Market Conditions in Crested Butte
Hello from snow covered Crested Butte!
The momentum in the market we enjoyed at the end of last year is keeping pace into 2025!
After some incredible but sporadic sales activity in 2024, 10 properties have sold during the first three weeks of the new year including an impressive sale at Skyland’s 67 Trent Jones Way and another notable sale at 404 Butte Avenue in Town where a new record was set for the highest sold price per SF at $1,791 breaking the previous 2023 record of $1,610!
Here is a look at 2024’s top residential sales including a record breaking transaction at Skyland’s 662 Country Club Dr for $8.15M (new construction) and the second highest price ever paid for a home in Mt. Crested Butte at 105 Bear Scratch for $5.845M (2007 built).
In 2023, 196 residential listings (homes, condos etc) sold off in the Upper Valley (CB South to Mt Crested Butte) representing $283M in sales. Last year, we improved with 222 sold residential listings reaching $311M in sales. The average ($1.4M) and median sold prices ($960K) were essentially the same each year.
The growth was notable but perhaps not extraordinary. The market momentum I’m sensing?
During the last 3 months of 2024, 73 properties sold in the Upper Valley accounting for $116M in volume. This was a massive jump from the same period in 2023 where we realized 54 transactions and $82M in sales. The impressive increase in investment drove the average sales price higher to $1.6M and the median sales price to $1.075M across all 73 sales. These are both all time highs for our community.
This market condition is incredible to me. The demand keeps showing up in spite of rising values. The awareness and appeal of Crested Butte appears to outweigh political and economic uncertainties and interest rates that don’t seem to be moving in the right direction. It is too early to tell what may happen in 2025 but the tea leaves suggest our market has real momentum and this will be another year of spirited real estate investment in our valley.
For a deeper dive into our current market conditions contact me anytime.
Channing Boucher
970-596-3228
