Hello from Crested Butte,
The scarcity is real around these parts. If you are shopping our market currently you are aware of the limited inventory situation. There are only 27 homes listed for sale throughout the Upper Valley marketplace ranging from the low end for a 1971-built house in Mt. Crested Butte listed at $1.575 million to the top of our market for a 9,169 SF mansion listed for just under $10 million at Skyland.
Right now, only 17 condos and townhouses are listed for sale ranging from the low end for a $162 thousand Grand Lodge condo-tel unit at the ski resort to a brand new duplex unit located in the town of Crested Butte listed for sale at $2.685 million. I believe this is the first time in our history we have more homes than condos on the market.
Year-to-date we’ve watched 19 homes sell off in the Upper Valley representing $41.2 million in volume and ranging in value from a $875 thousand CB South home to a $5.1 million home located in the town of Crested Butte. The average sold price for homes has now reached $2.16 million while the median sold price just hit $1.75 million. Days on market hovers around 131.
Year-to-date 50 condos and townhouses sold off representing $32 million in volume and ranging in value from a $145K Grand Lodge condo-tel unit to a $3.7 million, 2,945 SF penthouse condo at the slope side WestWall Lodge. The average sold price for a condo has now reached $638 thousand while the median sold price is $528 thousand.
The last month of our ski season was very busy and a contributing factor to our low inventory condition. 38 condos and townhouses and 15 single family homes went under contract!
Thanks for reading today. If you’d like a deeper perspective of our market’s opportunities please call me anytime!
Channing Boucher
Broker Associate
LIV Sothebys International Realty – Crested Butte
970-596-3228
*Average sales price is calculated by adding all sold prices, then dividing that by the number closed sales. **Median sales price lists all prices in ascending or descending order and finds the midpoint – where half the properties sold for more, and half the properties sold for less.
