Market Summary by Brian O’Neill, Director

Wow, what a 5-year period! Values doubled – or more – with an annual appreciation of 18%. The average MV home sale was $9.8M ($10M sale was unusual a few years ago) while Town was $6.5M. Four Seasons has committed to our market and Telluride became the number one concentration of ultra-luxury properties with 38.5% of our listings above $5M!

Frankly, it is no surprise that the best ski resorts would elevate into the ultra-luxury stratosphere in the US much like they have in Europe. Ski resorts tend to be very finite, aesthetic and of high demand due to the quality of life and adventure. 

This year the sales volume in Telluride surpassed $1B, besting 2023 by 16% despite being in an election year, where most towns were behind last year. This sustained, limited inventory (still 50% +/- of 2015-19 inventories) and ever-increasing demand has led to an average sale price increase of 7%. It is this simple economic formula that promises ski resorts continued buoyancy and resiliency as people prioritize lifestyle. Given the recent market cues from the top of the market, where several Four Seasons penthouses are trading between $20-$30M and upwards of $5,000/sf, the market’s future looks strong.

On a granular level, downtown Telluride had a 47% average sales price increase over last year. Mountain Village prices decreased by 18% overall while the average property sales price over $5M increased 5%, illustrating continued strength at the top of the market. Compared to 2023, residential property in Telluride saw 26% more sales, a 59% increase in dollar volume and an 18% increase on price/sf to an average of $2,212/sf. Single-Family home sales in Mountain Village experienced a 4% increase in the number of sales, a 19% increase in the dollar volume and a 1% increase in the average price/sf to a $1,608/sf average.

Meanwhile, Condos in Town saw an increase in number of sales of 2%, increase of 32% for dollar volume and an average price/sf increase of 15% to $2,033/sf. Finally, MV Condos actually saw a decrease in number of sales by 41%, decrease in dollar volume of 52% and a 1% decrease in average price/sf to $1,371/sf. This segment (Mountain Village Condos) was clearly the most affected by a scarcity of quality inventory, and thus, fewer high-end sales. That said, pending sales at the Highline Residences and the Four Seasons would tell a story of healthy demand within this subsegment.

All said, and despite Town having dramatic increases in average sale prices, MV has enjoyed significant sales with aggregate prices up to $20M. Of the two towns, MV represented 27 of 48 sales over $5M and 10 of 14 sales over $10M respectively, exhibiting MV’s value stature as the place within our market where buyers can reliably get a gracious home size.

Despite Telluride becoming a high concentration of ultra-luxury properties, it still tends to fly below the radar and enjoy a very low key, unassuming character. Maybe that is why it is so desirable…everyone one wants to live in a postcard with a tremendous community!