Hello from Crested Butte,
Another closing weekend for the ski area is upon us and of course it’s been snowing. No lifts? No problem. Historically April is a great month to ski in the Crested Butte backcountry and on CBMR’s ski slopes sans chairlifts. It is shaping up to be another fun “second” ski season with more powder turns this Spring! Tired of skiing? Head to Hartman Rocks for biking on their sweet high desert single track trail system. It’s only 30 miles away and you can grab groceries on your way back to the Butte. 🙂
The local real estate market – in spite of the news coming out of Wall Street and Washington D.C. – continues to churn right along in Crested Butte.
The first quarter was dang strong for the luxury single family home segment. 16 homes sold YTD representing $45 million in volume. The average sale price of a home in the Upper Valley was $2.8MM while the median sales price hit $2.35M. The average sales price per SF was $930 and the median sales price per SF hit $830.
Interestingly, across these 16 deals nine were loan based and the other seven were all cash buys. After a few years of mainly all-cash investments it’s nice to see home loans making a comeback. My mortgage broker friends tell me they’re even writing refi loans again.
Across the condo and townhouse segment, Q1 saw 21 closings and $22 million in sales volume. Most of these sales occurred in the multifamily zones of Mt. Crested Butte. The average sales price hit $993K and the media sales price reached $760K. Fourteen of these sales were all cash while the other seven were loan-based.
With $67 million closed so far in 2025 and another $30 million in pending deals the Upper Valley market trend remains positive. One thing that could slow down the pace of sales as we head into the busy summer season? The lack of inventory.
Right now there are only 11 single family homes for sale in Crested Butte, 10 homes are listed in Mt Crested Butte, 2 are listed in CB South and 17 listings are available throughout our rural locations like Skyland, Buckhorn and Red Mountain Ranch. This is a low inventory condition. I’m sure more listings will become available as we get closer to June but geez there isn’t much for sale up here at the moment.
Thanks for reading today! For a deeper perspective of our local market conditions contact me anytime.
Channing Boucher
LIV Sothebys International Realty
Broker Associate
970-596-3228
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