Crested Butte Real Estate Market Watch – January 2013

The Real Estate Market in Crested Butte – $100 Million in 2012

The chart at the top of this post demonstrates 12 years of Crested Butte sales volume data for our local market. Obviously, it has been a wild ride, particularly since the mid-2004 acquisition of the ski resort by Tim and Diane Mueller where we saw over $1 billion in Crested Butte real estate trade hands in 4 short years. During 2012, we realized about $84 million in residential real estate sales. This equates to 188 homes and condos sold in the Upper East River Valley market area. The vacant land segment reached 54 sales in 2012 and just over $11 million in volume. And, the local market enjoyed 9 commercial real estate sales in 2012 totaling just over $4 million and helping to put us over the $100 million volume mark for 2012.

In the town limits of Crested Butte, we’ve seen 34 homes and condos sell this year for a total of just over $18 million. The average sale price in town is $545,000 with sold prices ranging from $95,000 for a mobile home on Teocalli Ave. to $1,900,000 for a Treasury Hill single family home.

The median sales price for homes in Crested Butte and throughout the Upper East River Valley for October 2012 to December 2012 was $260,000. This represents a decline of 28.4%, or $103,000, compared to the prior quarter and an increase of 20.9% compared to the prior year. The average listing price for Crested Butte area homes for sale on Trulia was $841,600 for the week ending Jan 02, which represents a decline of 2.2%, or $19,129, compared to the prior week and a decline of 1.1%, or $9,657, compared to the week ending Dec 12. Average price per square foot for Crested Butte CO was $236, an increase of 22.3% compared to the same period last year.

Significant Sales – Q4 2012

32 Elk Avenue (pictured above) – Town of Crested Butte
1,300 sft, 2 bedroom home sold for $650,000

401 Elk Avenue – Town of Crested Butte
Commercial building in town sold for $1,095,000

30 Belleview – Mt Crested Butte
6,000 sft. custom mountain home sold for $1,800,000

1 Sage Hill Spur Road – Roaring Judy Ranch
Eco-home on 39 acres sold for $850,000

725 Teocalli Avenue – Town of Crested Butte
6000 sft. home site in town sold for $250,000.

2105 Columbine Condos – Slopeside
3 bedroom ski in ski out condo sold for $340,000.