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ANNE-BRITT OSTLUND LUXURY MARKET REPORT TELLURIDE | JANUARY 2026

ANNE-BRITT OSTLUND Real Estate Advisor, Broker/Owner Your Telluride Neighbor since 2012

970.759.4886

ab@mountainrose.co www.MountainRoseRealty.co As Realtor® and founder of Mountain Rose Realty, Anne-Britt Ostlund represents the southwest Colorado region’s finest properties with exceptional skill and unmatched warmth. With more than 19 years of full-time real estate experience in the southwest San Juan Mountains, our thorough understanding of the regional marketplace has led many homeowners to accomplish their goals. Our dedication to high-caliber client service, as well as Anne-Britt’s experience living in nearly every neighborhood in which she assists buyers and sellers, makes us the ideal partner for your real estate journey. By providing a personalized client experience that’s as unique as you are, Anne-Britt and Mountain Rose Realty are redefining the status quo of the centuries-old real estate transaction by prioritizing important relationships: relationships with lending professionals and trades providers, relationships with the community that we love, relationships with other real estate professionals, and relationships with you—our clients. When it comes time to buy or sell your unique property in the Telluride area, it’s vital to find a Realtor® who has the regional knowledge to translate your dreams into a home’s reality, and we possess the high-impact real estate marketing strategies and the sophisticated market analysis technologies to make that happen. In addition, we are proud to be the founding members of the 1 Percent Back to the Community movement, which means that each year, we donate at least 1 percent of our net income to local non-profits. We’re committed to the communities and the people that we serve. We look forward to serving you!

TABLE OF CONTENTS PAGE 4-7

NORTH AMERICAN LUXURY MARKET REVIEW

PAGE 8

13-MONTH MARKET TRENDS

PAGE 9

SINGLE-FAMILY HOMES MONTHLY OVERVIEW

PAGE 10

ATTACHED HOMES MONTHLY OVERVIEW

PAGE 11-14

MONTHLY STATISTICS BY CITY

PAGE 15

LUXURY REPORT EXPLAINED

PAGE 16

WELCOME MESSAGE

PAGE 17-21 LOCAL LUXURY MARKET REVIEW PAGE 22

THANK YOU

NORTH AMERICAN LUXURY REVIEW DECEMBER 2025: A RESILIENT FINISH FOR NORTH AMERICA’S LUXURY MARKET December 2025 delivered an unexpected but compelling close to the year for North America’s luxury real estate market. While November initially appeared to signal a softening, posting year-over-year declines compared to November 2024, December reversed course decisively. Activity realigned more closely with the momentum seen in September and October, positioning November as a statistical anomaly rather than the start of a downward trend.

A LOOK AT THE NUMBERS Luxury home sales strengthened across both property types. Single-family transactions rose 7.8% yearover-year, while attached luxury properties posted a 4.1% increase compared to December 2024. Even more notable was the month-over-month performance: sales increased by 9.4% for single-family homes and surged 15.9% for attached properties compared to November. This trajectory runs counter to traditional seasonal patterns, where luxury activity typically cools from October through January before reaccelerating in early spring. Further reinforcing the market’s underlying strength, December 2025 sales also exceeded those recorded in November 2024, underscoring that demand remained active well into year-end. Pricing trends reflected a measured but healthy appreciation. Median sold prices increased year-overyear by 3.9% for single-family homes and 2.7% for attached properties. On a month-over-month basis, single-family median sold prices edged higher by 0.9%, while attached properties experienced a modest 2.0% decline. In the context of easing interest rates, the softening of the median sold price in the attached segment could likely reflect a broader buyer response to improved affordability conditions, with increased transaction volume occurring at relatively lower price points rather than signaling price weakness.

INVENTORY EXPANSION MEETS SELECTIVE SELLER BEHAVIOR Declining interest rates also appear to have played a critical role in supporting inventory expansion. Yearover-year inventory levels increased by 10.2% for single-family homes and 5.3% for attached properties, providing buyers with greater selection and confidence to transact. However, the composition of new listings reveals a more nuanced seller mindset. While new inventory for single-family homes rose 4.6% year-over-year, month-over-month new listings declined, suggesting that detached homeowners, though more secure than earlier in the year, remain selectively cautious. In contrast, new listings for attached homes declined by 1.6% year-over-year and 27.6% month-over-month, even as buyers leaned into perceived value opportunities within that segment.

A MARKET IN BALANCE Taken together, these indicators confirm that the luxury market closed 2025 with resilience and structural strength. On an annual basis, single-family luxury sales outperformed 2024 by 6.1%. Attached sales, though still marginally below prior-year levels, continued to close the gap - the differential narrowed steadily throughout the year, from 2.7% in September to just 1.6% by December, pointing to improving alignment between the two segments. December’s market balance metrics further reinforce this narrative. The single-family luxury segment firmly maintained seller’s market conditions, while the attached segment trended back toward the threshold between balanced and seller-favored territory. This shift reflects improving absorption rather than constrained supply, a constructive signal for early 2026. Overall, median prices remained stable, inventory expansion enabled buyers to re-engage decisively, and sellers, while still disciplined, demonstrated a growing acceptance of evolving market conditions. December therefore marked not just the end of the calendar year, but a confident transition into 2026.

