San Miguel County Market Snapshot

San Miguel County closed 2025 with $868.28 million in total dollar volume across 448 sales. While this represents a 14% year-over-year decline in dollar volume and approximately a 7% decrease in transaction count compared to 2024, the data reflects a more deliberate, quality-driven market rather than any meaningful erosion in buyer demand.

In fact, 2025 activity was essentially on par with 2023 ($865.73 million across 445 sales) and well below the unusually elevated pace of 2022. This confirms that the market has normalized into a phase characterized by fewer transactions, greater scrutiny, and a clear preference for high-quality assets—rather than speculative or volume-driven activity.

It is also important to note that the newly launched Four Seasons and Highline projects currently represent approximately $300 million in additional volume under contract, with pricing ranging from roughly $2,500 to $5,000 per square foot. When factoring in these projects, total gross dollar volume would place 2025 above historical averages.

This concentration of capital underscores a key takeaway: demand remains strong for new, best-in-class, and well-located product. Buyers are active, discerning, and willing to pay a premium for quality—reinforcing the long-term strength of the San Miguel County luxury market.

This trend mirrors broader national conditions in 2025, where higher financing costs and “rate-lock” behavior kept transaction volume muted, even as pricing remained resilient in high-demand, supply-constrained markets like Telluride.

Year-End Momentum

December delivered encouraging late-year momentum. The month closed with $82.24M across 38 sales, representing a 49% increase in dollar volume and a 6% rise in unit sales year over year. This improvement aligns with shifting rate sentiment: by late December, Freddie Mac reported the 30-year fixed rate near 6.15%, the lowest level of the year and meaningfully below late-2024 levels.

Even in a predominantly cash market, declining rates improve buyer confidence, expand jumbo financing flexibility, and support activity in the mid-to-upper price bands ($3M–$10M) where leverage is more commonly used.

Looking Ahead to 2026

If rates remain in the low-6% range, 2026 is positioned for a rebound in unit volume, even if pricing continues to be supported by limited inventory.

Pricing by Location & Product Type

The price-per-square-foot gap between Telluride and Mountain Village remained pronounced in 2025, with notable differences by product type:

• Telluride single-family homes rose from $2,213/SF to $2,381/SF (+8%), reinforcing the premium for in-town living.
• Mountain Village single-family homes were essentially flat ($1,608 → $1,611/SF), widening that pricing spread.
• Telluride condominiums held steady ($2,034 → $2,023/SF), reflecting price stability amid selective demand.
• Mountain Village condos increased from $1,372/SF to $1,436/SF (+5%), signaling stronger relative momentum in that segment.

Overall, 2025 reinforced what we continue to see locally: buyers remain engaged, pricing is supported, and well-positioned properties continue to transact—just with greater discernment.

Please don’t hesitate to contact me if you have any questions about December’s Market Report or would like more detailed information about specific areas or properties.

Best regards,
Ken
970.708.5601
ken(at)grodbergrealestate(dotted)com

View the Full December 2025 Telluride Real Estate Market Report