Mountain Village Residential Lots
The average price for a single-family lot in the Town of Mountain Village in 2001 was approximately $686,800. This average has increased by 24% to nearly $852,300 in 2005 with a compound annual growth rate of 5.5%. It is also noteworthy that premium sites that sold in 2001 for around $1 million to $2 million are now commanding prices from $2 million to $3 million.
Mountain Village Homes
The average price paid for a single family home in the Town of Mountain Village in 2001 was $3,400,962. The average price in 2005 was $3,124,188, with the highest priced sale at $11,685,000. Over the past five years, the average price of a Mountain Village home has declined by 5%, with a compound annual growth decline of 1.4%.
Mountain Village Condominiums
The average price for finished condominiums in the Town of Mountain Village has increased from $820,800 in 2001 to $900,700 in 2005. Recently, upscale unit sales have reached as high as $1,616 per square foot, with a high for a condominium sale at $3,650,000 in 2005.
Town of Telluride Residential Lots
The average cost per residential Telluride homesite (1-2 lots) in 2001 was $425,651. In 2005, residential lots in town sold for an average of $829,500, which computes to a compound annual growth rate of over 16% per year over the past five years, and an 83% overall increase in average price per sale.
Town of Telluride Homes
Single family residences in 2001 sold for an average cost of approximately $827,126. The average cost of a home in Telluride in 2005 was $1,864,114, which represents an compound annual growth rate of 22.5% per year and an 125% overall increase in average price. Recent high sales have exceeded $1350 per square foot and the most expensive Town of Telluride residence sold for $4,350,000 in 2005.
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. Average prices have increased from $284,907 to $705,549 for a compound annual growth rate of 25.4% over the past five years. On average, Telluride condominiums held steady value from 2000 to 2003, unlike many resorts where this segment of the market suffered some deflation, with a surge in both prices and volume of activity in 2004 and 2005. Newly built units achieve price levels as high as $1007 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 in the past five years have ranged from an average price per acre of $26,500 to $40,300. Parcels from 75 to 200 acres in size sold in San Miguel County from 2001-2005 ranged from $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 $7,000, and ranging from $2,700 to nearly $23,000 per acre over the past five years.
All data obtained from Telluride Consulting and are deemed reliable but not guaranteed. |