DEMAND MORE STRATEGIC, AND PURPOSE-DRIVEN By the end of 2025, luxury demand across North America is no longer homogenous. Ultra-highnet-worth buyers continue to dominate the top end, using luxury real estate as a tool for capital preservation, diversification, and longterm optionality, often deploying cash to retain flexibility and negotiating leverage. At the same time, a growing cohort of newly affluent and move-up buyers has reshaped the mid-luxury segment. These buyers are highly informed, value-conscious, and selective, prioritizing design quality, location, and lifestyle functionality over headline pricing.

Across generations, particularly among Gen X and Millennial wealth holders, demand increasingly favors pragmatic luxury; homes that support multigenerational living, hybrid work, and everyday quality of life rather than purely symbolic status.

LIFESTYLE AND LONG-TERM VALUE BECOME CORE VALUE DRIVERS As 2025 concludes, lifestyle alignment has emerged as one of the strongest determinants of value in the luxury market. Wellness infrastructure, sustainability credentials, and advanced home technology are no longer differentiators; they are baseline expectations. Buyers increasingly seek residences that support physical and mental well-being, operational efficiency, and long-term adaptability. Integrated wellness spaces, smart home ecosystems, energy efficiency, and environmentally responsible design now command measurable premiums and contribute to liquidity resilience. Properties offering these attributes are viewed not only as desirable homes, but as more durable long-term assets.

SELLERS REMAIN CONFIDENT YET STRATEGIC By year-end 2025, luxury property sellers had clearly shifted toward a more confident and strategic posture. Strong equity positions, moderating price growth, and heightened awareness of tax and carrying costs has led many to prioritize patience over selling below perceived value. When sellers enter the market now, execution is highly intentional. Listings emphasized movein readiness, thoughtful presentation, and features aligned with buyer priorities such as wellness, technology, and lifestyle functionality. Pricing strategies became more data-driven and tailored to specific buyer segments rather than broad market sentiment. Discretion has also emerged as a defining trait, with many high-net-worth sellers favoring strategies that maintain control over timing and exposure.

LOCAL VARIATION AND GROWING GLOBAL INFLUENCE Luxury market performance increasingly diverged at the local level in 2025. Inventory levels, pricing power, and buyer urgency varied meaningfully by region, driven by differences in local economic conditions, migration patterns, housing supply constraints, and lifestyle appeal. As a result, some markets continued to exhibit seller-favored conditions, while others transitioned toward greater balance, reinforcing the importance of hyper-local market knowledge in pricing and positioning luxury assets. At the same time, luxury real estate became more deeply interconnected with global economic and lifestyle forces. Cross-border capital flows, geopolitical uncertainty, currency considerations, and international mobility increasingly influenced both buyer demand and seller strategy. Gateway cities, resort destinations, and lifestyle-oriented markets continued to attract international interest, while

domestic affluent buyers also evaluated properties through a global lens - assessing regulatory stability, tax environments, and long-term optionality alongside traditional lifestyle factors. Technology further amplified this global reach. Advanced digital marketing, immersive virtual property experiences, and streamlined remote transaction capabilities expanded access to international buyers, increasing competition for well-positioned assets while simultaneously raising the expectations of affluent buyers for properties that fully align with their lifestyle, design, and experiential standards.

MACRO, LIFESTYLE, AND STRATEGIC FORCES SHAPING THE 2026 LUXURY OUTLOOK As the market enters 2026, luxury real estate decision-making is increasingly informed by broader macroeconomic and lifestyle considerations. Affluent buyers are evaluating properties as strategic assets within wider financial and life-planning frameworks, factoring in portfolio diversification, lifestyle flexibility, and intergenerational needs. Against this backdrop, the luxury market enters 2026 from a position of relative strength. Balanced sales activity, expanding inventory, and resilient pricing provide a foundation for measured, strategic growth rather than speculative momentum. Success will hinge less on broad market heat and more on targeted value, curated experiences, and global relevance. Luxury real estate has matured beyond transactional dynamics. It now sits at the intersection of lifestyle optimization, investment strategy, and experiential differentiation—where the most compelling properties tell a story far beyond square footage and price alone. In this environment, the role of the luxury real estate specialist becomes even more essential. Accurate interpretation of shifting inventory patterns, emerging buyer motivations, and macroeconomic influences will be critical. The most successful clients in 2026 will be those who are informed, adaptable, and guided by deep market expertise.

