Happy Holidays from Crested Butte
December 28, 2023
Happy Holidays from Crested Butte!
The story of the year for our local market? In spite of the spike in borrowing costs and what many assumed would be declining buyer sentiment, the 2023 marketplace outperformed 2022 in a variety of ways including total single family home sales – 81 homes sold YTD vs. 78 in 2022 and total sales volume – $192M v $180M last year.
For the single family home segment, the average and median sales prices and sold prices per SFT mimicked 2022’s performance. For two straight years our median single family home sale price hit $1.9M ($750/SFT) and the average price reached $2.3M ($811/SF).
In 2022, loan based home purchases accounted for $95M in volume slightly outpacing $84M in cash based deals. This year? Purchases in cash were double the loan based purchases by a whopping $128M vs. $63M. A dramatic difference but not surprising considering the lending climate. This metric alone speaks volumes about our marketplace.
The market for condos and townhomes improved over 2022 in a different manner. We saw a dramatic rise in both the median sales price ($750K to $800K) and average sales price ($804K to $847K) but a significant drop in transactions (150 to 101) and total sales volume ($120M to $85M). Way less action but way more expensive. Go figure.
Just four years ago in 2019 the median single family home price was $1M and the average sold price hovered around $1.3M. Back in 2019 the most expensive home sale was $4.6M. Last year, the most expensive home sold in the Upper Valley was $7.4M. This year? A beautiful Sotheby’s listing in Mt Crested Butte fetched $10M. And, my listing at 501 Teocalli fetched the all time highest price for a home in the town limits of Crested Butte at $5.35M. Learn more about my 2023 significant sales here >
Thanks for reading today. To learn more about Crested Butte’s real estate market and our community contact me anytime!
LIV Sotheby’s International Realty
