This has been an unprecedented year for the ages in the Crested Butte area. Following a Covid shutdown and virtually no sales in the early spring, our market rebounded with record highs. Prices and sales in most areas are at all time highs. What started as a boom in the late summer has culminated in to a feeding frenzy.
Agents are scouring the market for properties to sell, as inventories are the lowest in many years. We typically have a 12 to 24 month supply of homes and land, and we currently only have a three to four month supply at the start of the year.
Million-dollar property sales which peaked at 120, were almost triple the previous year’s results. High end condominiums and more expensive land are surging as well. Condo prices are averaging almost $500,000 for the first time and the average price per square foot for a home in Crested Butte is over $750, with some sales eclipsing $1000. The average price for a lot is over $425,000 for the first time.
Overall in the region, sales increased by about fifty percent. It is beyond belief that following only one closing in May for Bluebird, the firm more than doubled its sales from the previous year, leading the market by a wide margin and capturing nearly a quarter of the overall market.
Bluebird’s agents are also the most experienced and most productive in the region, each averaging over $15 million in sales. We listed and sold the two most expensive properties to sell in 2020, both over $5 million. The hardest working, most successful team in the upper Valley, we appreciate the trust and loyalty of our clients and community. It is a pleasure to be a contributing part of our little paradise.
What started as an awakening from our Vail alliance, grew in to a Covid response for quality of life. Now, Crested Butte is on the map in a big way, and we foresee positive progress in real estate for the foreseeable future.