Current Market Info

The Crested Butte Real Estate Market

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Values Skyrocket in Town

Its Labor Day Weekend and I’m looking back at a summer that will certainly be remembered for vigorous buying of high end properties and record breaking real estate sales.  We’ve seen impressive activity in the town limits of Crested Butte where rising home values are driven by scarcity of available home sites. Three luxury homes have sold at or above $2.7 million. All three deals breaking previous sales price records. Residential average sold prices per SFT are nearing $600 with the highest sold price per SFT reaching almost $840! Right now there are only 8 single family homesites for sale in town with median list prices hovering around $1.1 million. A parcel located at 900 Elk Avenue sold for $1.3 million. This is the highest price ever paid for a homesite in the town limits. Crested Butte is nearing full build out and there will never be any additional homesites added to the town grid.

What has created this perfect storm of accelerating real estate values in town? Three things:
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Avoid Mistakes In A Changing Market

Greetings from Crested Butte!
If you’ve been following my newsletters you know that our local real estate market is undergoing a respectable rally. Its been a long time coming since the economic meltdown of 2008. Home and condo prices around the valley are improving and demand for our real estate is now as diversified as its ever been. While demand from our traditional feeder markets of Texas and Oklahoma has waned (likely due to the crash of the oil market) investors are now showing up from new places like Denver, Boulder, the Northeast and the West Coast.  This new breed of buyer is pursuing our real estate with an intensity that is driving our market’s recovery. They are younger, financially empowered and their property usage patterns are different from their predecessors – summer use and winter use are equally important.
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Thanks for reading today. To learn more about our marketplace and the Crested Butte community contact me anytime.

Channing Boucher
Broker Associate
Crested Butte | Sothebys International Realty
401 Elk Avenue
Crested Butte CO 81224

Review my recent significant sales here.