Birdseye View | Crested Butte Market Snapshot | Year-End 2021
The Crested Butte area and Bluebird experienced another record year for real estate sales! Like most areas around the country, people are buying properties at amazing paces for peak prices. The reaction from the pandemic has produced a feeding frenzy from pent up demand and lifestyle shifts.
Many homebuyers are making Crested Butte home, vacating hectic urban settings for a peaceful, beautiful and healthy quality of life. With demand at all-time highs and inventory at all-time lows, we anticipate very strong sales for 2022, despite upcoming interest rate increases and inflation.
All of the north valley neighborhoods are averaging over $2 million selling prices for the first time. CB South has eclipsed a $1 million average sale price for the first time. This time last year, there were about 400 properties on the market in the Crested Butte area. Today there are only 100.
The condominium market on the mountain is almost completely absorbed, with twice as many sales (162) from two years ago, and only 11 properties available compared to 54 a year ago.
Land sales have also exploded with 248 transactions in 2021 compared to 131 in the previous year. Two years ago there were 250 tracts available, and today only 66 remain.
We do expect some equalization this year as inventory loosens and more properties become available. Buyers will be very happy to have more to choose from and hopefully not have to compete for properties quite as feverishly.
Bluebird continues to be the fastest growing independent, boutique brokerage in the valley, entering the Gunnison market with a prime location on Main Street and several top agents. As a market expert and leader, we would welcome the opportunity to meet you and share how we are “bringing dreams home.”
View the full report with graphs here.