Birdseye View | Market Snapshot | Fall 2019
Farmers live and breathe on precipitation, and it dominates the talk around the rural coffee shops. Similarly, it’s funny what an impact snowfall has on life, activities and real estate around the Crested Butte region. Last winter, we experienced a heavy year for snow, which happily coincided with Vail Resorts’ purchase of our ski area. New visitors on the Epic pass enjoyed great powder days and new energy on the mountain and in town.
The extra snowfall delayed the start of our summer season for hiking, biking, fishing and selling real estate. Our summer sales gained momentum later in the season and are thriving well into fall. Bluebird is enjoying another record year of growth and sales. Year-end holiday activity will determine if regional sales will be in line with last year’s numbers.
Bigger sales are occurring and creating new record highs in our valley. Newer construction homes in premium locations are achieving over $1,000 per square foot. This year, we will have twice the number of homes selling above $2 million (8 sales all of last year, and 14 sales to date). There have been 10 lot sales over $1 million, and only 4 sold last year.
Prices continue to rise in all sectors, even with growing inventory and leveling sales. The average home in Crested Butte is now selling for nearly $725 per square foot. Mountain condominiums are selling for $500,000 on average. A normal lot in the upper valley is now selling for $432,000, a 72% increase over the same period last year.
In short, more expensive properties are selling, driving up average prices. Purchasers who are less influenced by market fluctuations are confident in securing properties which suit their lifestyles. The beauty and peaceful culture of Crested Butte continue to attract discerning buyers and investors from not only our primary markets, but from all over the country – and now the world, thanks to Vail’s global marketing of the Epic pass.
Bluebird is the fastest growing luxury brokerage in Crested Butte, and leads the market in available offerings. With a sincere mission for exceptional marketing and successful results for our clients, we are earning the confidence of our community, and we are grateful for the successes and the relationships that we have built.
Pictured: 262 Larkspur Loop | Offered for $1,195,000 | Click Here for Details