Telluride Consulting - January '26 Report

January 2026 Real Estate Market SAN MIGUEL Comparative Sales Report

Bottom Line
January 2026 real estate activity in San Miguel County totaled 27 sales and $53.84 million in dollar volume, a 7% decline in unit sales but a 3-5% increase in dollar volume compared to January 2025.

Activity remains well below the five-year January average of 39 sales and $70.06M, down 31% in transactions and 23% in volume, reinforcing that the market continues to operate at a slower pace. Telluride proper recorded 8 sales (-11%), yet dollar volume surged to $28.66M (+39%), while Mountain Village led in transaction activity with 12 sales (+33%) and $15.79M (+8%). The remainder of the county softened materially with 7 sales (-36%) and $9.39M (-45%), underscoring continued strength in core resort areas versus outlying markets.

Pricing trends further highlight this concentration at the top end. Year-to-date average sale price increased +57% in Telluride and +11% countywide, while declining -19% in Mountain Village and -13% in the remainder of the county.
The $5M+ segment remained flat in unit count (1 sale) but jumped from $7.0M to $17.5M in dollar volume (+150%) year over year. Notably, January’s results were heavily bolstered by the $17.5M sale of the development lot behind Camel’s Garden at 216/222 West San Juan Avenue, which alone accounted for a substantial share of the month’s total dollar volume and significantly influenced pricing metrics.
Looking ahead, new luxury development continues to shape market expectations more than transaction velocity.

The Four Seasons Resort and Residences Telluride in Mountain Village-a $1B+ project with 52 hotel keys and 69 residences-has already presold a significant portion of its inventory and is targeting delivery around 2028, reinforcing Mountain Village’s global luxury appeal.

Telluride Real Estate

The Highline residences, a 16-unit slopeside project, are also well into their sales cycle, adding premium inventory amid historically tight supply. Together, these projects help explain why pricing and dollar volume remain resilient despite fewer overall sales, and they are likely to support higher price benchmarks at the upper end of the market in the years ahead.