As we close the third quarter of 2024, the Crested Butte real estate market saw a few changes. Single-family home sales dropped by 64%, with total volume down 92%. Meanwhile, condo and townhome sales rose, with an 8% increase in sold listings and a 26% rise in total volume. With overall home prices higher these last few years, condos and townhomes become a more affordable option for buyers and can be a great source of rental income. Land sales fell sharply, with sold listings down 57% and volume down 67%. Again the high cost to build is playing a role in the slower land sales. Luxury properties also saw declines, with listings down 45% and volume down 86%.
Inventory levels shifted too. In Crested Butte, the supply for single-family homes increased from 10.3 to 11.4 months, while condos and townhomes dropped from 7.0 to 4.8 months. In Mt. Crested Butte, inventory for single-family homes rose from 6.5 to 10.8 months, with condos and townhomes holding steady.
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