– 13 - MONTH MARKET TRENDS – FOR THE LUXURY NORTH AMERICAN MARKET

Single-Family Homes

Attached Homes

Single-Family List Price

Attached List Price

All data is based off median values. Median prices represent properties priced above respective city benchmark prices. 45

DAYS ON MARKET

40 35 30 25 20 15 10 5 0

DEC

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

45% 40%

SALES RATIO

35% 30%

Seller's

25%

21%

20%

Balanced

15%

12%

10%

Buyer's

5% 0%

DEC

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

SEP

OCT

NOV

DEC

SALES PRICE VS. LIST PRICE

$1,700,000

$1,500,000

$1,300,000

$1,100,000

$900,000

$700,000

$500,000

DEC

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Year over Year December 2024 | December 2025

SINGLE-FAMILY HOMES December 2024

December 2025

Median List Price

$1,531,000

$1,499,000

Total Inventory

51,261

56,512

Median Sale Price

$1,300,000

$1,350,000

New Listings

9,789

10,233

Median SP/LP Ratio

97.83%

97.57%

Total Sold

14,118

15,213

Total Sales Ratio

27.54%

26.92%

Median Days on Market

$381

$392

3,243

3,372

Median Price per Sq. Ft.

December 2024 December 2025

Average Home Size

Median prices represent properties priced above respective city benchmark prices.



444

1,095

New Listings

Total Sold



.62%

Med. Sale Price

Days on Market

Sales Ratio

50,000



SINGLE-FAMILY HOMES MARKET SUMMARY | DECEMBER 2025 •

Official Market Type: Seller's Market with a 26.92% Sales Ratio.1

•

Homes are selling for an average of 97.57% of list price.

•

The median luxury threshold2 price is $900,000, and the median luxury home sales price is $1,350,000.

•

Markets with the Highest Median Sales Price: Pitkin County ($9,500,000), Whistler ($8,936,667), Paradise Valley ($5,200,000), and Naples ($4,500,000).

•

Markets with the Highest Sales Ratio: East Bay (113.70%), Howard County (109.80%), San Francisco (100.00%), and Silicon Valley (92.80%). Sales Ratio defines market speed and market type: Buyer's < 12%; Balanced >= 12 to < 21%; Seller's >= 21%. If >100%, sales from previous month

exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.

– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Year over Year December 2024 | December 2025

ATTACHED HOMES December 2024

December 2025

Median List Price

$945,000

$953,700

Total Inventory

20,811

21,903

Median Sale Price

$863,855

$886,848

New Listings

4,117

4,053

Median SP/LP Ratio

98.29%

97.88%

Total Sold

4,141

4,309

Total Sales Ratio

19.90%

19.67%

Median Days on Market

$480

$514

1,914

1,942

Median Price per Sq. Ft.

December 2024 December 2025

Average Home Size

Median prices represent properties priced above respective city benchmark prices.







.23%

Days on Market

Sales Ratio

168

22,993

New Listings

Total Sold

Med. Sale Price



ATTACHED HOMES MARKET SUMMARY | DECEMBER 2025 •

Official Market Type: Balanced Market with a 19.67% Sales Ratio.1

•

Attached homes are selling for an average of 97.88% of list price.

•

The median luxury threshold2 price is $700,000, and the median attached luxury sale price is $886,848.

•

Markets with the Highest Median Sales Price: Pitkin County ($4,200,000), Park City ($2,725,000), Ft. Lauderdale ($2,725,000), and Telluride ($2,705,000).

•

Markets with the Highest Sales Ratio: Morris County (175.00%), Fairfax County (127.60%), Howard County (118.90%), and Montgomery County (107.30%). Sales Ratio defines market speed and market type: Buyer's < 12%; Balanced >= 12 to < 21%; Seller's >= 21%. If >100%, sales from previous month

exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.

