REAL ESTATE SALES IN SAN MIGUEL COUNTY - First Quarter 2025
Last weekend’s snowstorm has given way to bright sunny spring days and shoots of green are starting to appear in the lower elevations and across our pastures.
Real estate sales in San Miguel County through the first quarter were down 27% in dollar volume but up 1% in number of sales. Limited inventory, more transactions in the lower ranges, and increased buyer selectivity have been driving these numbers.
In the first quarter of 2024 San Miguel County recorded 18 sales over $5 million, while this number was only 7 in 2025. This slowdown in sales of high end properties is affecting overall numbers but tight inventory continues to drive pricing and we have yet to see a retreat in values. Single family homes in Telluride are a great example. There are presently 17 homes for sale in the Town of Telluride and 9 of these are listed at over $3,000/sq. ft.
2025 NOTICES OF VALUATIONS COME OUT MAY 1
Local property owners should note that 2025 is a reassessment year for taxes. Real property value in Colorado is determined on a two-year cycle, and 2025 and 2026 real property value reflects market data as of June 30, 2024. Notices of Valuations (NOVs) will be mailed May 1 and owners have until the end of the month to protest their parcel’s valuation and/or classification. We specialize in this and would be happy to discuss your valuations at your convenience.
If you have questions about specific market segments we’d be happy to connect. Feel free to contact us online or give Jim a call at 970-708-2255.
Jim Lucarelli is a seasoned Colorado real estate agent with over 34 years of experience, primarily in the Telluride market. Formerly owner of Real Estate Affiliates of Telluride, he joined Compass in 2020, leveraging their advanced resources. A four-time past president of the Telluride Association of REALTORS® and three-time REALTOR® of the Year, Jim has deep market knowledge, especially in ranch properties. He's also experienced in construction management and actively involved in the Telluride community, serving on several boards.
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