Memorial Day 2019

View This Newsletter with New Listings


Greetings from Crested Butte,
As I sit here and pen this note to you all I’m thinking about my war hero grandfathers. Ernie Kahl walked out of the jungles of Guadalcanal one of only two survivors from his platoon of 38 men. John Boucher survived the Normandy invasion as a Navy captain steering troop transporters from ship to shore under heavy German artillery. I think about them and my childhood memories with both all the time. It is never lost on me that I wouldn’t be here living the life I do if either of them hadn’t made it out of World War II. I’m lucky so is my family. They are both gone now but I still remember and will never forget. Thank you to every veteran that has served this country.

The Vail Bump
When the announcement came last year that Vail Resorts was buying Crested Butte Mountain Resort my phone started ringing with calls from agents, clients and friends located in other Vail Resorts communities like Breckenridge and Park City. Everyone told me to get ready for the “Vail Bump”. Well, it’s been 7 months since Vail Resorts took over the reigns of our ski resort and I think I know what everyone was talking about. The Vail Bump is real. Their Epic Pass program is real. And people are falling in love with Crested Butte and all that we have to offer like never before. Our ski season ended with a bang as our incredible snow fall totals were rivaled by an equally impressive number of people that visited Crested Butte, many for the first time.

Consider that last year at this time (prior to the Vail announcement) the Upper Valley real estate market was churning along business as usual. We had realized $49 million in residential sales volume by May 27th spread out over 80 transactions. The average sales price was $623,000 and days on market was 212.

Fast forward to 2019 and during the same time period our market has realized over $50 million in residential sales spread out over just 66 sales. Average sales prices jumped to $738,000 and days on market dropped to 167. Equally impressive is the number of residential properties currently under contract: 36 listings representing another $30 million in value. The average list price across these 36 deals is $790,000 and days on market is 155. These metrics include all residential listings including condos, townhomes and single family homes.

Combine this “Vail Bump” phenomenon with a growing scarcity of homes and condos for sale and it sure looks like the market has the leg to keep going in this direction. Heck, there are only 4 homes listed for sale in CB South at the moment. Only 3 single family homes are for sale at Skyland and only 14 homes are listed in Mt. Crested Butte. In town there are only 17 homes on the market. This is a remarkable market condition. We have not seen this kind of scarcity since 2004.

Thanks for reading today. For a deeper perspective on our local market please contact me anytime.

Channing Boucher
Broker Associate
LIV Sothebys International Realty
401 Elk Avenue
Crested Butte CO 81224
970-596-3228