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The Market Report
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 35 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.
Indeed, most TREC clients are clients for life....
Telluride Real Estate Corp. is pleased to present
our comprehensive market report for the first
quarter of 2018. In this report, you will find
an overall snapshot of the market as well as
detailed information on the different market
segments making up the Telluride region.
All data in this report is collected from Telluride Consulting and the Telluride Multiple Listing Service. All information is deemed accurate and reliable but is not guaranteed.
MARKET HIGHLIGHTS
$110.3 DOLLAR VOLUME OF TRANSACTIONS
NUMBER OF TRANSACTIONS
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SIG
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ICA
NT
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127 Hood Park Road | $4,475,000Sold by TREC/Christie’s
TREC’S DOLLAR VOLUME OF TRANSACTIONS{ }
TREC’S NUMBER OF TRANSACTIONS{ }
109
$46.2
30
MARKET HIGHLIGHTS
The first quarter of 2018 compared to the first quarters of 2014-2016 was up 18%, but down 21% compared to 2017 – an anomaly. $110.3M in contracts closed in the first quarter with the number of transactions down 27%. Local influences on slowed sales include lack of snow this ski season and tightened inventory levels. On a national level, buyers pulled the trigger at the end of 2017, which the Telluride real estate market saw, but showed hesitation in the new year while trying to understand how the new tax laws will impact them.
Despite a slight dip in sales in the first quarter, we are not too troubled as December 2017 was a significant month for closings before the new year. Additionally, January 2017 was one of the largest months in sales on record for comparison. So, 2018 out-performed the prior 6 years with the exception of 2017. One quarter “does not a market make” in a smaller boutique marketplace and with over $120M in contracted sales, we look forward to a strong second quarter.
Town of Telluride sales were just $2.5M short of Q1 ‘17 at $37.3M. The number of sales were down 14% signaling buyers are willing to pay higher dollar for the conveniences properties in town offer. This is particularly evident in single family home sales with the number of sales down 50% but down only 14% in dollar volume. Notably, land parcel sales were strong this past quarter whereas Q1 ’17 was flat. As inventory in town is absorbed, buyers are willing to buy land to build what they want.
In Mountain Village, high-end luxury homes continue to trade hands. The first quarter saw two sales over $4M followed by ten sales $2-4M. Top-tier land parcels continue to sell as discerning buyers value ski access, views, and building envelope offerings. While condo/townhome sales are slightly down, they remain an attractive purchase with proximity to the ski resort and rental income potential.
The remainder of the county saw a slowdown in sales. While single family home sales are down, land sales continue to hold steady. The Aldosoro neighborhood which offers open space, privacy, views and proximity to town had a notable five land parcels sales.
...
# OF TRANSACTIONS109 (down 27%) 149
HIGHEST PRICE SOLD$4,475,000 $7,850,000
$ OF TRANSACTIONS$110.3M (up 37%) $139.9M
AVERAGE PRICE$1,011,927 $938,926
Q1 2018 Q1 2017
MARKET HIGHLIGHTS
looking ahead
under contract$120M
MARKET HIGHLIGHTS
54TRANSACTIONS
UNDER $1 MILLION*
35TRANSACTIONS
$1-5 MILLION
0TRANSACTIONS
$5 MILLION+
TELLURIDE
MOUNTAIN V ILLAGE
REMAINDER OF COUNT Y
SALES DISTRIBUTION BY LOCATION
SINGLE FAMILY
OTHER
CONDOMINIUM
VACANT LAND
SALES DISTRIBUTION BY SEGMENT
*excludes mining claims, parking spaces, fractionals, deed-restricted properties
QUARTER 1 | 2018
34%
34%
32%
14%
51%
33%
1%
Market Details | QUARTER 1 2018
$ OF TRANSACTION5 $37.3M (down 6%)
Sales in the Town of Telluride remain strong despite limited inventory, just short $2.5M compared to Q1 ‘17. With options tightening, buyers are willing to pay more for single family homes including TREC’s significant sales of $4M & $3.995M residences. Additionally, buyers are willing to buy vacant land and build to their liking, particularly mountain modern projects. Construction remains busy in town with home construction and renovation in addition to luxury townhome and condo projects.
Town of TellurideQUARTER 1 | 2018
MAJOR MARKET SEGMENTS
# OF TRANSACTIONS 31 (down 14%)
AVERAGE SALE PRICE $3,933,333 $969,565 $640,000
# OF TRANSACTIONS 3 23 5
MAX SALE PRICE
# OF PENDING TRANSACTIONS
$4,000,000 $4,300,000 $1,750,000
5 20 2
$ OF TRANSACTIONS $1.8M $22.3M $3.2M
Single-Family Condo/Townhome Vacant Land
SOLD | 114 S. Townsend Street$3,995,000Listed by TREC/Christie’s
Market Details | QUARTER 1 2018
$ OF TRANSACTION5 $54.2M (down 21%)
Mountain Village luxury homes sales continue momentum into 2018 with two sales over $4M, both of which were TREC significant sales at $4.475M & $4.3M. There were ten single family home & condo/townhome sales $2-4M. Discerning buyers are selecting top-tier land parcels, including TREC’s significant sale of a $3.8M Benchmark Drive lot. Overall, Mountain Village saw a 21% dip in dollar volume but that is compared to a banner Q1 ‘17 as well as the Madeline Hotel’s inventory being exhausted.
Mountain VillageQUARTER 1 | 2018
MAJOR MARKET SEGMENTS
# OF TRANSACTIONS 31 (down 31%)
AVERAGE SALE PRICE $3,840,000 $1,286,364 $2,200,000
# OF TRANSACTIONS 5 22 3
MAX SALE PRICE
# OF PENDING TRANSACTIONS
$4,475,000 $2,455,000 $3,800,000
7 10 7
$ OF TRANSACTIONS $19.2M $28.3 $6.6M
Single-Family Condo/Townhome Vacant Land
SOLD | 16 Trails Edge Lane$2,900,000Listed & Sold by TREC/Christie’s
$ OF TRANSACTIONS 16 (down 42%)
Sales in the remainder of the county slowed, notably single family homes which dropped nearly 80% in dollar volume compared to Q1 ‘17. Land sales saw a 39% dollar volume increase, notably the Aldasoro neighborhood having an uptick in land sales with five parcels trading hands. The largest land sale was TREC’s significant sale of a $2.7M Specie Mesa parcel. The remainder of the county is expected to rebound this summer as potenial homebuyers return to the area for the summer selling season.
Remainder of CountyQUARTER 1 | 2018
MAJOR MARKET SEGMENTS
# OF TRANSACTIONS 28 (down 32%)
AVERAGE SALE PRICE $680,100 $350,000 $554,545
# OF TRANSACTIONS 5 1 22
MAX SALE PRICE
# OF PENDING TRANSACTIONS
$1,575,000 $350,000 $2,700,000
16 0 5
$ OF TRANSACTIONS $3.4M $350K $12.2M
Single-Family Condo/Townhome Vacant Land
SOLD | 153 Wapiti RoadListed at $1,825,000Listed by TREC/Christie’s estatecorp.com
telluridereal
Market Details | QUARTER 1 2018
SOLD | tbd Little Cone Ranch Road$2,700,000Listed by TREC/Christie’s
Town of Telluride | 970.728.3111 | 232 W. Colorado AvenueMountain Village | 970.728.6655 | On Heritage Plaza
Mountain Lodge | 970.369.6003 | 457 Mountain Village Boulevard
...
estatecorp.comtelluridereal
christiesrealestate.com | searchtellurideproperties.com
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