Crested Butte has been quite the popular destination lately. We ended the ski season with higher visits and revenues on the mountain, in town and on the Nordic trails. The rebound from last year’s pause is quite rejuvenating.
From conversations with real estate brokers across the country, we have learned that property sales are booming everywhere, not just here. According to our senior brokers, the inventory is the lowest that they have ever seen. With a short two-month supply of homes and condos, buyers are snapping up the inventory as it hits the market with multiple offers above list price.
Sales volume of $121M in the first quarter is three times higher than the same period last year in the north end of the valley. We continue to see record high prices in our established neighborhoods. Bluebird recently listed a new custom mountain modern home for $8.1 million in Aperture, the highest priced home on record. The average priced home in Crested Butte and on the mountain is $1.5 million, which appears to be a deal for shoppers who have visited other nearby resort destinations.
We have already seen one hundred land sales in the Upper Valley, five times the number from this time last year, totaling $50M+ in sales volume. The average lot has jumped over the $500,000 mark for the first time. Condo sales have doubled, with the average selling price reaching $575,000 for the first time.
Bluebird sales are up substantially this year as well. Following a record setting year as the market leader in listings, sales and multi-million dollar sales, our team of the most experienced agents in the valley have kept their feet on the pedals, working hard to locate properties not on the market, and price new listings on a rather steep appreciation curve.
Our message is that this is a great time to enter the market in Crested Butte. Many long timers are speculating that we are just seeing the beginning of a sustained upward trend in real estate demand in our community. A locally informed investor has closed over $25 million in commercial real estate in the area this year. The remaining land parcels surrounding the mountain are under contract to another investor. The North Village development is being launched to accommodate housing, commercial and recreational needs.
t is also probably the best time to sell in the history of our area. With record setting prices and a short average time on the market, the process is both rewarding and expedient.
Crested Butte has been “discovered” through the marketing of Vail and the post Covid trends toward value destination locations with a premium quality of life. As a National Historic District, we may have the best of both worlds, with a strong economy and a relaxed, peaceful culture.
Thank you for reading today’s market recap. If you know of someone looking to buy or sell in the Crested Butte and Gunnison areas, I would be honored to assist with their needs.