Market Summary 

The first half of 2025 marks a significant shift in the Telluride real estate market, showcasing clear signs of
stabilization. After a period of intense activity, demand has cooled from its previous frenetic pace while supply has
improved, offering buyers more choices, greater leverage and the best opportunity to purchase a home in the
region in the last four years. This evolving balance benefits both buyers and sellers, creating a healthier market
dynamic. Although recorded sales volume is down 29% year to date, when accounting for unrecorded contracts,
such as those at the Four Seasons, the overall transaction volume surpasses last year’s figures.

Demand is now more aligned with market realities. Several factors contributed to this early in Q2, including the
geopolitical climate, economic uncertainty and interest rates. These events prompted some buyers to pause,
particularly from March through June. July, however, has seen a resurgence in activity, with brokers reporting
increased interest and new transactions. The imminent groundbreaking of the Four Seasons is regarded as a
cornerstone moment in Telluride’s maturation, drawing renewed attention from buyers.

The upper end of the market is showing remarkable vitality. Homes priced at $20 million or more are active, with a
notable sale in West Meadows near $20 million and a Mountain Village property under contract with an asking price
of $41 million. This new price tier is expected to become more common as aging Baby Boomers downsize, bringing
dramatic, never-before-seen custom homes to market. The arrival of these high-caliber homes is a natural progression
of our market.

As these significant sales continue, more owners are likely to list their properties, further balancing supply and demand.
As a result, some sellers of luxury homes are gravitating towards new full-service properties.

Despite current interest rates, the lower priced tier of the market remains active. Many full-time residents are finding ways
to purchase homes in the Telluride area, supported by effective first-time homebuyer programs. These initiatives have
successfully enabled young buyers to achieve homeownership, reflecting Telluride’s “it takes a village” ethos and strengthening
the community’s fabric.

Telluride’s real estate market in early 2025 is characterized by stabilization, increased balance, and new opportunities
at both the luxury and entry levels. The market’s maturation, highlighted by landmark projects like the Four Seasons
and Highline, underscores a dynamic and evolving landscape for all participants.