Crested Butte Year-End Market Report

Photo from: Travel Crested Butte

The Crested Butte and Mt. Crested Butte real estate markets showed mixed trends across property types. Single-family homes were fairly steady, sold listings decreased by 9%, but the average sales price rose 9%. Condos and townhomes saw a bigger change, with a 32% jump in sold listings. The average sales price remained the same.

Luxury properties performed well, with a 27% increase in sold listings and a 19% rise in total volume. Although the average sales price declined 7% to $3.37M, properties sold 22% faster, indicating sustained interest in the luxury market.

Land was the only category that saw a large decrease; the number of sales was down 15%, and the average sales price was down 20%. It's not surprising as the cost to build has significantly increased starting in 2021 and 2022, and we haven't seen that come down yet.

Months supply of inventory ranges between 6 - 9 months. 6 is a balanced market, while 9 favors the buyer. My two cents...if a property is priced right, there is still plenty of buyer demand and it will sell in a reasonable timeframe. For those Sellers pushing for a higher price than the market indicates, their timeframe to sell will be much longer. Buyers have been more cautious and, with some uncertainty about the coming year, will be making more calculated decisions rather than emotional ones. With that said, it's still true that Crested Butte holds vast appeal and charm for many buyers, and many want to enjoy the lifestyle this town offers.

If you're considering buying or selling in the Crested Butte area, reach out for a tailored market analysis, or visit our website to explore the latest listings.