Market Surge In Crested Butte

Hello from Crested Butte!
Holy Cow! Our local market area from CB South to Mt. Crested Butte is realizing a surge in real estate demand that no one could’ve predicted. What created this incredible market climate? Is it COVID-19 flight? Is it Vail Resort’s recent acquisition of the ski resort? Is it Instagram and the hashtag #CrestedButte? Is it the fact that our real estate prices are still very attractive compared to all of the other major ski resort communities around the Western U.S.? It is all of the above and more. Crested Butte is a small and well preserved mountain community with big time outdoor recreation, wide open spaces, pristine rivers and trails and stunning scenery. The world is catching on to what we have up here.

The Surge
Year-to-date, 236 residential properties have sold in the Upper Valley market area (CB South to Mt Crested Butte) and we’ve already reached $215 million in closed deals as of mid-October. We have a pending sales volume of $101 million and I expect that number to climb before years end. We’ve blown the doors off 2019’s performance when we hit a total of 217 sold residential properties and reached $181 million in volume.

Currently, there are 59 homes for sale in the Upper Valley with 42 pending sales and another 77 condo and townhouse listings with 46 pending sales. The inventory of available homes and condos is at a 15 year low and we are well on our way to closing out our most impressive year in real estate sales since 2006.

Vacant homesites and parcels are selling at an impressive clip too. 71 land offerings have sold year-to-date representing $30.5 million in volume. Right now there are another 42 parcels under contract adding another $20.5 million in volume. The average sale price for a homesite in the Town of Crested Butte is now over $1.1 million!

Not surprisingly, the home construction business is booming too. Newly issued building permits, year-to-date, are up 29% in Mt. Crested Butte and 23-30% in Crested Butte and the rest of Gunnison County. Interestingly, the average permit value is up 62% in Mt Crested Butte alone!

Thanks for reading today. To learn more about our market, contact me anytime.

Channing Boucher
Broker Associate
LIV Sothebys International Realty – Crested Butte
970-596-3228