Crested Butte Real Estate Market Report October 2022 + Outlook

Crested Butte Market Results Down, Prices Stable, Demand Strong

Due to strong buyer demand, price points were on a steep rise for the prior 2+ years – but nothing goes up forever, and we have seen a plateau of late. Price adjustment, price corrections = price reductions for many properties that were out ahead of the market. Inventory levels really have not changed much over the past two years (almost identical to one year ago).

Working remotely has been a big factor in influencing buyer demand in Crested Butte real estate – and I think this will continue to be the case. Technology has simplified this work from home/work remote scenario with secure internet platforms, and Zoom meetings… etc. Owning a home in Crested Butte offers a “two-fer” – it is like two homes in one, the summer/fall home and the winter ski home. Two totally different activities and great adventures – same home.

Prospective buyers who want a piece of Crested Butte see the big picture – a great place to create a lifetime of memories for family, friends and clients, plus long term appreciation.

Results for the prior 12 months have been interesting with 420 total properties sold, 101 of those being single family homes sold. The average sold price for single family homes was $2,274,000 and total volume of all properties sold for all and all property types was $453,197,822.

For the past 12 months:

• Looking at the Single Family homes quartiles page – the majority of homes sold in the $1.5M – $3.5M range – transactions down approx. 25% year over year, price points up slightly. Above $3.5M price points up 18.8%.
• Downtown Crested Butte Single Family homes sold was 17 (down 51%), at a median sold price of $3,021,000. The median sold price per square foot was $1,162 (up 18%) with Discount from Asking to Selling at 5.4%.
• Single Family home sales in Mt. Crested Butte had a median sold price of $1,869,500, and Sales Price Per Square foot was $685, discount from asking to selling 2.3%.
• Skyland show median Sales Price per Square foot at $809, with a median sold price of $2,425,000.
• Rural Crested Butte had 38 homes sold at median sold price of $2,380,000. Sales Price Per Square Foot was $741.
• CB South Total homes sold 17, at the median Sales Price per Square foot $568. Median sold price was $1,125,000.
• There have been 208 Condos and Townhomes Sold in the past 12 months with a medial sold price of $587,500 and price per sq. ft. of $614.
• Land / Lots 113 sold (down from 272) with average sold price of $821,000, 323 average days on market.

Thanks,
Chris Kopf

email: Chris.Kopf@CBMP.com
call or text me: (970) 209-5405