Thankfully, as we anticipated, real estate sales have taken off since a very modest level of activity in Crested Butte this spring. Three factors seem to be playing in to our explosive surge in sales. First, we had a high level of pent up demand from visitors who had to postpone trips from earlier in the year. Second, our home seekers are re-evaluating their lifestyle choices, realizing that working remotely is possible, and peaceful, beautiful surroundings enhance their quality of life. Third, the shock of a global pandemic has forced people to accelerate bucket list plans to live life the way they envision, and not wait on tomorrow’s uncertainty.
In years past, Labor Day weekend has traditionally signified the end of the summer—the last hurrah before one heads back to the city for work, school and other day-to-day obligations. This year is different, and why shouldn’t it be when nothing else seems to be the same? One sure thing is that Crested Butte did not disappoint this summer. Its weather has been extraordinarily beautiful, and most of us rediscovered how to be grounded amidst our hectic schedules.
Many of you have also opted to remain in the Gunnison Valley for an endless summer of sorts, whether because we’re fortunate enough or have figured out a way to make it possible. And why not work, live and play here on a more permanent basis? Zoom away and Live who You are. Take time to enjoy the outdoors, while temps are still warm enough. You’ll soon discover why us locals consider September to be the most beautiful month here.
Surprisingly, sales are catching up to last year and might even surpass 2019’s results if buyer demand and confidence sustains through the fall. Bluebird’s sales this year are actually 60% higher than mid-year 2019. Prices continue to rise and average time on the market continues to drop in the north end of the valley. The average price in the Town of Crested Butte has eclipsed $1,8m, and in CB South the average selling price has surpassed $800,000 for the first time with only four available homes for sale.
Area listing inventory remains low as properties are selling quicker than ever. Attractive new listings are seeing multiple offers in their first week on the market. Mountain properties that have spent months and years on the market are selling consistently without price adjustments. In rural Crested Butte, the average selling price is over $1,5m with almost $50m in pending sales currently.
Bluebird continues to lead the market this year in sales as well as properties priced over $1M, with nearly twenty percent of the overall market share. The firm has represented five of the six clients in the highest priced transactions year to date. Bluebird also represents the highest number of available properties in the Crested Butte area with 163. We project that with the delayed start to our summer market, sales will remain vibrant into the fall and transitioning into the holidays.
Land – All Areas
42 Parcels Pending – $21,497,700
*8 parcels above $1m
Total residential pending transactions – $118,081,699
If you are considering purchasing or selling your Crested Butte home, please contact me. I am happy to offer you a free market analysis to determine your home’s value, or compile a list of properties that will suit your needs.