Telluride | Quarter 1, 2021
Telluride is a picture-perfect mountain town nestled in a dramatic box canyon in the southwest corner of Colorado. Offering residents an isolated respite from the bustle of more populated areas, those who choose Telluride as their home are often seeking thrills off the beaten path. Whether it’s due to the town’s world-famous skiing, legendary summer festivals, Victorian architecture, or close-knit community, Telluride has always lured adventurers from afar.
As Americans encounter far more opportunities to work from home, Telluride’s real estate market continues to thrive. The housing surge experienced by the rest of the country is even more pronounced in and around this tiny town in the San Juan Mountains, where people arrive seeking a lifestyle that can be both more relaxed or more active, but is always a little more purposeful.
LIV Sotheby’s International Realty produces a Micro Market Report analyzing the Town of Telluride, Mountain Village, and the surrounding neighborhoods’ real estate performance for the first quarter of 2021, compared to the first quarter of 2020. Residential properties in San Miguel County, where Telluride is located, saw a whopping 214% increase this year compared to the beginning of 2020. Carving out a niche in paradise got a little more competitive too, with properties staying on the market 25.9% fewer days than they did last winter.
In the Town of Telluride, the average price of single family homes increased by a drastic 50.1%, from $3,342,000 to $5,018,000, showing that buyers may be looking for bigger, more permanent places to park their skis. The number of land buyers also increased from one to five in the Town of Telluride—a 400% escalation from 2020. Mountain Village, which is perched above Telluride at 9,500 feet and connected to the town by a scenic gondola, enjoyed a 366.7% increase in all residential property sales. Soaring prices matched those soaring views, with a 29% uptick in average sold price, from $2,305,833 to $2,975,632. Of those properties, sales of single family homes increased 62.5% while sales of condos and townhomes increased 380%, and land sales increased an incredible 1,050% over the first quarter of 2020.
Buyers also sought out more land and properties in the surrounding mesas, with the average price of land sales increasing 49.3% and the number of properties sold up 271.4%. Norwood had a particularly large jump in sales—83.3% more than last year at this time—and Ridgway in Ouray County saw a 75% increase in sales of all residential properties as well. Sellers of single family homes reaped the benefits most of all by enjoying a 29.4% increase in home prices.
The current flexibility in remote employment combined with Telluride’s unique appeal should continue to make this beautiful area a popular place not just to visit, but to call home.
This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated): Telluride, Mountain Village, Placerville, Sawpit, Norwood, and Ridgway.