Crested Butte Real Estate Market Report: A Market Recovery

Happy New Year from Snowy Crested Butte!

2013 was a good year for the real estate economy in Crested Butte. In many ways, it was the year our local market began a good old fashioned recovery.

In the Upper East River Valley region, from Crested Butte South to Mt. Crested Butte, we reached $146 million in total sales volume. This is an increase of over $40 million from the previous year. 65 more properties sold and sales of single family homes and condos increased in total volume and average sold price. The average days on market declined for the first time in 6 years and existing inventories of residential properties declined significantly. And, homes and condos sold at prices much closer to their list prices, increasing from 88% in 2012 to 93%.

The market for vacant land and homesites is still flat with most areas simply holding steady on average sold prices and overall volume. The exception? Land values in the Town of Crested Butte. If you want to build a home in town you will quickly learn that scarcity of homesites is causing values to rise. The average sold price of a homesite located in the town limits skyrocketed from $371,000 in 2012 to $671,000 in 2013. The highest price paid for a lot in town in 2013? $1,250,000.

Of course, the natural outcome of all of these home and condo sales is decreased inventories and rising prices. Land prices in town are also impacting the greater market correction. At some point soon, homesites and vacant land located in areas outside of town will also see an increase in demand. Perhaps 2014 will be the year land values start to rise in places like Skyland, Buckhorn Ranch and Mt. Crested Butte.

Read the full 2013 real estate market report online at my:
Crested Butte Real Estate Guide.

The News Around Town

For the first time since the 2010 ski season, Crested Butte Mountain Resort (CBMR) has opened ALL of its skiable terrain, over 1,100 acres. With all of the great snow conditions and trail openings, CBMR reports that vacation and lodging bookings for February and March have jumped up. The year-to-date numbers for February show a 21 percent increase from last year in booked room nights, and March is at a 36 percent increase.

CBMR is making other news with their prized 255-acre Promontory Ranch parcel also known as the North Village and the base of Snodgrass Mountain. The Mueller family that operates CBMR and owns the parcel have it up for sale at $12.6 million. Read the Crested Butte News article about the offering here