Winter Ski Season Ends – Crested Butte Real Estate Market Buyer Demand Strong

Crested Butte Real Estate Market Report March 2022 + Outlook – Buyer Demand is still strong, inventory levels lower, and supply demand forces in play – real estate price points still rising. With mortgage rates are now above 5% this could slow price ascension, but I believe Seller’s Market will remain through Summer/Fall.

Year over year Volume is up only 14% (last month it was up 46%) finishing at $555M vs $487M in 2020. Total Transactions are down 3% at 580 Properties Sold vs 595 for the same 12-month period one year ago.

Check-out the updated “Market Snapshots” showing individual areas for a quick look at the patterns and trends!

I frequently get asked: “What has caused the up-tick in real estate prices for Crested Butte Real Estate – and will this continue?”

There are three parts to the answer: 1) Covid + remote work flexibility, and 2) Vail Resorts International operating the ski resort + Epic Pass translates into strong buyer demand. Now we are seeing 3) lack of inventory coming into play.

With an increased emphasis on lifestyle, family, and home base – many have considered or reconsidered the option to own a Crested Butte home.

This winter we had our daughters and friends in town for a few visits. During one visit there were 7 youth (25-30 years old), all spread-out working remotely from our home…

It is good to have choices – and a home in Crested Butte is a desirable choice for many who can work remotely, and afford the real estate. The challenge for some is that price points have spiked in the past 2 years and very few quality single family homes are available below $2.5M. Price points for condos & townhomes are rising as well, as is raw land + building costs.

The town of Crested Butte put a year moratorium on short-term rentals (STRs) last summer in July. The council decided that a moratorium on STRs was needed to gather information – and “see if the moratorium deters some real estate buyers, or reduces prices in Crested Butte.”

Answer: Median Sold prices for single family home in downtown Crested Butte in the past 12 months is up 75%. There are affluent buyers who are willing to pay a high price to have a home in town who don’t care about rental income.

The good news is that there are a number of projects in the works for affordable housing including the Whetstone development – the 13-acre parcel is about 2 miles south of Crested Butte on the west side of Hwy. 135 near the Brush Creek Road intersection. It is expected to have approximately 200 deed-restricted units. The Sixth and Butte project in downtown Crested Butte could have 45 rental apartments, along with 30 units that would be owned by local residents for a total of approximately 95 bedrooms.

Crested Butte real estate is still a great value compared to other ski resort markets. Contact me anytime with questions!

Prediction for now: Buyer demand will continue, and we will continue to see a Seller’s Market Summer and Fall of  2022.

I hope you enjoy the Crested Butte Real Estate Market Report March 2022 + Outlook!

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