Are you wondering how the real estate market is in Crested Butte? Check out the report below to really dive into the numbers. While we don’t have a huge market, Crested Butte real estate can be more complicated then you might think. Let me know if you have any questions or if there is anything you want to know more about.
Some of the most fun events in Crested Butte are coming up in the next few months. Check out this list and work on planning your next visit to enjoy winter in Crested Butte.
February 2 32nd Annual Alley Loop Nordic Marathon, Crested Butte
February 2 Head for the Hills, Center for the Arts
February 3 IFSA Junior Regional Freeskiing Competition, CBMR
February 3 Yurt Dinner, Crested Butte Nordic Center
February 9 2 Star Freeride World Qualifier, CBMR
February 9 Red Lady Ball
February 10 4 Star Freeride World Qualifier, CBMR
February 10 USASA Slopestyle and Rail Jam
February 10 CB Unplugged, CBMR
February 10 Yurt Dinner, Crested Butte Nordic Center
February 10 Miner’s Ball for the Museum
February 11 Zoso, Center for the Arts
February 12-16 Backcountry Powder Camp, Irwin Guides
February 13 Mardi Gras Celebration
February 14 Yurt Dinner, Crested Butte Nordic Center
February 15, 16 Chris Robinson Brotherhood, Center for the Arts
February 16 ArtWalk at studios and galleries
February 16 Speaker Series at the Museum
February 17 CBFF: Oscar-nominated animated short films
February 17 Yurt Dinner, Crested Butte Nordic Center
February 19-23 Trailhead Art Camp
February 22 Prater Cup, CBMR
February 23 Yurt Dinner, Crested Butte Nordic Center
February 24 Gothic Mountain Tour
February 24 Yurt Dinner, Crested Butte Nordic Center
March 1 Full Moon at Ten Peaks, CBMR
March 2 USASA Boardercross & Skiercross, CBMR
March 3 Colorado Crafted, Mt. CB
March 3 Yurt Dinner, Crested Butte Nordic Center
March 8 Keller Williams, Center for the Arts
March 9 KBUT Bingo at the Yurt
March 9 IFSA Junior Nationals Freekskiing Competition, CBMR
March 10 Yurt Dinner, Crested Butte Nordic Center
March 14 Ten Peaks Sunset Soiree
March 15 CBFF: Oscar-nomiated live-action short films
March 16 ArtWalk at studios and galleries
March 16 Speaker Series at the Museum
March 17 Yurt Dinner, Crested Butte Nordic Center
March 18 Al Johnson Uphill-Downhill Telemark Race
March 21 Ten Peaks Sunset Soiree
March 21 Elephant Revival, Center for the Arts
March 23-24 The Gore-Tex Grand Traverse, Mt. CB to Aspen
March 24 Winter Chainless Downhill Race
March 28 Ten Peaks Sunset Soiree
March 30 Mark Rapp Group, Center for the Arts
March 30 KBUT’s Soul Train
March 31 Full Moon at Ten Peaks, CBMR
March 31 Get the Girls Out, SheJumps Women’s Ski Day
April 1 Easter Egg Hunt, Mountaineer Square
April 4-8 50th Flauschink Celebration
April 7 Pond Skim, CBMR
April 8 Closing Day, CBMR
April 29 Crested Butte Pole Pedal Paddle
Happy 2018! The year has started by continuing our Christmas gift of desperately needed snow and it is really starting to feel like ski season in Crested Butte.
2017 was the seventh year in a row where real estate sales improved over the previous year. From the low of 2010, the number of transactions is up 164% and dollar volume is up 217% (more than triple!). Things were very slow from 2008 to 2014 and we only started to see significant improvement starting in 2015. We ended this year with $265 million in sales vs. $187 million in 2016. This still is well below 2005 and 2006 when sales topped $350 million, but it is not out of line to think we could meet or exceed those levels in 2018.
