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Four Seasons Coming to Telluride

Telluride Market Momentum: Q3 2025 Report and What’s Next for Buyers and Sellers

Introduction — A Market at a Turning Point

The Telluride real estate market continues to evolve with record-breaking sales, headline-making developments, and renewed investor confidence across San Miguel County.
While total year-to-date (YTD) dollar volume dipped 20% from 2024, Telluride Properties remains the region’s dominant force, closing $527.5 million YTD as of September 30, 2025 — not including another $300 million in pending Four Seasons and Highline contracts that will record in 2027–2028

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These numbers tell a bigger story: strategic investments in Telluride’s resort infrastructure — most notably the new Four Seasons Resort and Residences Telluride — are already reshaping long-term values, lifestyle opportunities, and global attention.

H2: Record-Breaking Sales Cement Telluride’s Global Appeal

Few mountain towns can rival Telluride’s performance in luxury real estate this year. Two headline deals led the charge:

  • 137 Hood Park Road, the most expensive home ever sold in San Miguel County, closed at $39.4 million, represented by Damon Demas of Telluride Properties.

  • 236 Pandora Lane (including the adjacent lot), sold for $28.8 million, represented by the O’Neill Stetina Group

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These transactions underscore Telluride’s resilience and desirability amid a volatile global market.

According to Bloomberg, JPMorgan’s $417 million construction loan for the Four Seasons Telluride marks one of the largest hospitality investments in Colorado history — a powerful signal of confidence from institutional capital sources

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Read the Bloomberg article here ›

H2: Four Seasons Telluride — The Catalyst for a New Market Cycle

H3: A Development Seven Years in the Making

After years of anticipation, ground has finally broken on the Four Seasons Resort and Residences Telluride, a world-class mixed-use development featuring 52 hotel keys, 43 hotel residences, and 26 private residences. This project — represented exclusively by Telluride Properties — is already redefining expectations for luxury in the San Juan Mountains.

H3: Why It Matters

In resort markets around the globe, Four Seasons-branded residences consistently command a 25–30% price premium, while surrounding properties typically see a 5–15% uplift over time. That “halo effect” is already visible:

  • Mountain Village condos are trending up in price-per-square-foot (PSF) through 2025.

  • Inventory remains tight, particularly for ski-in/ski-out and Village Core properties.

Once the Four Seasons opens, analysts expect a “reset of the market ceiling” — solidifying Telluride’s place among the world’s premier alpine destinations.

Watch the Four Seasons Telluride video ›
Explore Highline Telluride ›

H2: Key Metrics — San Miguel County at a Glance

H3: Dollar Volume and Transaction Count

  • Total Dollar Volume (YTD 2025): $641.6M (↓19% YoY)

  • Total Transactions: 540 (↓4% YoY)

  • Despite lower totals, high-end transactions — including $20M+ sales — have surged, representing an unprecedented share of total volume

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H3: The Bigger Picture

Even with fewer overall sales, investor confidence is surging. As the report notes, “With the stock market at all-time highs, the smart money is taking profits and investing in hard assets like real estate they can use and enjoy for decades.”
That shift toward tangible, lifestyle-driven assets continues to define Telluride’s market identity.

H2: Town of Telluride — Limited Supply, Sustained Demand

In the Town of Telluride, 53 residential sales closed through Q3 2025 for a total volume of $180.2 million, representing a 28% decrease in dollar volume and 13% fewer transactions than 2024.

H3: Highlights

  • Median sold price for single-family homes: $4.79 million

  • Median sold price for 3-bedroom condos: $3.27 million

  • Median discount from asking: ~3–6%, signaling continued negotiation power for sellers

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H3: Active Inventory (as of 9/30/25)

  • Single-family homes: 27 active listings, median price $8.0M

  • Condos: 33 listings, median price $2.2M

  • Land: 12 parcels available, median price $2.3M

High-end examples like 451 W Galena Avenue, offered at $12.95M, showcase Telluride’s enduring architectural character and walkable lifestyle

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H2: Mountain Village — The Powerhouse of Growth

Mountain Village remains the center of momentum for 2025.
While dollar volume is down slightly ($252.4M, ↓13%), the luxury segment is thriving — capped by the record-setting $39.3M sale of 137 Hood Park Road

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H3: Market Summary

  • 55 residential sales YTD

  • Median home price: $7.6M

  • Median price reduction: only ~4% from asking — tighter than historic norms.

