Year in Review, A Look Ahead in Crested Butte

By
Real Estate Agent with LIV Sotheby's International Realty
Unbelievable and something none of us expected, the 2020 real estate market in Crested Butte turned into our biggest year ever with total sales volume reaching $400 million. The last time the market behaved like this it was 2005. The ski resort sold the year prior and a new wave of people came to our valley and bet big on the future of Crested Butte. Then the financial meltdown in 2008 stopped everything.
 
Fast forward to 2020. The year started flat. Q1 was fairly quiet with only $20 million in sales through March 1st. Folks were talking election year politics and the end of the bull market as reasons to hold off investing in Crested Butte real estate. Some people questioned the motives of Vail Resorts and if their presence as the new operator of the ski resort would cause our market and overall economy to change.
 
The Exodus
We all know what happened next. The pandemic drove many people and their money out of America's cities and into rural, resort and small town locations across our nation. Suddenly people realized they could work remotely, live in cool, amenity-rich places and seemingly avoid the virus that ravaged populated zones everywhere. As soon as Crested Butte stabilized from that nasty March COVID outbreak and opened for summer business the door to the valley was kicked in and a different kind of spike occurred.
 
2020 Market Stats - Crested Butte South to Mt. Crested Butte
154 Single Family Homes Sold
$241 million in sales volume (Over 50% Increase from 2019)
Average Price Sold: $1,561,000
Median Price Sold: $1,321,000
Avg. Days on Market: 216 days
Least Expensive Home Sold: A three-bedroom CB South home sold for $475,000
Most Expensive Home Sold: A six-bedroom home on 48 acres sold for $5,150,000
 
Comparison: In 2019 the market realized 87 single family homes sales, $120 million in sales volume and the average price sold was $1,327,000 and the median price sold was $1,045,000.
 
189 Condos and Townhouses Sold
$102 million in sales volume (40% Increase from 2019)
Average Price Sold: $539,000
Median Price Sold: $450,000
Avg. Days on Market: 168 days
Least Expensive Condo/TH Sold: A one-bedroom Grand Lodge condo sold for $85,000
Most Expensive Condo/TH Sold: A four-bedroom WestWall Lodge condo sold: $3,675,000
 
Comparison: In 2019 the market realized 130 condo and townhouse sales, $63 million in sales volume and the average price was $480,000 and the median price sold was $438,000
 
131 Land & Homesite Parcels Sold
$56.5 million in sales volume (40% Increase from 2019)
Average Price Sold: $432,000
Median Price Sold: $255,000
Avg. Days on Market: 350 days
Least Expensive Land Sale: A 1/3 acre CB South parcel sold for $69,000
Most Expensive Land Sale: A McCormick Ranch 35 acre parcel sold for $2,500,000
 
Comparison: In 2019 the market realized 89 land sales, $34.7 million in sales volume and the average price was $390,000 and the median price sold was $189,000.
 
2021 Forecast - Year of the Land Grab?
Will 2021 go down as the year of the land grab? While everyone has been talking about the sharp increases in our residential segment I think the almost 40% jump in our vacant land segment is equally impressive and a strong indicator of how the market will play out this year. Extreme scarcity of homes for sale along with reasonable prices on many of our land offerings will keep this current buy-up of vacant parcels on track. Right now there are 178 land properties for sale in the Crested Butte area. That is a big number and the only reason current prices are attainable.
 
Thanks for reading today, contact me anytime and good luck in 2021.
 
Channing Boucher
Broker Associate
LIV Sothebys International Realty - Crested Butte
970-596-3228

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