• Featured Properties
• Search Listings
  • Property Search
  • New Developments
  • Search by Map
• My Searches
• For Sellers
  • Philosophies, Strategies and Marketing
  • About Us
  • Notable Transactions
  • Christie's Great Estates
  • Testimonials
• Our Community
  • The Town of Telluride
  • Maps
  • Events Calendar
  • Activities
  • Valuable Links
• The Market
  • Overview
  • Background
  • Update
  • Statistical Graphs
  • Appreciation
• Contact

Appreciation

According to statistics compiled by Telluride Consulting, between 1985 and 1997, gross sales in San Miguel County increased from $54.3 million to over $212.5 million, and between 1998 and 2007 total sales increased from $256.8 million to $756.6 million. Just as important as this long term increase in sales, is the significant appreciation over the past five years. In 2003, the county recorded $433.1 million in sales, while the total volume in 2007 rose to $756.6 million for an impressive compound growth rate of 17% per year. The following seven categories of property substantiate steadily increasing values of real estate in the region:

Mountain Village Residential Lots - The average price for a single-family lot in the Town of Mountain Village in 2003 was $842,600. This average has increased by 39% to nearly $1,172,500 in 2007 with a compound annual growth rate of 9%. It is also noteworthy that premium sites that sold in 2003 for around $1 million to $2 million are now commanding prices from $2 million to $3 million, with a new record high for a single Mountain Village lot set in 2007 at $5.5 million.

Mountain Village Homes - The average price paid for a single family home in the Town of Mountain Village in 2003 was $3,145,300. The average price in 2007 was $3,765,900, with the highest priced sale at $13,041,240. Over the past five years, the average price of a Mountain Village home has increased by 20%, with a compound annual growth rate of 5%.

Mountain Village Condominiums - The average price for condominiums in the Town of Mountain Village has increased from $739,000 in 2003 to $1,469,100 in 2007. This translates into a five-year increase in average price of 99% and a compound annual growth rate of 19%. Recently, upscale unit sales have reached as high as $1,430 per square foot. Five units sold in excess of $4 million during 2007, with the most expensive Mountain Village condominium sale reaching $4,950,000.

Historic Town of Telluride Residential Lots - The average cost per residential homesite (1-2 lots) in the Historic Town of Telluride (excluding the Butcher Creek and Sunset Ridge annexed subdivisions) during 2003 was $736,800. In 2007, residential lots in town sold for an average of $1,139,200, which computes to a compound annual growth rate of 12% per year over the past five years, and an impressive 55% overall increase in average price per sale. It is noteworthy that Telluride residential lot sales in 2007 ranged from a high of $1.8 million for a prime in-town homesite, to a low of $615,000 for a lot in Backman Village. If one were to include the Butcher Creek and Sunset Ridge at Telluride annexation developments, the annual average prices would range from $652,300 in 2003 to $966,700 in 2007. The compound annual growth rate would decline only slightly to 10%, while the percent of increase computes to 48% over the five year period.

Town of Telluride Homes - Single-family residences in 2003 sold for an average cost of approximately $1,038,600. The average cost of a home in Telluride in 2007 was $2,115,200, which represents a compound annual growth rate of 19% per year and a 104% overall increase in average price. Recent high sales have exceeded $2000 per square foot (including land), and nearly $1200 per square foot excluding the Assessor's land value. The most expensive Town of Telluride residence in history sold for $6,900,000 in 2006, followed by a $5.55 million sale in 2007.

NOTE: Sales statistics for the average cost of Telluride homes can vary widely year to year in relation to the number of "tear-downs" which are purchased for their land value only at very low dollars per improved square foot.

Town of Telluride Condominiums - 2005 set new record highs for condominium sales in historic Telluride with 3 sales exceeding $3 million, the highest being $3,375,000. Seven condo sales exceeded $2,000,000 in 2006 and 2007, and thirteen sales exceeded $1,000 per square foot. Average prices have increased from $398,200 to $883,100 for a compound annual growth rate of 22% over the past five years, and a 122% overall increase in average price since 2003. Recently built units achieve price levels of nearly $1100 per square foot.

Ranch Properties in the Telluride Region - Sales activity of larger acreage in the Greater Telluride Region has been a significant segment of the marketplace over the past five years. Sales of 25 to 40 acre parcels from 2003 through 2007 have ranged from an average price per acre of $26,700 to $40,800, with a record high price per acre of nearly $160,000 in 2006. Larger parcels, from 40 to 75 acres recorded an average price of $6,300 per acre to $23,500 per acre, with a high of $96,000. Parcels from 75 to 200 acres in size sold in San Miguel County, showed a similar range during this five-year period selling from an average of $6,500 to $24,000 per acre, with a high price paid of over $87,000 per acre. Major ranches ranging from 500 to 4,000 acres have sold for an average price per acre of nearly $8,000, and ranging from $2,700 to $13,100 per acre over the past five years.

All data obtained from Telluride Consulting and are deemed reliable but not guaranteed.