Inventory levels show steady opportunity for buyers:

  • 30+ single-family homes available, median list price $8.0–$12.5M

  • Condos range from $359K studios to $11.9M penthouses, median $3.1M.

The Village’s ski-in/ski-out appeal and world-class amenities ensure strong rental and resale performance.

H2: Surrounding Areas — Expanding the Definition of Luxury

Beyond Telluride proper, lifestyle buyers are discovering value in the mesas and ranch communities surrounding town:

H3: Deep Creek Mesa & Gray Head

  • Sales ranged from $1.7M–$8.1M, with a median around $3.1M.

  • Gray Head, in particular, remains one of Telluride’s most sought-after enclaves — known for its panoramic views and architectural integrity.

H3: Specie Mesa & Wilson Mesa

  • Specie Mesa: $365K–$1.28M, median $822K.

  • Wilson Mesa: one recorded sale at $2.875M, matching strong 2024 comps.

H3: Hastings Mesa & Iron Springs / Horsefly

  • Hastings Mesa: four sales from $275K–$1.2M.

  • Horsefly Mesa: six sales, median $2.2M — appealing to equestrian and ranch buyers seeking privacy and acreage

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These outlying areas provide space, serenity, and accessibility — increasingly appealing as Telluride’s core prices rise.

H2: Lifestyle Advantage — Why Buyers Are Acting Now

Owning near the new Four Seasons Telluride means more than proximity to luxury amenities — it’s about joining the next evolution of the community.
Expect:

  • A re-energized Village Core with elevated retail and après-ski culture.

  • Enhanced global visibility for Telluride among elite resort destinations.

  • A long-term value anchor comparable to Vail’s Four Seasons effect in 2010.

As the report notes, “Buyers who secure their property today will be well-positioned when the market fully responds to the Four Seasons arrival.”

Or, as Warren Miller famously said:

“If you don’t do it this year, you’ll just be one year older when you do.”

H2: What This Means for Sellers

For sellers, the environment remains favorable:

  • Low inventory + rising luxury demand = stronger pricing power.

  • Highline and Four Seasons pre-sales are lifting PSF averages across the board.

  • National press coverage (Wall Street Journal, Bloomberg, Mansion Global) reinforces Telluride’s prestige and stability.

Strategic timing — listing before the next wave of demand hits — can capture both domestic and international buyers seeking exclusivity and quality.

Read the WSJ feature on Telluride luxury homes ›

H2: Looking Ahead — Forecast for Winter 2025/26

The winter season promises continued energy and optimism.
Key expectations:

  • Four Seasons construction will accelerate, driving media coverage and foot traffic.

  • Ski season inventory will remain tight — particularly for prime slope-side units.

  • Price-per-square-foot metrics are projected to rise 5–8% in Mountain Village through 2026, following patterns seen in other Four Seasons markets like Jackson Hole and Whistler.

H3: Strategic Advice

  • Buyers: Act before Four Seasons opens — competition will intensify.

  • Sellers: Highlight proximity to major projects and rental potential.

  • Investors: Diversify into Telluride’s high-quality, low-supply segments for steady appreciation.

H2: Partner with Local Expertise

With more than five decades of combined experience, TD Smith and the Telluride Properties team bring unmatched insight into market dynamics, valuation, and opportunity timing.

Explore current listings and detailed neighborhood data at tdsmith.com — including featured properties in Mountain Village, Gray Head, and the Town of Telluride.

For confidential consultation or to discuss your next move, contact:
📍 232 W Colorado Ave, Telluride, CO 81435
📞 970.728.0808

Conclusion — Telluride’s Next Chapter

Q3 2025 confirms what many in the community already feel: Telluride is on the cusp of a new golden era.
From record-breaking sales to the transformative arrival of the Four Seasons, every indicator points toward a market defined by confidence, creativity, and world-class living.

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