– LUXURY MONTHLY MARKET REVIEW – SINGLE FAMILY HOMES

ATTACHED HOMES

State Market Name

List Price

Sold Price

DOM

Ratio

Market

List Price

Sold Price

DOM

Ratio

Calgary

$1,017,500

$1,004,469

37.70%

Seller's

$835,000

$761,250

20.60% Balanced

Chandler and Gilbert

$1,050,000

$1,000,000

33.60%

Seller's

Flagstaff

$1,775,000

$1,200,000

19.80% Balanced

Fountain Hills

$2,789,000

$2,162,500

17.80% Balanced

$750,000

$1,322,500

125

8.00%

Buyer's

Mesa

$899,900

$844,950

34.50%

Seller's

Paradise Valley

$6,494,500

$5,200,000

12.90% Balanced

Phoenix

$925,000

$849,000

31.50%

Seller's

Scottsdale

$2,400,000

$1,767,000

26.00%

Seller's

$998,000

$1,037,500

25.90%

Seller's

Tucson

$710,000

$678,000

20.80% Balanced

Okanagan Valley

$1,885,000

$1,750,000

6.00%

Buyer's

Vancouver

$4,000,000

$3,494,000

7.90%

Buyer's

$1,889,450

$1,732,500

12.60% Balanced

Whistler

$5,422,000

$8,936,667

5.90%

Buyer's

$2,250,000

0.00%

Buyer's

Central Coast

$2,950,000

$2,274,824

24.90%

Seller's

$1,162,500

$1,100,000

24.20%

Seller's

East Bay

$2,049,500

$1,938,800

113.70%

Seller's

$1,149,000

$1,075,000

49.00%

Seller's

Greater Palm Springs

$1,885,000

$1,780,000

19.00% Balanced

Lake Tahoe

$2,940,000

$1,900,000

25.30%

Seller's

$1,800,000

$1,520,000

18.00% Balanced

Los Angeles Beach Cities

$6,895,000

$4,213,750

18.40% Balanced

$1,898,500

$1,780,000

19.10% Balanced

Los Angeles City

$5,500,000

$3,724,990

18.30% Balanced

$1,649,500

$1,475,000

21.30%

Seller's

Los Angeles The Valley

$2,499,000

$1,957,500

23.90%

Seller's

$799,000

$800,000

28.20%

Seller's

Marin County

$3,600,000

$3,500,000

53.20%

Seller's

$1,144,500

$1,160,000

57.10%

Seller's

Napa County

$2,970,000

$2,262,500

15.00% Balanced

Orange County

$2,899,940

$2,165,000

43.60%

Seller's

$1,293,500

$1,152,500

46.50%

Seller's

Placer County

$1,200,000

$1,125,000

33.60%

Seller's

Sacramento

$949,894

$895,000

42.40%

Seller's

San Diego

$2,300,000

$1,899,000

41.30%

Seller's

$1,149,000

$1,143,750

41.90%

Seller's

San Francisco

$4,267,500

$3,514,000

100.00%

Seller's

$3,250,000

$2,525,000

64.10%

Seller's

San Luis Obispo County

$1,894,500

$1,428,573

32.70%

Seller's

Silicon Valley

$4,347,500

$3,500,000

92.80%

Seller's

$1,648,990

$1,645,000

64.10%

Seller's

Sonoma County

$2,224,500

$1,799,500

138

25.30%

Seller's

$749,000

$727,495

35.30%

Seller's

Ventura County

$2,199,450

$1,700,000

27.40%

Seller's

$775,000

$750,000

31.80%

Seller's

Boulder

$2,300,000

$1,525,000

22.60%

Seller's

$899,000

$842,500

114

21.50%

Seller's

Colorado Springs

$937,353

$907,500

21.20%

Seller's

$607,388

$574,923

129

14.30% Balanced

Denver

$1,500,000

$1,400,000

30.60%

Seller's

$830,000

$810,000

19.30% Balanced

Douglas County

$1,330,000

$1,130,000

26.90%

Seller's

$577,000

$557,500

22.00%

Eagle County

$5,995,000

$3,800,000

122

9.00%

Buyer's

$2,750,000

$2,350,000

14.10% Balanced

Pitkin County

$14,250,000

$9,500,000

135

4.50%

Buyer's

$3,600,000

$4,200,000

198

7.50%

Buyer's

Summit County

$3,547,500

$2,210,500

113

22.50%

Seller's

$1,295,000

$1,030,000

21.30%

Seller's

Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.

Market

Seller's

– LUXURY MONTHLY MARKET REVIEW – SINGLE FAMILY HOMES

ATTACHED HOMES

State Market Name

List Price

Sold Price

DOM

Ratio

Market

List Price

Sold Price

DOM

Ratio

Market

Telluride

$6,397,000

$4,100,000

273

6.90%

Buyer's

$2,347,000

$2,705,000

185

9.30%

Buyer's

Central Connecticut

$702,450

$630,000

78.00%

Seller's

Coastal Connecticut

$2,197,000

$1,744,500

67.70%

Seller's

$729,950

$768,750

54.20%

Seller's

Washington D.C.

