Market Summary 

As we close out 2025, the San Miguel County real estate market is best described as normalized, resilient,
and increasingly selective – a healthy transition from the extraordinary conditions of the post-pandemic years.

Total sales volume for the year reached $868.3M across 448 transactions, modestly below 2024 levels,
but well within historical norms and closely aligned with 2023 activity. Rather than signaling a decline
in demand, this shift reflects a market that has returned to fundamentals: disciplined buyers, realistic
sellers, and pricing driven by quality rather than urgency.

One of the most encouraging indicators came at year-end. December 2025 posted $82.2M in sales on
38 transactions, representing a 49% increase in dollar volume and a 6% increase in units year-over-year,
suggesting improving momentum as buyers adjusted to a market that is building confidence due to
declining interest rates and continued limited inventory.

Key market elements from 2025 include:

• Price resilience across core segments, particularly in high-demand neighborhoods and well-
positioned properties.
• With regard to price per square foot, Mountain Village and Town of Telluride outperformed 2024,
with year-to-date average prices rising approximately 9% and 8% respectively.
• A noticeable shift toward quality over quantity, with buyers prioritizing location, up-scale quality,
and long-term value.
• In the latter part of the year, improvement in financing and national economic conditions, has
supported higher-end activity.

While transaction volume was lower than the peak years of 2021 – 2022, inventory remained
constrained and price corrections were minimal. This combination points to a stable foundation
heading into 2026.

Looking forward, if interest rates and global and national economies remain near current levels and
resort operations normalize, the market appears well positioned for improved unit activity, even as
pricing continues to be supported by limited supply and sustained demand.
Lastly, a very positive “behind the curtain” indicator for the future was contracting over $300M in
sales in the new Four Seasons and Highline projects in the Telluride Mountain Village with 50% non-
refundable deposits. If this sales volume were to be included in the 2025 sales volume, it would have
far outpaced all prior years with the exception of the 2021 COVID boom.

As always, real estate in San Miguel County remains highly localized. Understanding micro-markets,
pricing nuance, and timing will continue to be essential – and we are well positioned to guide our
clients through the opportunities ahead.