The local Crested Butte real estate market continues to improve. It is still early in the new year but the promise of a solid season of real estate investment is looking good. We are trending upwards in sales volume and average sold prices are actually rising in all areas around our valley. Our sales volume has already tripled versus last year during the same timeframe and the number of transactions is up 35%.
After surpassing $100 million in sales during 2011, most of it coming during the second half of the year, our market momentum continues with buyers stepping up significantly during this historically slow time for real estate sales.
During the first 7 weeks of the new year, 22 homes and condos have already sold ($14.5 million) and another 30 properties are under contract, representing over $14 million more in pending business. 7 of these transactions are valued over $1 million including the biggest sale we’ve seen in Crested Butte since 2005 – a $4 million Prospect ski home sale last month.
By comparison, last year at this time, our market had realized only $5.2 million in sales where the highest priced transaction was a $870,000 sale of a Mt. Crested Butte ski home.
Did You Know – Crested Butte Coal Mining History
Howard F. Smith, considered the founding father of Crested Butte, laid out the Town in 1878. While Smith was originally attracted to the area because of the extensive coal deposits, he first built a smelter and saw mill to service the hard rock mining camps located in the surrounding areas. This established Crested Butte as a major supply center prior to becoming a long-term coal producer. Coal mining emerged in earnest in Crested Butte during the 1880’s and 1890’s. The early coal miners, and the majority of Crested Butte residents preceding 1895, were Anglo-Saxon from Wales, Scotland, Germany, Ireland and Cornwall. These immigrants were followed by Greeks, Italians and Southern Europeans from Slavic countries.
In 1882, Crested Butte was home to 1000 people and had five hotels, a bank, several saloons and restaurants, three livery stables, sawmills, doctors, lawyers and the Union Congregational Church, which still stands today and is Crested Butte’s oldest building. Residents got their water from a two-million gallon reservoir located above the Town and in 1882 a telephone line connected Crested Butte and Gunnison.
Learn More: Visit Crested Butte’s Heritage Museum
Upcoming Crested Butte Events in March
March 3 – Super Tour (Race & Rec Nordic Skiing Divisions), Crested Butte
March 4 – 7 Hours of the Banana benefit for Adaptive Sports Center, Crested Butte Mountain Resort
March 6 – John Oates Concert, Crested Butte Center for the Arts
March 8 – Full Moon Dinner at the Yurt, Crested Butte Nordic Center’s Magic Meadows Yurt
March 9-10 – Banff Mountain Film Festival, Crested Butte Center for the Arts
March 10 – Kids Rock Concert “Aloha in the Butte,” Presented by Trailhead Children’s Museum & Crested Butte Arts Festival, Elevation Hotel Ballroom
March 10 – Ski For Hope Nordic Challenge, East Side Nordic Trails, and Ski-a-thon
March 10 – Big Air on Elk Presented by Colorado FreeSkier
Thanks for reading today! We hope to see you in Crested Butte very soon!
Benson Sotheby’s International Realty