$3,999,900

$3,250,000

37.70%

Seller's

$1,970,000

$1,640,000

42.40%

Seller's

Sussex County

$1,495,000

$1,200,000

36.60%

Seller's

$790,000

$875,000

9.20%

Buyer's

Boca Raton/Delray Beach

$3,299,500

$2,192,500

15.30% Balanced

$1,100,000

$850,000

12.20% Balanced

Brevard County

$829,000

$780,000

23.30%

Seller's

$749,900

$702,500

10.40%

Buyer's

Broward County

$1,950,000

$1,500,000

10.90%

Buyer's

$700,000

$615,000

7.00%

Buyer's

Charlotte County

$999,994

$945,000

108

5.70%

Buyer's

Coastal Pinellas County

$2,295,000

$2,300,000

10.40%

Buyer's

$1,240,000

$1,100,000

8.10%

Buyer's

Ft. Lauderdale

$5,375,000

$3,900,000

9.00%

Buyer's

$2,799,500

$2,725,000

4.70%

Buyer's

Jacksonville

$781,000

$765,000

31.20%

Seller's

$607,000

$575,999

36.50%

Seller's

Jacksonville Beaches

$1,300,000

$1,225,000

33.10%

Seller's

$1,295,000

$1,250,000

16.40% Balanced

Lee County

$1,477,000

$1,279,500

8.90%

Buyer's

$839,900

$830,000

6.50%

Marco Island

$2,999,500

$2,750,000

10.00%

Buyer's

$1,597,000

$1,500,000

12.50% Balanced

Miami

$1,999,945

$1,599,000

11.50%

Buyer's

$1,500,000

$1,337,500

6.10%

Buyer's

Naples

$4,925,000

$4,500,000

8.90%

Buyer's

$2,200,000

8.50%

Buyer's

Orlando

$1,289,000

$1,150,000

19.30% Balanced

$590,000

$663,750

9.90%

Buyer's

Palm Beach Towns

$5,342,500

$4,244,000

12.80% Balanced

$2,265,000

$1,414,000

6.40%

Buyer's

Sarasota & Beaches

$2,690,000

$1,975,000

10.20%

Buyer's

$1,650,000

$1,825,000

8.50%

Buyer's

South Pinellas County

$1,498,000

$1,327,500

15.40% Balanced

$1,054,500

$1,405,548

39.00%

Seller's

Tampa

$759,900

$717,950

24.30%

Seller's

$832,000

$760,000

19.30% Balanced

Atlanta

$1,599,000

$1,327,500

27.00%

Seller's

$699,000

$660,000

15.10% Balanced

Duluth

$1,285,000

$1,758,250

26.10%

Seller's

Island of Hawaii

$1,975,000

$1,597,500

11.90%

Buyer's

$1,620,000

$1,599,000

17.90% Balanced

Kauai

$3,250,000

$1,749,007

13.50% Balanced

$1,439,000

$1,322,500

9.90%

Buyer's

Maui

$2,891,500

$2,600,000

108

9.10%

Buyer's

$1,995,000

$1,541,000

123

7.60%

Buyer's

Oahu

$2,950,000

$2,200,000

16.10% Balanced

$1,150,000

$1,115,000

12.00%

Buyer's

Greater Des Moines

$685,000

$634,207

18.80% Balanced

Ada County

$789,999

$759,950

37.10%

$649,167

$584,880

27.90%

Seller's

Northern Idaho

$1,228,500

$1,068,000

109

19.50% Balanced

Chicago

$1,750,000

$1,350,000

66.80%

Seller's

$1,199,950

$1,000,016

54.40%

Seller's

DuPage County

$1,399,999

$982,045

57.80%

Seller's

$765,000

$625,000

36.60%

Seller's

Lake County

$1,285,000

$982,500

48.40%

Seller's

Will County

$649,207

$622,500

52.10%

Seller's

Boone County

$1,650,000

$967,500

64.00%

Seller's

Hamilton County

$822,500

$785,000

54.70%

Seller's

Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.

