The Crested Butte Real Estate Report

by Doug Duryea

As we approach what many locals consider to be the most exciting time of year– winter – it’s time to reflect on how the real estate market is doing. It’s a question many realtors are frequently asked. Most realtors would love to say that real estate is doing “awesome” and many may be tempted to report just that. Some may declare that it is a “Buyers” market or a “Sellers” market.  However, we look at the statistics to tell us what is happening in Crested Butte area real estate. This is an update to our twice-yearly report on the different sectors of the Crested Butte real estate market. 

Single Family Homes

Mt. Crested Butte

Single-family home sales in Mt. Crested Butte. Average “sold” prices are as follows:

Year-Number of Homes Sold-Average Sale Price

2008-13-$1,515,096

2009-13-$1,212,108

2010-12-$641,908

2011-22-$882,068

2012-19-$875,166

2013-22-$1,034,055

2014-25-$683,890

2015-26-$968,403

2016-22-$1,149,301

2017-30-$1,015,340

2018-32-$1,076,492

2019-7-$954,428 (first four months)

Currently, the average asking price for the 14 active single-family homes in Mt. Crested Butte is $2,019,537. Prices range from $750,000 to $3,500,000.

Town of Crested Butte

In the town of Crested Butte the average sold price of a single-family home has varied widely:

Year-Number of Homes Sold-Average Sale Price

2008-12-$1,037,750

2009-19-$820,368

2010-20-$745,075

2011-17-$1,197,367

2012-25-$633,140

2013-26-$912,836

2014-29-$1,028,630

2015-26-$803,403

2016-25-$1,283,060

2017-23-$1,363,623

2018-22-$1,302,876

2019-5-$1,337,040 (first four months)

Currently, in the town of Crested Butte, there are 14 active single-family listings, ranging in price from $800,000 to $5,000,000. These homes have an average asking price of $2,092,135.

Skyland/Country Club area

The Skyland golf course area has seen the following activity:

Year-Number of Homes Sold-Average Sale Price

2008-0-0

2009-3-$1,520,000

2010-7-$905,357

2011-8-$813,862

2012-4-$651,250

2013-6-$939,500

2014-2-$1,412,500

2015-9-$1,355,555

2016-6-$1,733,166

2017-10-$1,474,250

2018-5- $1,566,700

2019-1-$1,350,000 (first four months)

There are presently five single-family homes for sale in the Skyland/Country Club area with an average asking price of $2,710,000.

CB South

Average sold single-family home prices in CB South have experienced the following:

Year-Number of Homes Sold-Average Sale Price

2008-8-$503,125

2009-9-$450,500

2010-8$371,178

2011-20-$337,580

2012-15-$374,050

2013-20-$396,870

2014-16-$396,909

2015-18$484,972

2016-12-$610,450

2017-18-$632,444

2018-21-$690,816

2019-6-$687,833 (first four months)

There are currently four single-family homes for sale in CB South ranging from $625,000 to $999,999, averaging $842,249.

Condominiums/Townhomes

Mt. Crested Butte

Here’s a look at what’s happening with Mt. CB condos:

Year-Number of Condos Sold-Average Sale Price

2008-35-$482,097

2009-54-$353,558

2010-62-$332,174

2011-89-$225,565

2012-77-$254,062

2013-94-$260,468

2014-131-$253,451

2015-81-$267,523

2016-147-$264,869

2017-142-$363,387

2018-133-$372,831

2019-16-$540,937 (first four months)

Currently there are 54 condo/townhome units for sale in the MLS system in Mt. Crested Butte, ranging in price from $160,000 to $1,990,000. The average asking price for a mountain condo is currently $450,214.

Town of Crested Butte

The condo/townhome market in the town of Crested Butte has witnessed the following growth statistics over the last few years: 

Year-Number of Condos Sold-Average Sale Price

2008-7-$521,714

2009-12-$358,283

2010-10-$301,440

2011-6-$208,729

2012-9-$303,500

2013-10-$268,278

2014-11$426,250

2015-12-$385,975

2016-11-$421,454

2017-8-$511,812

2018-14-$502,122

2019-3-$344,333 (first four months)

There are presently four condos/townhomes for sale in town ranging from $249,000 to $750,000.

Skyland/Country Club area

The condo/townhome market at the Skyland/Country Club area has witnessed the following sales figures:

Year-Number of Condos Sold-Average Sale Price

2008-7-$800,625

2009-5-$307,500

2010-6-$441,150

2011-9-$380,555

2012-15-$384,821

2013-11$476,043

2014-6$681,833

2015-2-$586,250

2016-9-$431,555

2017-11-$666,340

2018-6-$691,916

2019-1-$250,000 (first four months)

There are currently 11 condos/townhomes for sale in the Country Club area averaging $1,053,363.

