Birdseye View | Crested Butte Market Snapshot | Year-End 2022
2022 has been a year for recovery, adjustment, and a return to more normal times. Even though we will always appreciate the booming sales of the last couple of years, the needed respite has been welcome.
The fourth quarter brought a differentiating pause. A stock market correction, election year, interest rate increase and a war overseas caused many homebuyers to slow down over the holidays to reassess plans for the new year.
The great news for real estate is that our agents have many eager clients who are ready to buy once more homes become available. We began to see more offerings last summer, but much of it was quickly absorbed. We anticipate more inventory to build this spring, which will satisfy some persisting pent-up demand and generate strong sales.
As the market corrects, the typical disparity between seller and purchaser expectations has subsided. With price changes and deeper negotiations, successful transactions are ensuing as prices relax.
Overall, sales are off valley wide by about a third over 2021. Average sales prices have actually increased quite a bit due to strong demand for our resort destination and a lack of strong inventory. The average home price in the Town of Crested Butte surpassed $3 million for the first time ever. The average condominium on the mountain is now selling for more then $630,000.
Several sectors including land sales have adjusted to pre-pandemic levels, although the average price for vacant land has more than doubled since then to nearly $900,000.
Bluebird has led the market at all ends of the valley, recording the highest number of sales of any brokerage in the valley. The firm also posted and commanded the highest sales prices of record in Crested Butte, Mt. Crested Butte, and Rural Crested Butte in 2022.
As inventory stabilizes, we envision positive energy in the market for spring and summer. Our beautiful community and unique lifestyle continue to attract people seeking peace and quality of life, and Bluebird would love to help you realize it.
View the full report with graphs here.