Happy Winter from Crested Butte!
That incredible pandemic induced real estate market surge we experienced in 2020 ($400 million in sales) now seems like a drop in the bucket compared to what just transpired in 2021. Last year will go down as Crested Butte’s biggest year ever with record breaking sales volume (over $630 million in sales), transaction count and value gains for every segment of our market. Since the pandemic outbreak began in March of 2020 Crested Butte has absorbed well over $1 billion in real estate investment of homes, land and commercial properties!
While everyone has read about the meteoric rise in demand for residential properties over the last two years, 2021 will remembered for two notable events: 1. A massive buy up of vacant land and homesites (248 transactions) and 2. Aggressive investments of the Town of Crested Butte’s top commercial properties (11 restaurant/bar properties) on Elk Avenue by two high profile real estate investors: Jeff Hermanson and Mark Walter.
2022 Forecast – Low Inventory, Growing Demand Will Sustain Values
We have entered extreme scarcity territory in the Crested Butte real estate market. There are only 11 homes for sale in town, 9 are listed in Mt Crested Butte, 7 homes are listed across all of our rural zones and there is nothing listed for sale in CB South at the moment. This is unprecedented. I don’t see this situation changing much this year. While there are a few new development projects coming out of the ground at Academy Place, up at Wildhorse at Prospect, at Skyland’s Golf Villas and at Buckhorn Ranch it won’t be enough to satisfy current demand. The cost to build is rising and with raw land values skyrocketing I don’t think our real estate will get any more attainable in the near term.
2021 Market Stats – Crested Butte South to Mt. Crested Butte
150 Homes Sold
$300 million in sales volume (29% increase from 2020)
Average Price Sold: $1.991 million (25% increase from 2020)
Median Price Sold: $1,636 million (25% increase from 2020)
Avg. Days on Market: 127 days (reduced 45% from 2020)
Least Expensive Home Sold:
A deed restricted three-bedroom Mt Crested Butte home sold for $389,000
Most Expensive Home Sold:
A six-bedroom home at Prospect in Mt Crested Butte sold for $5,700,000
245 Condos and Townhouses Sold
$152 million in sales volume (50% increase from 2020)
Average Price Sold: $617,000 (20% increase from 2020)
Median Price Sold: $450,000 (14% increase from 2020)
Avg. Days on Market: 146 days (reduced 15% from 2020)
Least Expensive Condo/TH Sold:
A 1-bedroom Grand Lodge condo sold for $115,000
Most Expensive Condo/TH Sold:
A 3-bedroom WestWall Lodge condo sold: $2,750,000
248 Land & Homesite Parcels Sold
$131 million in sales volume (60% increase from 2020)
Average Price Sold: $526,000 (20% increase from 2020)
Median Price Sold: $350,000 (22% increase from 2020)
Avg. Days on Market: 448 days
Least Expensive Land Sale:
A 1/3 acre CB South parcel sold for $100,000
Most Expensive Land Sale:
Town of Crested Butte development parcel sold for $5,500,000
24 Commercial Properties Sold
$46 million in sales volume
Average Price Sold: $1.9 million
Median Price Sold: $1.625 million
Avg. Days on Market: 229 days
Least Expensive Commercial Sale:
A 332 sf office space in town sold for $153,000
Most Expensive Commercial Sale:
223 Elk Avenue sold for $8,000,000
Thank You to the Community, My Clients and Customers
Finally, I want to send a big thank you to the many clients and customers I assisted in 2021. I hit a few career milestones and I’m so grateful. I crossed over a half billion in career real estate sales and I closed 90 properties and reached $131 million in sales for 2021 making it my best year ever selling Crested Butte. I’m truly blessed that I get to do this for a living in a place that I absolutely love. Thank you and Happy New Year.
Channing Boucher
Broker Associate
LIV Sothebys International Realty – Crested Butte
970-596-3228
