Inventory is Up, So are the Prices
Happy Summer!
The real estate news from Crested Butte? Inventory is up, so are the sales prices. Just like most summer selling seasons in the past, the inventory of homes, condos and land offerings has increased dramatically over the last 45 days. We’ve gone from not much to look at to many more options for investors across all property types, price ranges and locations.
Right now the number of single family homes on the local market has surged to 88 listings. Only 7 homes are currently under contract. We have 78 condos and townhouses listed for sale with 16 under contract.
Some view this situation as a softening marketplace but a year-over-year comparative review tells a different story. While the number of residential transactions has dipped by three sales year-to-date, total sales volume has increased compared to last year. How? It’s pretty simple. Properties are fetching significantly higher average and median sales prices this year.
For the upper valley market area (CB South to Mt Crested Butte) here are the stats:
Jan 1 to July 1 2024 Sold Market
82 residential sales (homes, condos, townhouses)
$112M in total sales volume
Avg. Sales Price: $1,362,143
Med. Sales Price: $907,500
133 Days on Market
Year-to-Date in 2025 Sold Market
79 residential sales (homes, condos, townhouses)
$123M in total sales volume
Avg. Sales Price: $1,550,400
Med. Sales Price: $950,000
154 Days on Market
Right now, the 23 pending residential sales in the upper valley represent $33M in listing value ranging from a $200K Grand Lodge studio to a $4.5M luxury home located above town on Journeys End Road.
Today, my listing at 426 Saddle Ridge Ranch sold for $7,050,000. This sale represents the fifth highest sales price fetched for a home in Crested Butte. Here is a look at the top five all time home sales for the upper valley market area.
The second half of 2024 saw 143 residential sales and $204M in sales volume. Are we on track to match that performance? Always hard to predict the future but with more listings and options for interested buyers we could very well mimic last year’s activity.
Thanks for reading today and Happy Fourth of July!
For a deeper perspective of the local market contact me anytime.
Channing Boucher
LIV Sothebys International Realty
Broker Associate
970-596-3228
