335
$1,425,740
19.0%
$648
$718
10.8%
257
260
1.2%
$3,700,000
$4,400,000
18.9%
51
56
9.8%
94.3%
96.1%
1.9%
Condos, Townhomes, Duplexes
MOUNTAIN VILLAGE January through September Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price Land
2019
2020
% Change
$656,146
$527,586
-19.6%
408
756
85.3%
$3,975,000
$1,850,000
-53.5%
12
29
141.7%
91.2%
90.0%
-1.3%
Mountain Village is steps away from the gondola and its slope-side location cannot be beat.
MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com
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SURROUNDING NEIGHBORHOODS January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
SURROUNDING NEIGHBORHOODS Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
% Change
$2,945,000
$2,750,324
-6.6%
$620
$574
-7.4%
241
235
-2.5%
$8,400,000
$13,250,000
57.7%
5
19
280.0%
90.5%
95.9%
6.0%
All Residential Properties
229 E Serapio Drive, Aldasoro Ranch
January through September
2019
340%
2019
2020
% Change
$961,800
$876,124
-8.9%
527
606
15.0%
$1,800,000
$3,500,000
94.4%
number of land parcels sold in the surrounding
5
22
340.0%
neighborhoods of Telluride increased by 340%
91.2%
91.5%
0.3%
compared to that of 2019.
January through September 2020, the
Land
Surrounding Neighborhoods: Aldasoro Ranch, Elk Run, GrayHead, Idarado Legacy, Raspberry Patch, Ski Ranches, The Preserve, West Meadows
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SURROUNDING MESAS January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
79.8%
2019
2020
% Change
$1,107,522
$1,991,388
79.8%
$349
$534
53.1%
295
212
-28.1%
The average sold price for all residential properties
$3,200,000
$13,250,000
314.1%
in the surrounding mesas increased by 79.8%
18
32
77.8%
January through September 2020 compared to
95.1%
94.3%
-0.8%
that of 2019.
All Residential Properties
105.3%
January through September 2020, the number of land parcels sold in the surrounding mesas
increased by 105.3% compared to that of 2019.
SURROUNDING MESAS January through September Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$374,289
$581,109
55.3%
540
458
-15.2%
$1,800,000
$3,500,000
94.4%
19
39
105.3%
91.3%
90.3%
-1.1% Land
Surrounding Mesas: Deep Creek Mesa, Hastings Mesa, Iron Springs/Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, Wilson Mesa
MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com
JANUARY - SEPTEMBER 2020 • COLORADOMICROREPORTS.COM
107.7%
The number of all residential properties sold in Norwood increased by 107.7% January
through September 2020 compared to that of
NORWOOD January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$288,077
$466,824
62.0%
$186
$237
27.7%
225
272
20.9%
$550,000
$2,850,000
418.2%
13
27
107.7%
93.9%
96.8%
3.1%
2019.
All Residential Properties
NORWOOD January through September Average Price
2019
2020
% Change
$100,864
$133,211
32.1%
766
293
-61.7%
$325,000
$275,000
-15.4%
11
19
72.7%
90.5%
89.0%
-1.7%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Norwood is a western plateau, primarily agricultural in nature. Featuring ranch lands, cattle and other livestock operations.
Land
7.5%
The average sold price for all residential
properties in Ridgway increased by 7.5% January through September 2020 compared to that of 2019.
RIDGWAY: OURAY COUNTY January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$458,296
$492,693
7.5%
$237
$277
16.6%
165
125
-24.2%
$750,000
$1,100,000
46.7%
13
14
7.7%
96.7%
97.4%
0.8%
All Residential Properties
coloradomicroreports.com
RIDGWAY: OURAY COUNTY January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$503,318
$542,308
7.7%
$235
$279
18.6%
179
132
-26.3%
$750,000
$1,100,000
46.7%
11
12
9.1%
96.5%
97.6%
1.1%
26.3%
The average days on market for single family homes in Ridgway decreased by 26.3% January through September 2020 compared to that of 2019.
Single Family Homes
RIDGWAY: OURAY COUNTY Ridgway is a great location for those who want to live a country-quiet lifestyle while being close to the city and the opportunity to live within 30 miles of a major regional airport.
January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$210,675
$195,000
-7.4%
$249
$264
5.7%
90
82
-8.9%
$211,350
$220,000
4.1%
2
2
0.0%
98.8%
96.5%
-2.3%
Condos, Townhomes, Duplexes
RIDGWAY: OURAY COUNTY January through September Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
280%
2019
2020
% Change
$186,000
$900,418
384.1%
129
280
117.1%
$365,000
$9,175,000
2,413.7%
5
19
280.0%
The number of land parcels sold in Ridgway
95.7%
93.2%
-2.6%
increased by 280% January through September 2020 compared to that of 2019.
Land
MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com
JANUARY - SEPTEMBER 2020 • COLORADOMICROREPORTS.COM
AVERAGE DAYS OF SUNSHINE ANNUALLY: 300
NATIONAL PARKS: 4
WHY coloradomicroreports.com
MOUNTAIN RANGES: 7
SKI AREAS & RESORTS: 28
COLORADO? MICROMARKET REPORT | Telluride resorts.livsothebysrealty.com
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The life you love.
resorts.livsothebysrealty.com | coloradomicroreports.com Based on Information from flexmls/Telluride Association of Realtors®. This representation is based in whole or in part on data supplied by flexmls/Telluride Association of Realtors®. flexmls/Telluride Association of Realtors® does not guarantee nor is in any way responsible for its accuracy. Data maintained by flexmls/Telluride Association of Realtors may not reflect all real estate activity in the market.