Birdseye View | Crested Butte Market Snapshot | Yearend 2023
This year demonstrated resilience in the market and the power of teamwork for Bluebird. In the first half of the year, sales were off valley wide by about fifty percent. We witnessed a significant pause and “deep breath” from patient buyers.
The good news is that this calming effect allowed for inventories to grow, and more to choose from across the market. This also created some pent up demand, which resulted in strong sales in the second half of the year. Bluebird made up the difference and beat the market, nearly matching sales volume from last year, while the overall market was off 23%.
More expensive sales were definitely happening, as the average price in Crested Butte remained over $3 million. Bluebird sold the record high property in the CB area in Aperture at over $8.5 million.
The price to purchase a home in Mt Crested Butte and rural CB climbed to nearly $2.5 million in 2023. Condominium sales cooled as the inventory nearly doubled to over sixty offerings. However, demand remained strong for larger, more expensive units priced around the $1 million mark.
CB South remains a tight market with very few properties to choose from and average prices over $1.1 million. Land sales decreased to sixty sales from eighty nine the previous year and the inventory rose by a third to 124 available properties. Many potential building clients shifted to purchasing existing inventory due to the time lag for design and construction.
Bluebird crossed a significant landmark, closing over $1 billion in cumulative sales, with more top producing agents than any company in the region. The firm also closed more properties in 2023 than any other firm.
We are projecting a more steady rhythm for 2024, with interest rates becoming more attractive and inflation easing. Our valley remains a top destination and still an emerging market for adventure, peace and beauty seekers.
Bluebird Real Estate is the exclusive regional member of Luxury Portfolio International, the largest network of independent brokerages and luxury properties in the world.
View the full report with graphs here.