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Posted: November 30, 2020
Category: Real Estate

The CB real estate report: Winter 2020

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 the winter installment of 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 24 $1,101,062
2020 (first 10 months) 21 $1,201,366

Currently, the average asking price for the 17 active single-family homes in Mt. Crested Butte is $2,612,647. Prices range from $1,199,000 to $4,000,000.

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 21 $1,734,223
2020 (first 10 months) 30 $1,629,492

Currently, in the town of Crested Butte, there are 10 active single-family listings, ranging in price from $1,053,000 to $4,200,000. These homes have an average asking price of $2,559,200.

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 3 $1,708,333
2020 (10 months) 8 $1,875,000

There are presently two single-family homes for sale in the Skyland/Country Club area with an average asking price of $3,079,500.

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 15 $726,133
2020 (first 10 months) 13 $751,358

There is currently only one single-family home for sale in CB South at $825,000.

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 86 $479,264
2020 (first 10 months) 95 $458,694

Currently there are 59 condo/townhome units for sale in the MLS system in Mt. Crested Butte, ranging in price from $139,000 to $2,750,000. The average asking price for a mountain condo is currently $480,487.

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 9 $460,144
2020 (first 10 months) 9 $740,286

There are presently seven condos/townhomes for sale in town ranging from $250,000 to $769,000.

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 9 $593,500
2020 (first 10 months) 20 $912,285

There are currently two condos/townhomes for sale in the Country Club area averaging $1,297,500.

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
2018 19 $409,876
2019 23 $454,147
2020 (first 10 months) 13 $461,207

Presently, there are no condos/townhomes for sale in CB South.

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 12 $268,474
2020 (first 10 months) 11 $393,854

There are currently 35 active land listings for sale in Mt. CB, ranging in price from $175,000 to $3,200,000, with an average asking price of $478,054.

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 6 $1,120,833
2020 (first 10 months) 10 $1,131,950

There are now 18 vacant town lots for sale with an average asking price of $1,139,555 (ranging from $719,000 to $1,320,000).

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 7 $261,900
2020 (first 10 months) 13 $270,673

As of November 1, 2020 there were 18 active homesite listings in the Skyland/Country Club area with an average asking price of $454,166. Prices range from $189,000 to $1,395,000.

CB South

Here are the statistics for residential vacant land prices in CB South:
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 25 $149,756
2020 (first 10 months) 13 $110,384

There are currently 40 residential lots for sale in CB South averaging $159,185 per lot. Prices range from $69,000 to $375,000.

Currently there are 50 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 $893,346 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 317 $225,237,185
2020, (first 10 months) 345 $275,841,754

As of November 1, 2020 there were 121 properties under contract representing another $110,536,999 in potential sales dollars for this year.

We are bullish on the continuation of a robust real estate market this winter. 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, duryea.doug@gmail.com or www.cbliving.com.