Telluride Annual Market Update 2026

Transcript of the February 2026 webinar. Lightly edited for clarity, with speech-to-text errors in place names corrected. Figures are as presented on the call.

Today I am going to walk us through what is actually happening in our market. Not national headlines, not Denver trends, but real data specific to our mountain communities. My goal is simple: to help you understand what this means for your property, your timing, and your long-term strategy. And if you are a buyer on this call, the same goes for you. This covers the Telluride area, the greater Telluride area, and Ouray County, which is Ridgway and Ouray.

I know many of you own property here in the Telluride area, not just as an investment but as part of your lifestyle and family legacy.

Starting with the town of Telluride: transaction volume remained remarkably steady year over year, despite the way the graph looks. That is only about 73 to 75 transactions last year in the town of Telluride. That tells us something really important. Demand for Telluride real estate has not gone away. Buyers are still here, they are still searching, and they are still purchasing. What has changed is how they behave. Buyers today are more deliberate, more analytical, and far less impulsive than during the pandemic surge.

As far as pricing goes, average prices have softened slightly, but this is best understood as a normalization rather than a decline. We are coming off historically elevated pricing levels, and the market is settling into something more sustainable and frankly more healthy. Luxury markets do not typically crash; they recalibrate.

Interestingly, price per square foot increased. That tells us buyers are still willing to pay a premium for the right property, especially turnkey homes in prime locations. In other words, quality still wins. Marketing time remained relatively stable. Homes that are priced correctly and presented well are still selling in a reasonable time frame. Homes that are not tend to sit. Telluride remains one of the most resilient resort markets in North America, but success today depends far more on strategy than it did a few years ago.

Mountain Village is a market in its own right, and it tells a slightly different story, largely due to property mix and price points. Fewer transactions still does not indicate a lack of interest. It reflects a more selective buyer pool. Pricing edged upward, which tells us the highest quality properties are still commanding strong values, and buyers are concentrating their dollars on ski access, views, newer construction and turnkey condition. Buyers are not looking for project properties.

Marketing time has increased in Mountain Village, but buyers are not rushing in. They are negotiating, they are comparing, and they are taking their time. The market is strong, but patience and positioning are key if you are thinking of selling.

Zooming out to San Miguel County as a whole, we see the broader normalization trend. A modest decline in sales activity suggests buyers remain engaged but are more cautious. Again, that is normalization on prices rather than distress, with continued willingness to pay for quality homes across the region, as you can see in price per square foot increasing again. Longer average days on market reflect balance, not weakness. The frenzy phase is over and the healthy market phase is here. That is our county takeaway.

Ouray County stands out due to tighter supply. We are seeing a significant increase in transactions, which indicates strong activity. A lower median price likely reflects the mix of homes sold rather than declining values, because this is the entire county we are looking at. Price per square foot is stable to increasing, which confirms continued buyer confidence, and longer timelines again reflect balance rather than urgency.

Looking at current inventory and absorption rates in Telluride and Mountain Village, over 10 months of inventory means buyers have options. In this type of environment, pricing strategy becomes the single most important factor in how long a property takes to sell and what price it ultimately achieves. San Miguel County is in borderline balanced conditions, neither strongly favoring buyers nor sellers. Ouray County is still a seller-leaning market due to the limited supply.

One of the most important things to understand about Telluride real estate is that it does not compete just locally. It competes globally for discretionary second-home buyers. Buyers considering Telluride are often simultaneously evaluating Aspen, Vail, Park City and Jackson Hole, or even international destinations.

Aspen clearly sits in a category of its own, with median pricing well above $4 million. That market has a larger buyer pool of ultra-high-net-worth individuals and a much deeper luxury inventory. What is notable, though, is that Telluride is the closest competitor in terms of prestige and pricing, but with a different experience. Markets like Vail, Steamboat and Summit County are strong and vibrant destinations, but generally offer greater supply and larger year-round populations. Telluride's isolation and limited inventory are exactly what support long-term value.

High-net-worth buyers rarely look at just one location. They compare lifestyle, access, privacy, community feel and long-term value, not just price. Telluride consistently attracts buyers who prioritize authenticity, exclusivity and natural beauty over convenience. I always joke that people go to Aspen to be seen; they come to Telluride for the scenery.

In conclusion, unlike many resort towns, Telluride has extremely limited room to expand. As you know, that constraint protects property values over time. Scarcity is one of the most reliable drivers of long-term real estate performance. Being positioned near the top of the price spectrum is not a weakness; it is evidence of demand. Premium markets tend to recover first and decline last during economic cycles. I have seen that time and time again over several decades in these real estate markets.

Most buyers who choose Telluride are not simply looking for a ski property. They are looking for a place that feels special, a place that feels authentic. That emotional connection is part of what sustains this market. And for sellers, this means your property is not competing with your neighbor's home. It is competing with Aspen, Vail, and every other world-class mountain destination.

Across the region, we are seeing a shift from urgency to intentionality. Buyers are here; they are simply more strategic. If you are thinking of selling, that just means success depends less on timing the market and more on positioning your property correctly from day one.