Winter is in full swing in the San Juan Mountains, with temperatures to match. While we’ve yet to experience the first major snowstorm of the year, smaller and more frequent snowfall events have allowed the ski resort to steadily open new terrain. The consistent refreshers, coupled with cold temperatures, have created remarkably good conditions.
As usual, the holiday season was bustling, and we were fortunate to connect with a wide array of friends and family. January kicked off with a bang, highlighted by the San Juan Skijoring event held January 10–12 in Ridgway—an event we are proud to sponsor. The long Martin Luther King Jr. weekend also brought many visitors to town to enjoy our vibrant winter mountain lifestyle.
With the holiday rush behind us, as we settle into 2025, it’s the perfect time to reflect on 2024.
Last year, Telluride’s real estate market exceeded $1 billion in sales in San Miguel County for the fourth time in five years. Sales in 2024 were up 16% in dollar volume compared to 2023 and we saw a 9% increase in the number of transactions. Countywide, the average sales price rose 7%, reaching $2.08 million. In the Town of Telluride, the average sales price per unit surged 47% to $3.575 million. These figures demonstrate how our dynamic mountain market continues to defy national trends, with limited inventory and steady demand driving prices as we move into the new year.
Sales in Mountain Village accounted for 40% of the total volume at $400 million, while Telluride contributed 32% with $322 million. The remaining 28% of sales, totaling $282 million, came from the rest of the county.
Interestingly, both Telluride and Mountain Village recorded 24 single-family home sales in 2024. However, the total value of these sales varied significantly: Telluride’s sales amounted to $155.5 million, with an average sales price of $6.6 million, while Mountain Village sales totaled $235.5 million, with an average sales price of $10.1 million. The larger average home size in Mountain Village played a significant role in this price difference. Additionally, countywide sales of properties over $5 million increased by 30%, rising from 50 in 2023 to 65 in 2024.
Looking back over the past five years provides additional perspective. Overall, 2024 numbers were down 2% in dollar volume and 27% in the number of sales compared to the five-year average.
Dollar Volume (in millions) Number of Sales
2024 $1004.83 483
2023 $865.73 445
2022 $1106.05 582
2021 $1423.62 944
2020 $1161.70 814
As long as people continue to prioritize lifestyle, the Telluride market will remain strong. Few places can match the stunning views, outdoor activities, and tight-knit community that our box canyon and surrounding areas provide.
As of January 20, 2025, there have been 12 sales recorded in the MLS, totaling $25.8 million. Among these is our recent record-setting sale of Lot 62 in Aldasoro Ranch for $2,950,000—the highest price ever recorded for a single lot in the Aldasoro Ranch subdivision.
Of course, this brief summary doesn’t cover all aspects of our market. If you have questions about specific market segments or would like to know the value of your property, we’d be happy to connect. Feel free to contact us online or give Jim a call at 970-708-2255.
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