Birdseye View | Crested Butte Market Snapshot | Second Quarter 2022
Summer is in full swing in the Crested Butte area, with flowers blooming in their prime thanks to our recent afternoon showers. Live concerts, parades, golf, hiking, biking, and pickleball fill the longer summer days for our friends and neighbors. The real estate market is surging with new inventory, following a slower start to the year with not much to choose from.
Home sales should stabilize thanks to recent increases in our supply. We may be in the market adjustment phase, rounding the top of the cycle with the tension of optimistic sellers meeting more patient buyers. As we start to see price changes, this will be confirmed.
Nonetheless, the average home price in Crested Butte is approaching $3 million and $1,100 per square foot. Even though new construction is more abundant in every direction, building costs are at an all-time high. Architect and builder contracts are lining up years in advance, and some buyers are opting to purchase from existing availability over building new at this point.
Sales in surrounding neighborhoods have leveled off, but the average prices are still increasing, indicating that more expensive properties are still in demand. Mt. Crested Butte homes average over $2 million, and CB South averages over $1.3 million to date.
Condominiums on the mountain are selling very well and on pace with last year’s sales at 73 year to date and an average price over $550,000. Land sales have eased with half as many parcels sold to date (59) compared to last year. However, development parcels in and around town have been trading.
Bluebird recently closed a notable multi-unit parcel in Mt. Crested Butte for over $5 million. The firm enjoyed an exceptionally strong June, early signs of a robust summer. This year, Bluebird set all-time high sales price records for the region on Slate River Drive just north of town, Elk Avenue in town, and Hidden River in East River Ranches. These prices are new to our region, but still a fraction of the prices in Aspen and Telluride. Today’s buyers recognize the quality of life as well as the relative values in our valley.
We are excited for our peak summer season hikes, concerts, and real estate sales. Watch our fabulous new offerings as they hit the market each week, and we look forward to working with you and “bringing dreams home.”