Buyer's

– LUXURY MONTHLY MARKET REVIEW – SINGLE FAMILY HOMES

ATTACHED HOMES

State Market Name

List Price

Sold Price

DOM

Ratio

Market

List Price

Sold Price

DOM

Ratio

Market

Lafayette County

$805,000

$700,000

13.60% Balanced

Cape Cod

$2,499,000

$1,810,000

34.80%

Seller's

$1,257,500

$1,050,000

39.50%

Seller's

Greater Boston

$3,500,000

$2,775,000

40.30%

Seller's

$2,635,000

$2,000,000

27.10%

Seller's

South Shore

$1,699,000

$1,480,000

55.30%

Seller's

$949,900

$859,000

37.10%

Seller's

Anne Arundel County

$1,075,000

$948,000

58.90%

Seller's

$585,000

$570,000

82.60%

Seller's

Baltimore City

$950,000

$675,000

52.90%

Seller's

$699,900

$685,000

38.50%

Seller's

Baltimore County

$925,000

$918,000

43.20%

Seller's

$564,950

$660,000

52.30%

Seller's

Frederick County

$949,900

$960,000

46.50%

Seller's

Howard County

$1,386,800

$1,065,000

109.80%

Seller's

$639,900

$627,500

118.90%

Seller's

Montgomery County

$1,899,500

$1,662,505

62.70%

Seller's

$882,000

$792,450

107.30%

Seller's

Talbot County

$2,638,000

$1,600,000

20.50% Balanced

Worcester County

$937,500

$775,000

33.90%

Seller's

$657,450

$642,500

22.10%

Seller's

Grand Traverse

$1,350,000

$835,000

9.90%

Buyer's

Livingston County

$730,000

$705,000

44.00%

Seller's

Monroe County

$594,500

$535,000

11.40%

Buyer's

Oakland County

$795,000

$680,000

43.90%

Seller's

$619,900

$602,000

24.80%

Seller's

Washtenaw County

$850,000

$738,250

40.70%

Seller's

$675,000

$666,540

10.40%

Buyer's

Wayne County

$734,999

$615,000

44.30%

Seller's

$679,500

$572,738

29.00%

Seller's

Olmsted County

$925,000

$779,000

15.20% Balanced

Twin Cities

$1,300,000

$1,020,000

34.00%

Asheville

$999,500

$864,500

16.40% Balanced

$799,000

$652,500

11.50%

Buyer's

Charlotte

$1,050,000

$955,000

46.60%

Seller's

$639,250

$660,000

24.20%

Seller's

Lake Norman

$1,189,000

$1,186,740

34.40%

Seller's

$579,000

$517,736

34.30%

Seller's

Pitt County

$649,000

$575,000

21.80%

Seller's

Raleigh-Durham

$1,200,000

$1,018,000

42.40%

Seller's

Rockingham County

$1,450,000

$1,422,250

40.90%

Seller's

$935,450

$950,000

56.90%

Seller's

Bergen County

$2,990,000

$1,833,750

41.80%

Seller's

$1,358,000

$1,200,000

49.40%

Seller's

Morris County

$1,995,000

$1,375,000

86.20%

Seller's

$957,500

$886,848

175.00%

Seller's

Ocean County

$974,900

$825,000

32.80%

Seller's

$1,175,000

$855,000

39.30%

Seller's

Somerset County

$2,275,000

$1,350,000

68.50%

Seller's

$899,000

$785,000

33.30%

Seller's

Lake Tahoe

$3,600,000

$2,472,500

28.90%

Seller's

$1,199,500

$1,215,000

25.00%

Seller's

Las Vegas

$1,742,500

$1,458,000

14.00% Balanced

Reno

$1,999,500

$1,595,000

23.60%

Seller's

Cincinnati

$849,000

$695,000

32.50%

Seller's

Cleveland Suburbs

$699,900

$685,000

65.70%

Seller's

Columbus

$799,900

$733,055

40.10%

Seller's

$650,000

$672,500

22.10%

Seller's

GTA - Durham

$1,750,000

$1,606,500

7.70%

Buyer's

$809,450

$780,000

5.60%

Buyer's

Seller's

Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.

