Crested Butte Resort Real Estate Report: Winter 2023

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:

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    33        $1,409,539

2021, $2,121,756 (41 sold)

2022, $2,074,394 (18 sold0

2023 first 10 months, $2,500,812 (16 sold)

Currently, the average asking price for the 10 active single-family homes in Mt. Crested Butte is $3,668,000. Prices range from $1,500,000 to $7,500,000.

Town of Crested Butte 

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

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    41        $1,609,646

2021, $2,318,500 (30 sold)

2022, $3,087,500 (12 sold)

2023 first 10 months, $2,943,466, (13 sold)

Currently, in the town of Crested Butte, there are 23 active single-family listings, ranging in price from $1,050,000 to $9,950,000. These homes have an average asking price of $4,097,304.

Skyland/Country Club Area

The Skyland, golf course area has seen the following activity:

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        $1,842,500

2021, 9 sold, averaging $2,472,935

2022, 6 sold, averaging $2,573,333

2023, first 10 months 2 sold averaging $2,987,500

Currently there are 3 single-family homes for sale in the Skyland/Country Club area averaging $4,746,666.

CB South

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

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    18        $794,338

2021, $1,035,864 (26 homes sold)

2022, $1,236,118 (14 homes sold)

2023, first 10 months, $1,120,286 (11 homes sold)

There are currently 2 single-family homes for sale in CB South averaging $1,016,000

CONDOMINIUMS/TOWNHOMES

Mt. Crested Butte

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

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    124      $498,516

2021, 162 sold, averaging $543,294

2022, 126 sold, averaging $632,532

2023, first 10 months, 58 sold, averaging $711,076

Currently there are 53 condo/townhome units for sale in Mt. Crested Butte, ranging in price from $185,000 to $4,120,000. The average asking price for a mountain condo/townhome is currently $947,505.

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:

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    10        $687,657

2021, 16 sold averaging $533,734

2022, 9 sold averaging $1,081,611

2023 first 10 months, 5 sold, averaging $1,103,782

There are currently 8 condos/townhomes for sale in town averaging $935,500.

Skyland/Country Club area

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

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    22        $926,395

2021, 16 condos  sold averaging $677,750

2022, 8 condos sold averaging $1,174,625

2023 first 10 months, 5 sold averaging $1,062,700

There are currently 3 condos/townhomes for sale in the Country Club area averaging $859,666

CB South

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

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    18        $458,205

2021, 10 sold, averaging $566,400

2022, 16 sold, averaging $876,375

2023 first 10 months, 11 sold, averaging $812,636

Currently, there are 4 condos/townhomes for sale in CB South averaging $920,000

VACANT LOTS (UP TO 5 ACRES)

Mt. Crested Butte

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

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    19        $342,363

2021, 53 sold, averaging  $571,037

2022, 12 sold, averaging $807,208

2023 first 10 months, 10 sold, averaging $736,100

There are currently 23 active land listings for sale in Mt. CB, ranging in price from $433,000 to $1,750,000, with an average asking price of $907,043

Town of Crested Butte

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

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    16        $1,141,843

2021, 17 sold averaging $1,405,323

2022, 11 sold averaging $1,634,454

2023 first 10 months, 3 sold averaging $1,833,000

There are now 15 vacant town lots for sale with an average asking price of $1,523,000, ranging from $850,000 to $2,500,000.

Skyland/Country Club Area 

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

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    18        $320,211

2021, 28 sold averaging $469,160

2022, 10 sold averaging $606,000

2023 first 10 months, 5 sold averaging $619,000

As of Nov 1, 2023 there were 13 active homesite listings in the Skyland/Country Club area with an average asking price of $837,307. Prices range from $480,000 to $1,175,000.

CB South

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    22        $116,230

2021,  55 sold, averaging  $180,887

2022, 16 sold, averaging $280,438

2023 first 10 months, 10 sold averaging $310,250

There are currently 19 residential lots for sale in CB South averaging $252,389 per lot. Prices range from $160,000 to $325,000.

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:

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  6       $381,891

2020    10        $966,950

2021, 33 parcels sold, averaging $682,000

2022, 10 parcels sold, averaging $1,095,500

2023 first 10 months, 13 parcels sold, averaging $793,807

Currently there are 20 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 $1,517,450 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:

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    480      $402,403,509

2021, 645 listings sold, total sales dollars $581,422,233

2022, 350 listings sold, total sales dollars $391,624,594

2023 first 10 months, 219 listings sold, total sales dollars $262,211,486

As of November 1, 2023 there were 63 properties under contract representing another $87,124,000 in potential sales dollars for the year.

While the volume of transactions has decreased this year demand for real estate remains strong as we head into the winter months. Our inventory levels remain low throughout the area. Many new and exciting building projects and homes are in the works in the valley which continues to keep builders and developers very busy. Real Estate prices should continue to remain steady this year in Crested Butte.

The above figures and data were taken from Gunnison Country Association of Realtors’ MLS system. Doug Duryea is a Managing Broker/Realtor with Crested Butte Resort Real Estate. He can be contacted at 970-275-2355, [email protected] or at www.cbliving.com