San Miguel County Real Estate Trends: November 2025 Market Snapshot

At first glance, the November 2025 sales data for San Miguel County suggests a decline, reflecting a luxury real estate market dramatically receding after several peak years. 

The overall county performance for November totaled $65.73 million from 33 transactions, representing a 16% decline in dollar volume and a 38% decline in the number of units year-over-year. Over the longer term, November’s dollar volume sits 35% below the 2020-2024 average, with the total number of sales down 41%.

However, the market is arguably stronger today than ever before, depending on which numbers one focuses on.  The truth is that the market is adjusting unevenly across many segments, and it is a very nuanced story that contrasts sharply with the overall appearance of a slowdown.
Despite the at-a-glace dramatic drop, premium values are holding firm. For the Year-to-Date (YTD) period through November 2025, the Telluride and Mountain Village submarkets show pockets of undeniable strength. Telluride posted an 8% increase in unit sales compared to the previous year, while Mountain Village, despite a sharper pullback in transaction volume, maintained a +6% growth in average price per unit. This high-level data signals a clear market shift but underscores the continued strength and stability of premium properties in our core resort areas.

To navigate this environment—understanding where value is declining versus where it is appreciating—requires deep local market intelligence. For the expert guidance you need when buying or selling, rely on trusted advisory teams such as the Yaseen Brothers at Telluride Properties: Jonathan Yaseen and Ryan Yaseen.

Are Telluride Luxury Property Values Rising, Falling, or Stable?

This is the most critical question for both Telluride buyers and sellers currently assessing the market: Are prices going up, down, or remaining stable?

The data confirms that the market is adjusting unevenly across different property segments and locations. While price softening is evident in some areas, prime, luxury property pricing remains firm. For existing owners, this pricing resilience is a sign of confidence, and should history repeat itself, the completion of new construction projects will add substantial equity to all nearby inventory.

📈 Ski-in/Ski-out Condos: Mountain Village Momentum

The Mountain Village luxury condominium sector, dominated by Ski-in/Ski-out Telluride properties, shows the strongest pricing trend. The YTD average price per square foot (PSF) saw a meaningful appreciation, rising from 1,328 in 2024 to 1,442 in 2025. This impressive 9% increase demonstrates strong upward momentum in this sector, highlighting that Mountain Village condos are a key driver of appreciation.

The overall YTD average sales price per unit for the Mountain Village market is also up 6%. This combination of appreciation alongside lower transaction volume reflects two key dynamics: premium properties are rising in value, and less desirable or mispriced properties are taking longer to trade.

Historic Downtown Telluride Homes 

In the Town of Telluride, single-family homes continue to command premium pricing. The YTD PSF for Telluride single-family homes climbed to 2,358 from 2,216 in 2024. This consistency underscores the ongoing high demand for the limited inventory of well-located Historic Downtown Telluride Homes.

Meanwhile, the Town of Telluride's condominium sector softened slightly to 1,990 PSF. The Town of Telluride's YTD average sales price per unit shows a -29% decrease. This indicates that while unit counts are down from peak years, premium-location, premium-quality properties continue to command robust pricing.

The Gap: What Sells vs. What Sits

The stark difference between quick, high-value closings and slow, discounted sales is a hallmark of this deliberate market. The Luxury Tier ($5M+) closing at an average YTD pricing of +5% confirms that the market is willing to pay a premium for perfection. Conversely, properties that linger on the market are facing pushback due to either outdated design or aggressive pricing relative to recent comps.

Case in Point: Notable Closings

These transactions highlight the market's high standards and strong buyer engagement for standout offerings. Analyzing these transactions provides the essential market data that expert teams like the Yaseen Brothers at Telluride Properties use to set valuation strategy:

• Luxury Home in Mountain Village: "Hood Park Haven," closed for $39,325,000 in August 2025. This sale is a key benchmark for the immense strength and price ceiling of ultra-luxury, turnkey Ski-in/Ski-out Estates in Mountain Village.

• Luxury Home in Town of Telluride: 236 Pandora Lane, closed for $28,885,000 in September 2025. This deal underscores the continued engagement of upper-tier buyers and robust pricing for prime legacy properties in the Town of Telluride.

• Condominium in Town of Telluride: Element 52 Condos Unit SW302, closed for $3.85M. This illustrates the consistent demand and strong valuation for updated Telluride Luxury Condos for Sale in highly sought-after, amenity-rich buildings like Element 52.

The Long-Term Perspective: Mountain Village Development Pipeline and Investment Property

For those assessing the long-term health of Mountain Village luxury property sales and seeking a Telluride Investment Property, it is crucial to look beyond the current transaction data. The recorded sales figures do not account for the substantial pre-construction sales that are under contract and closing in 2027 and 2028.

The pipeline, including the highly anticipated Four Seasons Resort and Residences, signals enduring confidence in the Telluride Four-Season Destination. This continued investment in new construction, full service amenities packages, and top-tier luxury products is a strong indicator of future market stability and price support. The persistence of multi-million-dollar closings shows that buyers motivated by lifestyle remain engaged.

The market enters December with a smaller but stronger buyer pool. Buyers should expect firm luxury pricing yet opportunity exists to negotiate on some properties much more so than others.

To truly understand the nuances and hyper-locality of these market segments, it is crucial to work with a trusted advisory team. Navigating the difference between a successful closing and a struggling listing (for sellers) or securing the right value (for buyers) requires the detailed, experienced perspective provided by the Yaseen Brothers at Telluride Properties.

If your goal is finding the best agent to sell your condo in Telluride or securing the best agent to help you buy a vacation home in Telluride, our data-driven approach will guide your decision.