– LUXURY MONTHLY MARKET REVIEW – SINGLE FAMILY HOMES

ATTACHED HOMES

State Market Name

List Price

Sold Price

DOM

Ratio

Market

List Price

Sold Price

DOM

Ratio

Market

GTA - York

$2,399,000

$1,840,000

11.20%

Buyer's

$779,000

$740,000

11.00%

Buyer's

Mississauga

$2,995,999

$2,655,000

5.90%

Buyer's

$999,000

$1,064,000

9.90%

Buyer's

Oakville

$2,790,000

$2,060,000

10.40%

Buyer's

$1,199,000

$1,115,000

18.10% Balanced

Toronto

$3,958,000

$2,960,000

8.60%

Buyer's

$1,284,000

$1,100,000

9.90%

Waterloo Region

$1,444,500

$1,297,500

20.90% Balanced

$771,000

$735,000

12.90% Balanced

Portland

$1,299,900

$1,140,000

26.20%

Seller's

$680,000

$765,000

19.60% Balanced

Philadelphia

$750,000

$730,000

44.30%

Seller's

$749,000

$732,500

23.00%

Seller's

Charleston

$1,795,000

$1,447,500

30.50%

Seller's

$1,248,000

$1,276,500

28.90%

Seller's

Hilton Head

$1,875,000

$1,800,000

23.40%

Seller's

$989,000

$1,137,500

34.30%

Seller's

Greater Chattanooga

$995,000

$870,000

16.10% Balanced

Nashville

$1,699,950

$1,405,540

29.80%

Seller's

$749,900

$649,300

15.20% Balanced

Austin

$2,449,000

$1,993,000

25.10%

Seller's

$1,090,000

$965,000

103

9.70%

Buyer's

Collin County

$724,699

$705,000

24.20%

Seller's

Dallas

$1,437,000

$1,283,787

33.30%

Seller's

$749,900

$735,000

Denton County

$784,995

$755,000

23.10%

Seller's

El Paso

$650,000

$601,750

13.50% Balanced

Fort Worth

$879,900

$805,000

27.60%

Seller's

Greater Tyler

$699,450

$695,000

16.30% Balanced

Houston

$929,999

$966,000

26.00%

Seller's

$650,000

$653,250

Lubbock

$720,000

$628,000

22.10%

Seller's

San Antonio

$824,990

$785,000

16.20% Balanced

$725,000

$625,000

123

6.40%

Buyer's

Tarrant County

$872,783

$850,000

29.20%

Seller's

The Woodlands & Spring

$799,900

$770,000

31.60%

Seller's

Park City

$5,147,500

$3,621,768

21.90%

Seller's

$2,395,000

$2,725,000

16.20% Balanced

Salt Lake City

$1,194,500

$1,040,000

40.30%

Seller's

$599,900

$547,500

17.10% Balanced

Washington County

$1,499,000

$1,449,500

15.60% Balanced

Arlington & Alexandria

$2,489,450

$2,110,000

51.70%

Seller's

$1,130,844

$995,000

88.30%

Seller's

Fairfax County

$2,350,000

$1,475,000

57.00%

Seller's

$763,950

$707,000

127.60%

Seller's

McLean & Vienna

$2,895,000

$1,925,000

40.20%

Seller's

$1,449,900

$1,125,000

70.40%

Seller's

Richmond

$799,000

$821,065

51.10%

Seller's

$588,890

$570,000

45.00%

Seller's

Smith Mountain Lake

$1,300,000

$1,395,000

37.10%

Seller's

Virginia Beach

$1,395,000

$1,294,526

39.60%

Seller's

$795,000

$714,900

25.40%

Seller's

King County

$1,990,000

$1,779,975

54.90%

Seller's

$1,217,425

$1,114,995

38.20%

Seller's

Seattle

$1,972,500

$1,752,500

52.30%

Seller's

$1,295,000

$1,200,000

29.70%

Seller's

Spokane

$1,187,000

$990,000

19.50% Balanced

Vancouver

$1,399,999

$1,281,300

17.00% Balanced

$782,000

$1,085,000

6.80%

Buyer's

Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.

Buyer's

14.70% Balanced

17.60% Balanced

– LUXURY REPORT EXPLAINED – The Institute for Luxury Home Marketing has analyzed a number of metrics — including sales prices, sales volumes, number of sales, sales-price-to-list-price ratios, days on market and price-per-squarefoot – to provide you a comprehensive North American Luxury Market report. Additionally, we have further examined all of the individual luxury markets to provide both an overview and an in-depth analysis - including, where data is sufficient, a breakdown by luxury singlefamily homes and luxury attached homes. It is our intention to include additional luxury markets on a continual basis. If your market is not featured, please contact us so we can implement the necessary qualification process. More in-depth reports on the luxury communities in your market are available as well. Looking through this report, you will notice three distinct market statuses, Buyer's Market, Seller's Market, and Balanced Market. A Buyer's Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point. By contrast, a Seller's Market gives sellers greater control over the price point. Typically, this means there are few homes on the market and a generous demand, causing competition between buyers who ultimately drive sales prices higher. A Balanced Market indicates that neither the buyers nor the sellers control the price point at which that property will sell and that there is neither a glut nor a lack of inventory. Typically, this type of market sees a stabilization of both the list and sold price, the length of time the property is on the market as well as the expectancy amongst homeowners in their respective communities – so long as their home is priced in accordance with the current market value.

REPORT GLOSSARY REMAINING INVENTORY: The total number of homes available at the close of a month. DAYS ON MARKET: Measures the number of days a home is available on the market before a purchase offer is accepted. LUXURY BENCHMARK PRICE: The price point that marks the transition from traditional homes to luxury homes. NEW LISTINGS: The number of homes that entered the market during the current month. PRICE PER SQUARE FOOT: Measures the dollar amount of the home's price for an individual square foot. SALES RATIO: Sales Ratio defines market speed and determines whether the market currently favors buyers or sellers. A Buyer's Market has a Sales Ratio of less than 12%; a Balanced Market has a ratio of 12% up to 21%; a Seller's Market has a ratio of 21% or higher. A Sales Ratio greater than 100% indicates the number of sold listings exceeds the number of listings available at the end of the month. SP/LP RATIO: The Sales Price/List Price Ratio compares the value of the sold price to the value of the list price.

LUXURY RESIDENTIAL MARKETS 

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he Luxury Market Report is your guide to luxury real estate market data and trends for North America. Produced monthly by The Institute for Luxury Home Marketing, this report provides an in-depth look at the

top residential markets across the United States and Canada. Within the individual markets, you will find established luxury benchmark prices and detailed survey of luxury active and sold properties designed to showcase current market status and recent trends. The national report illustrates a compilation of the top North American markets to review overall standards and trends.

Copyright © 2026 Institute for Luxury Home Marketing | www.luxuryhomemarketing.com | 214.485.3000 The Luxury Market Report is a monthly analysis provided by The Institute for Luxury Home Marketing. Luxury benchmark prices are determined by The Institute. This active and sold data has been provided by REAL Marketing, who has compiled the data through various sources, including local MLS boards, local tax records and Realtor.com. Data is deemed reliable to the best of our knowledge, but is not guaranteed.

JANUARY

2026

TELLURIDE COLORADO

TELLURIDE

SINGLE - FAMILY HOMES Luxury Benchmark Price 1: $1,500,000

LUXURY INVENTORY VS. SALES | DECEMBER 2025 Total Inventory: 102

Total Sales: 7

Total Sales Ratio2 : 7%

Inventory $12,000,000+ $11,000,000 - $11,999,999 $10,000,000 - $10,999,999 $9,000,000 - $9,999,999

$8,000,000 - $8,999,999 $7,000,000 - $7,999,999

3 10 7

0 1

1 4

$2,500,000 - $2,999,999

$3,500,000 - $3,999,999

$1,500,000 - $1,999,999

$4,000,000 - $4,749,999

$2,000,000 - $2,499,999

$5,500,000 - $6,249,999

$3,000,000 - $3,499,999

Sales

$6,250,000 - $6,999,999

$4,750,000 - $5,499,999

Buyer's Market

1 3

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Total-

-Sold/Inventory-

0 - 2,999

$1,793,700

3,000 - 3,999

$4,100,000

11%

4,000 - 4,999

$13,150,000

5,000 - 5,999

$6,600,000

10%

6,000 - 6,999

7,000+

$2,765,000

The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 12%; Balanced >= 12 to < 21%; Seller's >= 21%. If >100% MLS® data reported previous month’s sales exceeded current inventory.

