May 2025 Telluride Market Report

In May 2025, San Miguel County recorded $81.57 million in real estate sales across 32 transactions, reflecting a 26% decline in dollar volume and a 16% decrease in transaction count compared to May 2024. Year-to-date, the county has reached $318.7 million from 179 sales—down 28% in volume and 4% in transaction count versus the same period last year.

Mountain Village: Mid-Market Resilience -

Mountain Village posted a relatively strong performance in May with $30.6 million across 14 transactions. While this represents a 59% year-over-year decline in volume, the number of sales remains comparatively stable, indicating resilience in the mid-market segment.

Year-to-date, Mountain Village has generated $141.5 million from 92 transactions—down 30% in volume, but only 3% in transaction count. The average price per square foot dipped slightly—down just 2% year-over-year to $1,503.

Several new developments, including The Four Seasons and Highline, are generating robust sales, with buyers entering into contract. This indicates that Buyer's will act, when given the opportunity to purchase high quality products.

Telluride: Cooling at the Top End

Telluride’s market continued to cool in May, with only 7 sales totaling $15.4 million—a 31% drop in monthly dollar volume. Year-to-date, the town has seen $83.0 million in sales from 34 transactions, representing a 23% decline in volume and an 11% drop in transaction count compared to the same period in 2024. The average price per square foot fell 8% to $1,966.

This data mirrors trends seen in peer luxury markets such as Aspen and Jackson Hole, where economic and political uncertainty, have led premium buyers to adopt a more cautious approach.

What’s Selling: Value and Lifestyle

Despite broader market headwinds, demand remains, especially for well-located condominiums. Notably, Mountain Village condo sales are up 20% year-to-date, with the average price per square foot up 14%. These figures do not yet reflect strong presales at The Four Seasons and Highline, where interest has been exceptionally strong and the price per foot will be higher than any previous sales.

This indicates that lifestyle-driven buyers are still active, albeit more strategic and value-conscious in their purchases. When quality product becomes available at the right price, buyers are ready to move.

Looking Ahead: Inventory & Pricing Key

As we move into the summer selling season, market activity will likely be shaped by inventory levels and seller pricing flexibility. Buyers are active, but they're seeking value—especially in properties that balance location, quality, and price.

For the first time since the Covid-era buying frenzy and historically low inventory, we are seeing more inventory and higher-quality product entering the market—a welcome shift for today’s more discerning buyers. If you'd like more detail on specific criteria, current offerings, or off-market opportunities, don’t hesitate to reach out.

If you'd like more detail on specific criteria, current offerings, or off-market opportunities, don’t hesitate to reach out. I look forward to seeing you this summer!

Ken

(970) 708-5601

ken@grodbergrealestate.com

View the Full May 2025 Telluride Real Estate Market Report