Update from Crested Butte

Greetings from CB,
Wow! What a ski season! With the addition of Crested Butte to Vail Resort’s Epic Pass this year, skiers (actually many skiers) from all over visited us for the first time. I think the resort put on a pretty good show. Almost 200 inches of snow fell after February 1 creating dreamy ski conditions all over the mountain. It is a true blessing from Mother Nature now and for our immediate future. The area rivers, lakes and reservoirs should all benefit from what I assume will be a very robust spring and summer run off.

OUR REAL ESTATE MARKET
In 2019, the snow totals skyrocketed but our local real estate market cooled a bit. Year-to-date, the market realized 27 residential sales but a notable $20 million in volume. Another 32 residential properties including condos are under contract representing another $22 million in potential sales. By 2018 comparison, the number of home and condo sales is lower but a closer look explains it. If you are shopping for a house or condo in our area then you are acutely aware of what I describe as a rapidly evolving marketplace. We have less property for sale and sellers know it. List prices are rising across the market while choice is going away.

Currently there are 98 homes for sale between Crested Butte South and Mt. Crested Butte. The least expensive single family home for sale? A 3-bed modular located in CB South is listed for $625,000. That’s right, this is the bottom of the single family home segment. Most telling is the current median list price for a single family home ($1.79 million) and the median list price per SFT ($540).

And, for what feels like the first time in history there are less condos for sale than homes. Right now, 68 condos are on the market. Most are located up in Mt. Crested Butte and just like the home segment the numbers are impressive. The least expensive condo for sale right now is a 1-bedroom Grand Lodge condo-tel unit for sale at $163,000. A four bedroom slope side West Wall Lodge condo listing tops the condo segment at $1,990,000. Overall, the median list price for a condo is $430,000 with a median list price per SF of $416.

IN THE NEWS
On March 6th, 2019, our local firm Crested Butte Sotheby’s International Realty announced it would unite with Denver based LIV Sotheby’s International Realty. This is an amazing opportunity for me and my fellow Sotheby’s agents. Together, this merger will boost our level of service to our clients and the local Crested Butte real estate community through enhanced exposure, superior marketing and an expanded network of Colorado resort real estate experts, all while still operating under the same known and trusted Sotheby’s International Realty brand. LIV Sotheby’s International Realty has office locations in Crested Butte, Telluride, Vail, Beaver Creek, Breckenridge, Winter Park as well as locations in Metro Denver and Boulder connecting the Front Range to the mountains. LIV is ranked the #1 Sotheby’s International Realty affiliate in the world. LEARN MORE >

Thanks for reading today. For a deeper perspective on our local market please contact me anytime.

Channing Boucher
Broker Associate
LIV | Sothebys International Realty
401 Elk Avenue
Crested Butte CO 81224
970-596-3228