TELLURIDE

SINGLE - FAMILY HOMES Luxury Benchmark Price 1: $1,500,000

13 - MONTH LUXURY MARKET TREND 4 Median Sales Price

$7,900,000

$4,500,000

$5,492,500

Inventory $8,425,000

$7,752,500

$6,210,000

$5,612,500 $4,385,300

$3,600,000

$2,775,000

$2,600,000

136

133

126 78

Solds

125

106

$4,100,000 $2,950,000

102

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

MEDIAN DATA REVIEW | DECEMBER TOTAL INVENTORY

TOTAL SOLDS

Dec. 2024

Dec. 2025

Dec. 2024

Dec. 2025

102

VARIANCE:

31%

VARIANCE:

SALE PRICE PER SQFT. Dec. 2024

SALES PRICE Dec. 2024

Dec. 2025

2.60m

SALE TO LIST PRICE RATIO

VARIANCE:

4.10m 58%

DAYS ON MARKET

Dec. 2025

Dec. 2024

Dec. 2025

Dec. 2024

Dec. 2025

1,262

86.16%

92.32%

195

273

VARIANCE:

40%

563

VARIANCE:

124%

VARIANCE:

TELLURIDE MARKET SUMMARY | DECEMBER 2025 • The single-family luxury market is a Buyer's Market with a 7% Sales Ratio. • Homes sold for a median of 92.32% of list price in December 2025. • The most active price band is $4,000,000-$4,749,999, where the sales ratio is 33%. • The median luxury sales price for single-family homes is $4,100,000. • The median days on market for December 2025 was 273 days, up from 195 in December 2024.

Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.

TELLURIDE

ATTACHED HOMES Luxury Benchmark Price 1: $500,000

LUXURY INVENTORY VS. SALES | DECEMBER 2025 Total Inventory: 86

Total Sales: 8

Total Sales Ratio2 : 9%

Inventory $10,000,000+

2 2

0 0

$5,000,000 - $5,999,999

$4,000,000 - $4,999,999 $3,000,000 - $3,999,999

$1,500,000 - $1,999,999

$800,000 - $899,999

$500,000 - $599,999

$900,000 - $999,999

$600,000 - $699,999

$1,000,000 - $1,499,999

$700,000 - $799,999

$2,500,000 - $2,999,999 $2,000,000 - $2,499,999

Sales

$7,000,000 - $9,999,999 $6,000,000 - $6,999,999

Buyer's Market

0 0

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Total-

-Sold/Inventory-

0 - 2,999

$2,705,000

10%

3,000 - 3,999

4,000 - 4,999

5,000 - 5,999

6,000 - 6,999

7,000+

TELLURIDE

ATTACHED HOMES Luxury Benchmark Price 1: $500,000

13 - MONTH LUXURY MARKET TREND 4 Median Sales Price

Inventory

Solds

$3,550,000 $2,784,000 $1,825,000

$1,810,000

$2,705,000 $1,500,000

$1,950,000

$1,787,500

$1,545,000

$1,079,000 99

$2,050,000 $1,362,500

$1,175,000

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

MEDIAN DATA REVIEW | DECEMBER TOTAL INVENTORY

TOTAL SOLDS

Dec. 2024

Dec. 2025

Dec. 2024

Dec. 2025

VARIANCE:

15%

SALE PRICE PER SQFT. Dec. 2024

Dec. 2025

2,288

1,843

VARIANCE: -

19%

VARIANCE:

167%

SALE TO LIST PRICE RATIO Dec. 2024

Dec. 2025

100.00% 91.02% 9

VARIANCE: - %

SALES PRICE Dec. 2024

Dec. 2025

1.83m

2.71m

VARIANCE:

48%

DAYS ON MARKET Dec. 2024

Dec. 2025

185

VARIANCE:

429%

TELLURIDE MARKET SUMMARY | DECEMBER 2025 • The attached luxury market is a Buyer's Market with a 9% Sales Ratio. • Homes sold for a median of 91.02% of list price in December 2025. • The most active price band is $7,000,000-$9,999,999, where the sales ratio is 100%. • The median luxury sales price for attached homes is $2,705,000. • The median days on market for December 2025 was 185 days, up from 35 in December 2024.

Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.

Thank you for taking time to view this report. For more information about this report and the services I can offer you and your luxury property, please give me a call at970.759.4886.

- Anne-Britt Ostlund

ANNE-BRITT OSTLUND

970.759.4886 | ab@mountainrose.co | www.MountainRoseRealty.com