Crested Butte Resort Real Estate Report: Summer 2024

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 41 $2,121,756 (41 sold)

2022 18 $2,074,394

2023 17 $2,434,588

2024 first four months $2,536,040 (5 sold)

Currently, the average asking price for the 10 active single-family homes in Mt. Crested Butte is $3,953,000. Prices range from $1,075,000 to $8,950,000.

 

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 30 $2,318,500

2022 12 $3,087,500

2023 19 $3,065,122

2023 first 4 months 5 $2,354050

Currently, in the town of Crested Butte, there are 18 active single-family listings, ranging in price from $1,050,000 to $9,950,000. These homes have an average asking price of $3,583,055.

 

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 $2,472,935

2022 6 $2,573,333

2023 2 $2,987,500

2024 first 4 months 1 $4,700,000

Currently there are three single-family homes for sale in the Skyland/Country Club area averaging $3,860,000.

 

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 26 $1,035,864

2022 14 $1,236,118

2023 13 $1,112,703

2024 first 4 months 3 $1,063,266

There are currently three single-family homes for sale in CB South averaging $1,310,000

 

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 $543,294

2022 126 $632,532

2023 65 $675,537

2024 first 4 months 16 $619,125

Currently there are 62 condo/townhome units for sale in Mt. Crested Butte, ranging in price from $185,000 to $3,900,000. The average asking price for a mountain condo/townhome is currently $893,812.

 

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 $533,734

2022 9 $1,081,611

2023 8 $1,064,863

2024 first 4 months 3 $807,833

There are currently five condos/townhomes for sale in town averaging $813,000.

 

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 $677,750

2022 8 $1,174,625

2023 7 $1,157,642

2024 first 4 months 3 $682,300

There are currently two condos/townhomes for sale in the Country Club area averaging $1,077,000

 

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 $566,400

2022 16 $876,375

2023 16 $830,375

2024 first 4 months 5 $969,000

Currently, there are six condos/townhomes for sale in CB South averaging $973,166.

 

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 $571,037

2022 12 $807,208

2023 11 $764,636

2024 first 4 months 1 $452,600

There are currently 27 active land listings for sale in Mt. CB, ranging in price from $433,000 to $1,750,000, with an average asking price of $894,833.

 

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 $1,405,323

2022 11 $1,634,454

2023 3 $1,833,000

2024 first 4 months 2 $1,137,500

There are now 11 vacant town lots for sale with an average asking price of $1,344,545, ranging from $850,000 to $1,950,000.

 

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 $469,160

2022 10 $606,000

2023 6 $765,833

2024 first 4 months 2 $582,500

As of April 24, 2024 there were 12 active homesite listings in the Skyland/Country Club area with an average asking price of $759,916. Prices range from $485,000 to $1,495,000.

 

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 $180,887

2022 16 $280,438

2023 12 $297,500

2024 first 4 months 1 $175,000

There are currently 23 residential lots for sale in CB South averaging $281,647 per lot. Prices range from $160,000 to $575,000.

 

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 $682,000

2022 10 $1,095,500

2023 13 $781,500

2024 first 4 months 1 $660,000

Currently there are 15 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 $1,548,666 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 $581,422,233

2022 350 $391,624,594

2023 263 $330,196,736

2024 first 4 months 59 $74,984,250

As of April 24, 2024 there were 60 properties under contract representing another $70,002,100 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 summer 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