Telluride Sales Report 2026

San Miguel County entered February 2026 with improving momentum in dollar volume, but transaction counts remain subdued. February closed at $72.10M across 35 sales, a +8% gain in volume year-over-year alongside a -22% decline in sales. This mix-more dollars on fewer deals-continues to point to a market where pricing and/or deal size is holding up better than buyer throughput. Relative to longer-run norms, February activity is still modest, running -7% in volume and -17% in sales versus the five-year “now” comparison, underscoring that liquidity exists, but it is concentrated and selective. Year-to-date through February (January + February), the county totaled $125.94M on 62 sales, representing +6% dollar volume and -16% sales versus the same period last year. Compared with the five-year pace, year-to-date performance remains behind at -15% volume and -23% sales, consistent with the “lower velocity” theme we saw in January. In practical terms, the market is functioning, but it is not broad-based: fewer buyers are transacting, and overall results are being carried by a smaller set of higher-value closings rather than widespread mid-market churn. Looking at market drivers, late-winter conditions improved from January’s disruption, with regional commentary pointing to a rebound in visitation indicators after the ski patrol strike and resort closure period. At the same time, the financing backdrop became incrementally more supportive: the average 30-year fixed mortgage rate dipped below 6% (around 5.98%) in late February for the first time since 2022, which can help re-engage financed buyers and improve overall sentiment-even in a market where cash and second-home demand still play an outsized role.