- Stats: 180 0
- Posted: July 29, 2024
- Category: Real Estate
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, duryea.doug@gmail.com or at www.cbliving.com