We are entering the new year with deep gratitude for our friends and clients across the country, and with excitement for the opportunities ahead. As we reflect on 2025, we are keenly aware that our success is made possible by incredible clients like you—those who support our work, trust our guidance, and allow us to be part of one of life’s most meaningful decisions: finding or selling a home.
We’re already halfway through January, and there’s been no shortage of activity in our area. Last weekend, we were once again proud sponsors of San Juan Skijoring in Ridgway—a fun and unique event that perfectly combines two of our favorite things: skiing and horses.
In Telluride, we are grateful that the labor dispute between the Telluride Ski Patrol and the Telluride Ski & Golf Company has been resolved and that the ski area has reopened. The past few weeks brought considerable uncertainty and national attention, and we’re thrilled to be back on the mountain and fully enjoying winter in the San Juans.
2025 San Miguel County Real Estate Market Summary
The 2025 San Miguel County real estate market was characterized by a "quality over quantity" shift, moving away from the volatility of previous years into a period of normalization. While transaction counts and dollar volumes softened compared to 2024, pricing remained resilient in high-demand areas, and the year ended with a notable surge in December.
Total Dollar Volume: The County closed the year at $868.28M, a 14% decrease from 2024’s $1.004B.
Number of Sales: Total sales reached 448 units, down 7% from the 483 sales recorded in the prior year.
Average Sales Price: The county-wide average sales price per unit dropped 7% to $1,938,129.
Despite these dips, 2025 was essentially flat compared to 2023 ($865.73M/445 sales), signaling that the market has stabilized.
2026 Market Predictions
Volume Rebound: Lower mortgage rates are expected to strengthen buyer confidence and dissolve "rate-lock" behavior, specifically in the mid-range of the market.
Inventory Shifts: The turbulent start to the ski season may cause temporary softness in situations where owners rely on short-term rentals.
Resilient Pricing: While transaction counts may rise, pricing will likely remain stable, with high-quality "turnkey" properties outperforming others due to limited supply.
As always, if you have any questions about the real estate market or value of your property we'd love to jump on a call with you or prepare a report. Feel free to contact us online or give Jim a call at 970-708-2255.
For more timely updates follow us on Instagram or Facebook at @lucarelli.telluridelifestyle and Lucarelli.TellurideLifestyle.
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.
[email protected] | Office: (970) 728-0213 | Mobile: (970) 708-2255
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