Can you believe it's been five years since 2020? And what an incredible five years it has been! Property values have more than doubled in some cases, with annual average appreciation reaching 18%. The average sale price for homes in Mountain Village hit $9.8M, a significant leap from the days when $10M sales were rare. Meanwhile, the average home sale price climbed to $6.5M in the Town of Telluride. The commitment of Four Seasons to this market and Telluride’s rise to becoming a hub for high-end properties, with 38.5% of listings priced above $5M, underscores the area’s transformation.

It’s no surprise that top-tier ski resorts in the U.S. have reached ultra-luxury status, similar to their European counterparts. Ski destinations are inherently…

127 Views, 0 Comments

Read Full Post

It is common for real estate sales to slow down in an election year. Reports from Jackson Hole, Yellowstone Club, Vail, Crested Butte, and Sun Valley indicate that sales have slowed. In recent years, that was attributed to a lack of inventory, but today, inventories have increased in these locations. These markets appear to be stabilizing and returning to previous market conditions, where buyers and sellers may be on more even ground.

In Aspen and Telluride, the markets still show sales increasing over 2023. Telluride has a 2% increase in the number of sales, and the total dollar volume is up 15%, with the average sale price increasing 13%. Aspen is a highly coveted market that sometimes seems somewhat insulated from market conditions. Telluride…

217 Views, 0 Comments

Read Full Post

The tailwinds of the pandemic market that resulted in a scarcity of inventory in 2023 are in the rear-view mirror, even though demand remained relatively strong. The first six months of 2023 witnessed a decline of 25% in gross dollar sales while residential prices remained stable, except for the Mountain Village, wherein the average home price increased by 48%. This sector of the market possessed more inventory, with investors most likely recognizing better value plays. During the first 6-month period of 2024, new inventory entered the market, resulting in a 21% increase in gross dollar sales ($507.8M vs. $419.7M). During this period, Village values remained stable, with the Town of Telluride witnessing a 12% increase in single-family values and 10%…

138 Views, 0 Comments

Read Full Post

If you have been sitting on the sidelines waiting for prices to retreat, the trend is not great; as a rule, year-over-year values and prices continue to rise. Historically low inventory, increasing demand, and marquee developments like the Four Seasons Hotel & Residences portend more of the same for this year and the near future. In spite of only 16 more transactions year over year, in the first quarter of 2024, Telluride experienced an uptick of 46% in Total Dollar Volume vs 2023. As a consequence, the average sale price in our market is up 26% year over year. Sales over $5 million have increased 50% year over year as the upper end of our market carries the day despite persistently high interest rates, which may be impacting the lower end of the…

275 Views, 0 Comments

Read Full Post

In 2023, the Telluride Real Estate market's prevailing theme was scarcity. Scarcity emboldened Sellers and left many Buyers scratching their heads, even in the face of macroeconomic softening. The simple fact in Telluride is that we still have a significant lack of inventory for a consistent and even growing demand base. Consequently, Telluride area real estate values have largely returned to a steady rate of overall appreciation similar to pre-pandemic trends. The numbers bear this out: in 2023, San Miguel County’s total dollar volume was up 31% over 2019, despite 18% fewer transactions.

The lack of inventory underlined a steep decline in the number of transactions, dropping from a total of 944 trades in 2021 to a modest 445 in 2023, a 53% drop.…

324 Views, 0 Comments

Read Full Post

As we cruise past the halfway mark of 2023, speculation on where the market is headed is rife with opinions all along the spectrum. While some have been patiently waiting on the sidelines for the bottom to drop out, it just hasn’t happened. At $419.7M, YTD San Miguel County dollar volume may be down over the record-breaking years of 2021 & 2202, but it's almost 60% up over 2020. The dollar volume of sales also increased 50% from the first quarter of 2023 to the second quarter, largely attributed to robust sales in Mountain Village.

Buyers may be gaining a foothold in the market, especially when it comes to inventory that has seen longer days on market with over-ambitious pricing. However, values are holding their own. Look at the chart of average sales…

490 Views, 0 Comments

Read Full Post


It’s fair to say that as 2022 came to a close, the Telluride Real Estate Market was grappling to re-establish its value position in the post-covid-boom world. Interest rates, inflation, and political unrest had everyone on edge regarding what was in store for 2023.

Well, here we are, already through the first quarter of 2023. At first glance, the percentage decrease in the number of transactions and dollar volume YTD may seem significant. Yet, as the market normalizes, comparing it to the highs of the boom is an unfair assessment. To put things into perspective, San Miguel County’s dollar volume for the first quarter of 2023 was the third-highest on record.

Mountain Village sales accounted for 57% of the dollar volume in the first quarter. The…

409 Views, 0 Comments

Read Full Post

The year 2022 has retreated into our rear-view mirror. The short-term message relative to the Telluride Real Estate Market in early 2023 indicates that mortgage rates may have eased off from their meteoric rise and the buying frenzy of the past two years has subsided.

A snapshot of year-end market data indicates a slowdown in the market evidenced by a retreat in dollar sales volume down 22% (2022 vs. 2021) and the number of transactions down 38%. Segregating the year-to-date (December) data from 2021 to 2022 within our larger regional markets (Telluride, Mountain Village, and the remainder of San Miguel County) reveals declines of 29%, 15%, and 25% respectively.

An optimistic data point reveals that total property sales of $5mm and above…

583 Views, 0 Comments

Read Full Post


As the summer selling season comes to a close, we are seeing the dollar volume of sales down only 9% from last year, however, the number of transactions is down 31% in San Miguel County. Not to much surprise, average sales prices in the county have increased 31% YTD over the record-setting 2021. Overall, the dollar volume for the Telluride and Mountain Village markets are down YTD 11% and 7% respectively, yet average sales prices are up 12% and 38%. In general, the Telluride area market now seems to have reached a plateau.

Even as buyer demand has moderated, inventories still have not increased much as most people are very happy with their ownership and are not looking to sell. Limited affordability (exclusivity), low inventory, and moderate demand are…

378 Views, 0 Comments

Read Full Post

Summer is underway in Telluride, as the 4th of July marks the unofficial leap into the season. We’ve seen a lot of early monsoon rains this year, which is a great sign after a dry and windy spring. The San Juan high country is green and popping with wildflowers, creating the perfect backdrop for hiking and biking adventures.

In the real estate world, despite the first decrease in overall dollar volume in recent history, average sales prices are still up 31% in San Miguel County (SMC). Still, it feels like we are on the cusp of a shift in the local market. Obviously, it’s hard to know exactly what that means, but here are the tea leaves we’re reading:

  • Inventory Continues To Be Low:

    Down 50% in Telluride…

414 Views, 0 Comments

Read Full Post