Greetings from Crested Butte,
In the face of rising mortgage interest rates, economic uncertainty and low inventories of available properties, demand for real estate investments in Crested Butte, remarkably, has sustained itself through the summer and now we are poised to close out 2022 with a very impressive volume of sales. Currently, there are 62 pending residential transactions representing $87 million in volume for the upper valley market area of Crested Butte South to Mt Crested Butte.
Record Breakers
When we look back at 2022 activity, the year will be remembered for record breaking luxury home and land sales and no declines in value compared to the crazy 2021 market boom numbers. This year, a spec home at the Aperture development just north of town sold for $7.4 million. This is an all time high for a single family home in the Crested Butte area. A home on Elk Avenue next to Rainbow Park sold for $5.1 million, a new sales price record for a town location and a property on 13 acres located up the Slate River Valley that includes a main residence and a guest house sold for $6.8 million, another record breaker for a rural location in Crested Butte. And, a 6,250 SF homesite located at 417 Teocalli just sold for $3.8 million the all time high for a Town of Crested Butte parcel.
Year-to-date, 198 residential properties have sold in the Crested Butte area representing just over $230 million in closed sales volume. Interestingly, since May 1st (when interest rates jumped) we’ve realized the majority of our year-to-date volume with 114 residential sales and $147 million in sales volume. The average residential sales price hit $1.15 million and the median sales price reached $802,000 this year. These metrics are essentially the same as 2021 so it appears home and condo values are holding steady.
The Land and Homesite Segment
After last year’s historic run when we realized 248 land transactions and $131 million in sold volume the land and homesite market segment has slowed a bit. Year-to-date, 80 land properties have sold in the Crested Butte area representing $76 million in volume. This decline is attributed to the lack of inventory and higher prices. The average sale price has reached $950,000 and the median sales price hit almost $600,000. Right now there are 33 parcels of land under contract representing $28 million in listing value so we should easily break the $100 million threshold by year end.
Happy Fall and thanks for reading. For a deep dive on our current market conditions, contact me anytime.
Best regards,
Channing Boucher
Broker Associate
LIV Sotheby’s International Realty
Crested Butte Office
970-596-3228
