Birdseye View | Crested Butte Market Snapshot | First Quarter 2023
Epic powder skiing has been the main topic of conversation this winter. Crested Butte enjoyed over 325 inches of new snow on the ski mountain for the first time in decades. We were one of the most popular destinations in the country for spring skiing. Waiting for a table at the Breadery, you could meet people from the UK, New Zealand, New York and San Francisco.
It wasn’t easy to see real estate during these times with the mounds of snow covering homes and condominiums. As the spring emerges, we anticipate a surge in the selling season from a quiet start to the year. As buyers have become more patient and the inventory of available properties begins to grow, sales should blossom with our super-bloom this summer. With more to choose from, we expect some lingering pent up demand to be satisfied from purchasers who have been watching and waiting.
Sales are down from this time last year, aligning more with pre-covid activity in 2019. Prices are also normalizing from the covid peaks. Better deals are to be had with adjusting prices. Buyers seem to be selecting more value-oriented properties as homes below $2 million and condominiums under $1 million are outselling their more expensive counterparts.
Echoing trends from the 2008 correction, we could see purchasers investing in hard assets like real estate as the stock market and banking sector stabilizes.
Bluebird is positioned to be the leading source for listings and sales throughout the valley with the grand opening of our permanent downtown Gunnison location this spring. Our associates are committed to achieving successful results and the best prices for our clients. We are local, with global reach through our exclusive association with Leading Real Estate Companies of the World and Luxury Portfolio International, and we would like to show you how we are “bringing dreams home.”
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