Any Realtor in Crested Butte will tell you that we have “low inventory” right now. This is not clear if you simply look at the number of properties on the market. Overall, inventory numbers have been steady for the last year or so – although the numbers are down from previous years. It is when you look at specific segments of the market – price points, areas, and types – that you can get a sense of the shortages. For example, there are 85 condos in Mt. Crested Butte on the market right now vs. 101 this time in 2016 vs. 154 this time in 2015. More importantly, the least expensive 2-bedroom condo is listed for $315,000 and there were 24 2-bedroom condos that sold for less than that in 2017 and 77 sold in 2016. Even considering this information, sales of condos in Mt. Crested Butte are a large segment of the market and will continue to be even with reduced inventory simply because there are so many of them.
As Joe mentioned last quarter, vacant land sales are finally picking up as is building in the area. Prices are still relatively low for land throughout the valley so building rather than buying an existing property could make sense for some people. The number of tradesmen is limited so if you are thinking of building, know that process could take some time due to the availability of contractors. Check out the page in this report for Rural Crested Butte & Rural Mt. Crested Butte. The sales numbers for vacant land last year are impressive!
Although I don’t have a crystal ball, I don’t see any reason why the Crested Butte real estate market won’t continue to improve for the next several years. The marketing is working and people have discovered that this is a great place to be. Our real estate prices make Crested Butte a great value compared other mountain resorts so it just makes sense for people who want to be in an authentic Colorado ski town to consider Crested Butte.
This ski season has not started out with the bang we like to have. The lack of snow over the holidays made it more likely that visitors needed to find alternative activities – even just for part of each day. Here are some ideas if you find yourself in Crested Butte with a non-skier or if you just find that you want something different to do.
Happy Halloween! 2017 has been a pretty amazing year for real estate sales in Crested Butte. Read all about it in our 3rd quarter report below. This will break things down for you by area, price and type of property.
Please let me know if you have any questions or if I can get you more information.
As you can see below, real estate sales in the Crested Butte area are up in 2017. August 2017 had the most closings in any month in the last 10 years! There are 90 properties currently under contract from Almont to the north and our two busiest closing months are yet to come so it will be interesting to see how 2017 ends up.
Please let me know if you have any questions or if you would like more information about a specific segment of the market or a specific property. I am happy to help.
Hello! Now you can see our homes publation even if you aren’t in Crested Butte to pick one up. There is lots of good information here. Look through it and let me know if you have any questions. I’m happy to get you more information.
Here is our market report for the 2nd quarter of 2017. Please let me know if you have any questions or if I can get you more information.
2017 started off strong for real estate sales in the Crested Butte area. Our quarterly report really goes into the details in an easy to read way. We continue to shift from a buyer’s market to a seller’s market and there is always some adjustment needed during this time. Buyer’s are still relying on past sales to determine current values and Seller’s are seeing the market improve so they are holding firm to their asking price. It is more important than ever to have someone to help guide your decisions in order to buy the perfect property at the right price or to sell your property quickly and for the most money.
I have been getting a lot of questions of property owners about whether I think they should sell “right now” because prices and demand is up and there are not as many properties on the market. I think there is some fear that the market is going to start going down and they don’t want to miss out. Nothing that I have read or seen indicates that we should prepare for a market crash or downturn. I do not have a crystal ball, but it seems that will continue to see high demand and modest price improvements for the foreseeable future. My advice has been to consider selling if you have something else to do with your profit or if the property is not paying for itself or the payments are a burden. Depending on when you bought your property, you have the opportunity to make a profit, but I think that profit could get bigger in the next year or two.
If you are looking to buy, it is important to act quickly when you see something you like. We have seen the demand for more affordable properties really increase and multiple offers within days of coming on the market is not unheard of. You should be prepared to pay close to the asking price since our average sale is at 95% of asking, but there are some that 100% or more.
Please check out our publication for more details and let me know if you have any questions or if I can get you more information.
2016 was the fifth year in a row of growth for the Crested Butte Real Estate Market. The publication below will give you all of the details! Don’t hesitate to contact me with any questions or for more information about a specific area or property.