CB South

There are a few condo/townhomes in CB South. Sales statistics here show the following in recent years:

Year-Number of Condos Sold-Average Sale Price

2008-9-$334,720

2009-7-$302,285

2010-6-$210,558

2011-18-$110,000

2012-11-$164,945

2013-16-$166,600

2014-9-$255,222

2015-22-$220,968

2016-13-$330,346

2017-17-$344,617

201-19-$409,876

2019-3-$363,000 (first four months)

Presently, there are six condos/townhomes for sale in CB South ranging in price from $349,000 to $559,000, with an average asking price of $460,000.

Vacant Lots (up to 5 acres)

Mt. Crested Butte

Vacant land sales in the Mt. Crested Butte area have seen the following activity:

Year-Number of Lots Sold-Average Sale Price

2008-3-$691,667

2009-2-$602,500

2010-4-$173,250

2011-6-$187,083

2012-21-$224,176

2013-13-$156,000

2014-13-$271,590

2015-13-$265,346

2016-11-$219,263

2017-24-$308,912

2018-25-$353,340

2019-3-$247,733 (first four months)

There are currently 38 active land listings for sale in Mt. CB, ranging in price from $195,000 to $750,000, with an average asking price of $377,664.

Town of Crested Butte

Residential lot sales in the town of Crested Butte have done the following:

Year-Number of Lots Sold-Average Sale Price

2008-5-$678,750

2009-3-$418,333

2010-5-$399,350

2011-6-$469,333

2012-7-$371,571

2013-7-$631,642

2014-5-$466,435

2015-10-$546,800

2016-10-$635,100

2017-6-$724,999

2018-3-$816,666

2019-1-$1,125,000

There are now 15 vacant town lots for sale with an average asking price of $961,193 (ranging from $200,000 to $1,795,000).

Skyland/Country Club area

The Skyland area has seen the following land sales activity over the years:

Year-Number of Lots Sold-Average Sale Price

2008-4-$320,000

2009-5-$258,833

2010-4-$217,475

2011-4-$54,025

2012-5-$240,500

2013-3-$116,665

2014-5-$179,800

2015-8$218,500

2016-5-$195,000

2017-22-$233,318

2018-16-$249,875

2019-1-$87,300

As of April 2019, there were 28 active homesite listings in the Skyland/Country Club area with an average asking price of $375,800. Prices range from $190,000 to $1,250,000.

CB South

Residential vacant land prices in CB South shot up tremendously in 2005, but have been dropping most recently. Here are the statistics for this area:

Year-Number of Lots Sold-Average Sale Price

2008-7-$143,143

2009-6-$71,000

2010-2-$77,000

2011-13-$37,238

2012-13-$43,807

2013-9-$43,861

2014-13-$62,153

2015-36-$68,277

2016-25-$75,410

2017-23-$83,739

2018-38-$89,902

2019-8-$165,925

There are currently 21 residential lots for sale in CB South averaging $148,006 per lot. Prices range from $69,000 to $375,000.

Ranches/11+acre  sites

Ranches and tracts of land between 11 to 45 acres in the Crested Butte area (CB area = Rural CB, CB South, Town of CB, Mt. CB & Rural Mt. CB). Statistics show the following in this market:

Year-Number of Parcels SoldAverage Sale Price

2008-7-$1,019,286

2009-4-$1,410,000

2010-3-$758,000

2011-4-$277,250

2012-4-$287,500

2013-9-$442,111

2014-4-$260,000

2015-5-$413,000

2016-10-$262,500

2017-4-$606,875

2018-15-$436,800

2019-2-$1,237,500 (first four months)

Currently there are 30 listings of ranches/11+acre parcels in the CB area, ranging in size from 11 to 45 acres. These parcels have an average asking price of $1,056,400 per homesite. Most of the larger parcels can be found at the Danni Ranch, Whetstone Mountain Ranch, Red Mountain Ranch, Trappers Crossing, Roaring Judy Ranch, and The Smith Hill Ranch.

Overall picture

Overall, real estate sales in all categories (residential, vacant land, ranchland and commercial) have resulted in the following numbers in the Crested Butte area:

Year-Number of Listings Sold-Total Sales Dollars

2008-155-$109,126,355

2009-160-$84,438,857

2010-172-$80,472,462

2011-275$107,199,003

2012-265-$102,499,018

2013-329-$144,299,223

2014-328-$146,822,075

2015-356-$162,997,659

2016-365-$181,053,197

2017-435-$249,649,770

2018-442-$235,633,658

2019-78-$48,902,599 (first four months)

As of April 2019, there were 55 properties under contract totaling $36,735,500 in potential closed sales.

We are bullish on the continuation of a robust real estate market this year. Our inventory levels continue to drop throughout the area and demand continues to be strong, even in the off-season months.  Builders and developers are very busy with new homes and projects, and mortgage rates remain very attractive. All these are very encouraging signs of continued strength in Crested Butte real estate. 

The above figures and data were taken from Gunnison Country Association of Realtors’ MLS system.

Doug Duryea is the Managing Broker/Realtor for Crested Butte Resort Real Estate in Mt. Crested Butte, CO. He can be contacted at 970-275-2355, [email protected] or www.cbliving.com.