Birdseye View | Crested Butte Market Snapshot | Spring 2024
It is spring and a time for rejuvenation and warm sunshine. As the snow melts and the flowers begin to bud, the anticipation for riding trails and joining friends for outdoor concerts mounts. It is a welcome, quiet time as we transition from a great ski season with above average snowfall.
There is a positive attitude in the real estate market as we head into summer. Several new restaurants are scheduled to open in our nation’s Wildflower Capital. Sales and confidence are up compared to this time last year. Inventories are growing to normal levels, and despite upticks in interest rates, they are still at healthy levels and buyers are indicating that they are tired of waiting and are ready to buy.
The first quarter in the Crested Butte area is the beginning of a track that builds steadily through the year. Indicators are that expensive properties are in high demand. The average home price in the town of Crested Butte is now over $1,260 per square foot. In Mt. Crested Butte, the average home price is over $2.6 million for the first time ever.
With more high-end sales, the rural Crested Butte market, including Skyland, Trappers and Danni Ranch is reaching average prices over $3.5 million. CB South is steady with few sales averaging $1.1 million, due to high demand and low available listings.
Condominium sales are steady, but the inventory has doubled to 64 available units, with twelve sales year to date.
Land sales have slowed to eight transactions in the first quarter, with a rise in available tracts to 126. Some landowners have opted to purchase existing structures for a quicker entrance to the market.
Bluebird continues to lead the market with the highest number of sales this year and last year of any firm in the Gunnison Valley. Our associates feel bullish on the spring market. They assert that our destination is highly desired, and they have lots of buyers who are ready to purchase this season when the right properties come on the market.
We would love to show you how we are “bringing dreams home.” Bluebird is the exclusive regional member of Luxury Portfolio International, the largest global consortium of independent brokers and premium properties.
View the full report with graphs here.