Greetings from Sunny Crested Butte!
In spite of election year politics, stubbornly high interest rates and conflicts around the globe investment in the upper valley real estate remains strong. We just passed through the midpoint of 2024 and overall the health of our residential market segment has improved year-over-year with greater sales volume and a higher number of closings. *See chart below.
Notably, the year-to-date (YTD) average and median sold prices for a single family home have both jumped significantly since 2023. 20 of the 35 YTD sales were cash based. 14 deals were closed with loans. Right now there are 80 homes for sale in the upper valley and 13 pending sales representing $30MM in value.
But, the YTD average and median sold prices for condos and townhouses have both softened from 2023. Contributing factors include high interest rates on this type of property and a more competitive landscape with a greater number of listings on market. 31 of the 65 YTD closings were loan based with 27 sales closing with cash. Right now there are 88 condos and townhouses listed for sale and 26 pending deals. As we approach the ski season I suspect we’ll see an uptick in contract activity for multifamily offerings located mainly in Mt. Crested Butte.
Here is a look at the 2023 to 2024 YTD comparison for the three major segments of our local marketplace:
Single Family Homes – CB South to Mt. Crested Butte
30 Homes Sold, $66MM in Volume
Median Sales Price: $1.7M
Average Sales Price: $2.2M
35 Homes Sold, $88MM in Volume
Median Sales Price: $2.25M
Average Sales Price: $2.5M
Condos/Townhouses – CB South to Mt. Crested Butte
44 Units Sold, $36MM in Volume
Median Sales Price: $790K
Average Sales Price: $833K
64 Units Sold, $46MM in Volume
Median Sales Price: $690K
Average Sales Price: $720K
Land and Homesites – CB South to Mt. Crested Butte
31 Parcels sold, $19.3MM in Volume
24 Parcels Sold, $13MM in Volume
Thanks for reading today! For a deeper dive into our dynamic real estate market contact me anytime.
LIV Sotheby’s International Realty
401 Elk Avenue – Downtown Crested Butte
