Crested Butte Real Estate Market Report 2022 Review + 2023 Outlook

Crested Butte Real Estate Market Report 2022 Review + 2023 Outlook – I am thankful that I get to live and work here in Crested Butte and enjoy this special place with family, friends and clients. My wife Francene and I were second homeowners for 10 years prior to moving our family to CB full time in 2009.  Our daughters return frequently with friends in both summer and winter to be with us – and enjoy the fun daytime adventures (and nightlife on Elk Ave).

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To me the Crested Butte culture and community have changed very little.  Sure there are more homes, and higher prices, and we have had some turn-over in some ownership of restaurant ownership – but the charm of Crested Butte, the recreational enthusiasm of the people, and the pristine wilderness access is a big part of what makes Crested Butte special.

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It has been a crazy couple of years… The real estate market has seen quite a bit of change. I leverage my experience and expertise to help my clients understand the market and help them make informed decisions. I strive to build lasting relationships with honest, candid, and  trustworthy input to allow my clients to achieve their goals.

Crested Butte Market Transition

We have seen a drop in activity, and sold transactions in 2022 vs. 2021, but inventory levels are actually higher than they were this time last year with a total of 244 properties for sale vs. 192 one year ago. Price points are higher so inventory levels at certain price points has dropped. There may be fewer property types in specific areas which is normal for a small market. We have near record snowfall so far which will attract skiers – typically a more affluent demographic than summer visitors. It will be interesting to see how the winter ski season buyer demand pans out.

There is certainly a shift in market activity across the country given the economic backdrop – I do not believe the inflation, and interest rate hikes will have as big of an impact as continued stock market volatility in 2023. Although some pundits are suggesting real estate as a long-term diversification safe haven, and the overall Crested Butte “package” still offers great value compared with other mountain ski towns.

Crested Butte Real Estate For the past 12 months:

• There were a total of 353 total properties sold, and total volume of $394.5M. There were 83 single family homes sold – Median Sold Price for single family homes was $1,885,000, Median price per sq. ft. $730.
• Condos & Townhomes – 178 sold, and a Median Sold Price of $675,000, Median Sold Price per Sq. Ft. $676 per sq. ft.
• Land sales – there were a total of 93 transactions with an Average Sold Price of $882,349.
• In Downtown Crested Butte the number of Single Family homes sold was 13, Median Sold Price of $3,400,000, and Median Sold Price per square foot was $1,329.
• There were 18 Single Family home sales in Mt. Crested Butte with a Median Sold Price of $1,782,000 and median Sold Price Per Square foot of $685.
• With 10 Skyland single family home sales – Median Sold Price of $2,532,000, and median Sold Price per Sq. Ft. $831.
• Rural Crested Butte – 34 homes sold, Median Sold Price $2,365,000. Median Sold Price Per Square Foot at $764.
• Meridian Lake Area total homes sold = 6, Median Sold Price was $2,062,500, Median Sold Price per Square foot $708.

Thanks,
Chris Kopf

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