So, how is the real estate market doing?
A question many realtors are frequently asked is, “How is the real estate market doing?” Most realtors would love to say that real estate is doing “awesome” and many may be tempted to report just that. Some may declare that it is a “Buyers” market or a “Sellers” market. Or, it may be said that the market has not met previous forecasts, however… What do the statistics say about what is happening in Crested Butte real estate? What are some of the facts? Let’s take a look at some of the different sectors of the Crested Butte real estate market to see how each is doing.
Single Family Homes
Mt. Crested Butte
Single-family home sales in Mt. Crested Butte have risen fairly well over the last few years. Average “sold” prices have gone up steadily as seen below:
2000–$437,250 (4 homes sold)
2001–$454,590 (10 homes sold)
2002–$648,522 (17 homes sold)
2003–$695,389 (15 homes sold)
2004–$709,769 (26 homes sold)
2005–$819,446 (28 homes sold)
2006–$1,078,846 (11 homes sold)
2007–$1,088,409 (11 homes sold)
2008 (first 10 months)–$1,508,479 (12 homes sold)
Currently, the average asking price for the 80 active single-family homes in Mt. Crested Butte is $1,847,720. Prices range from $395,000 to $7,995,000.
Town of Crested Butte
In the town of Crested Butte the average sold price of a single-family home has varied widely:
2000–$427,496 (20 homes sold)
2001–$579,288 (13 homes sold)
2002–$423,778 (9 homes sold)
2003–$424,095 (23 homes sold)
2004–$675,833 (29 homes sold)
2005–$951,467 (26 homes sold)
2006–$937,323 (25 homes sold)
2007–$942,666 (9 homes sold)
2008 (first 10 months)–$1,251,550 (10 homes sold)
Currently, in the town of Crested Butte, there are 55 active single-family listings, ranging in price from $190,000 to $2,350,000. These homes have an average asking price of $984,736.
Skyland/Country Club area
Although condos/townhomes have been a more popular product in the Skyland/Country Club area, many high-end luxury homes are currently being built here. Three homes sold in 2004, for an average price of $1,280,833. In 2005, 10 homes sold averaging $1,302,750. In 2006, 10 homes sold averaging $1,541,400. In 2007, 3 homes have sold for an average of $1,683,333. No single-family homes have sold within the first 10 months of 2008 in the Skyland/Country Club area.
There are presently 24 single-family homes for sale in the Skyland/Country Club area with an average asking price of $1,699,604. Prices range from $658,500 to $4,300,000.
Crested Butte South
Average sold single-family home prices in Crested Butte South have experienced the following:
2000–$293,167
2001–$373,181
2002–$325,053
2003–$336,611 (18 homes sold)
2004–$355,826 (23 homes sold)
2005–$477,697 (30 homes sold)
2006–$533,714 (21 homes sold)
2007–$518,906 (16 homes sold)
2008 (first 10 months)–$511,667 (6 homes sold)
There are currently 32 single-family homes for sale in Crested Butte South ranging from $361,000 to $867,000, now averaging $591,931.
Condominiums/Townhomes
Mt. Crested Butte
Here’s a look at what’s happening with Mt. Crested Butte condos:
2000–37 condos sold, total sales $5,652,650
2001–70 condos sold, total sales $16,599,975
2002–59 condos sold, total sales $15,516,691
2003–65 condos sold, total sales $15,417,900, averaging $237,198/ condo
2004–193 condos sold, total sales $50,000,000, averaging $260,852/ condo
2005–140 condos sold, total sales $51,016,935, averaging $364,407/condo
2006–47 condos sold, total sales $22,251,326, averaging $473,432/condo
2007–118 condos sold, total sales $81,484,239, averaging $690,544 per condo/townhome (67 of these 118 units were sales from the new Lodge at Mountaineer Square).
2008–first 10 months- 29 condos sold, total sales $13,727,400, averaging $490,264/condo
Currently there are 276 condo/townhome units for sale in the MLS system in Mt. Crested Butte, ranging in price from $109,000 to $2,580,200. The average asking price for a mountain condo is currently $627,278.
*The above Mt. Crested Butte figures do not take into account some of the original developer sales from 2004-2007 at the Grand Lodge and WestWall Lodge complexes.
Town of Crested Butte
The condo/townhome market in the town of Crested Butte has witnessed the following growth statistics over the last few years:
2000–22 condos sold, average sale price $237,764
2001–6 condos sold, average sale price $232,750
2002–11 condos sold, average sale price $237,773
2003–14 condos sold, average sale price $244,107
2004–25 condos sold, average sale price $297,296
2005–23 condos sold, average sale price $402,826
2006–11 condos sold, average sale price $518,444
2007–4 condos sold for an average of $503,613
2008–(first 10 months) 5 condos have sold for an average of $486,000
There are presently 29 condos/townhomes for sale in town ranging from $225,000 to $1,300,000 (average asking price is $546,234).
Skyland/Country Club area
The condo/townhome market at the Skyland/Country Club area has witnessed the following sales figures:
2000–17 condos sold, average sale price $358,529
2001–17 condos sold, average sale price $441,852
2002–9 condos sold, average sale price $486,111
2003–20 condos sold, average sale price $295,439
2004–21 condos sold, average sale price $375,233
2005–20 condos sold, average sale price $312,585
2006–12 condos sold, average sale price $732,075
2007–10 condos sold, average sale price $704,250
2008–(first 10 months) 5 condos sold, average sales price $705,500
There are currently 27 condos/townhomes for sale in the Country Club area ranging from $115,000 to $1,370,000, averaging $544,822.
Crested Butte South
There are a few condo/townhomes in Crested Butte South. Sales statistics here show the following in recent years:
2000–7 condos sold, average sale price $139,700
2001–8 condos sold, average sale price $198,188
2002–7 condos sold, average sale price $152,000
2003–7 condos sold, average sale price $198,614
2004–37 condos sold, average sale price $193,588
2005–23 condos sold, average sale price $270,346
2006–19 condos sold, average sale price $565,000
2007–10 condos sold, average sale price $316,610
2008–(first 10 months) 4 condos sold, average sale price $290,000
Presently, there are 34 condos/townhomes for sale in Crested Butte South ranging in price from $215,000 to $740,000, with an average asking price of $388,698.
Vacant Lots (up to 5 acres)
Mt. Crested Butte
Vacant land sales in the Mt. Crested Butte area have seen the following activity:
2000–average sale price $190,000
2001–average sale price $200,000
2002–average sale price $177,250
2003–23 lots sold, average sale price $231,565
2004–45 lots sold, average sale price $292,661
2005–31 lots sold, average sale price $473,448
2006–18 lots sold, average sale price $738,547
2007–11 lots sold, average sale price $840,455
2008–(first 10 months) 3 lots sold, average sale price $691,667
There are currently 71 active land listings for sale in Mt. Crested Butte, ranging in price from $340,000 to $1,495,000, with an average asking price of $793,897.
Town of Crested Butte
Residential lot sales in the town of Crested Butte have done the following:
2000–12 lots sold
2001–6 lots sold
2002–1 lot sold
2003–9 lots sold
2004–12 lots sold, averaging $375,910/lot
2005–18 lots sold, averaging $554,528/lot
2006–12 lots sold, averaging $475,329/lot
2007–5 lots sold, averaging $736,750/lot
2008–(first 10 months) 3 lots sold, averaging $720,000/lot
There are now 19 vacant town lots for sale with an average asking price of $706,105 (ranging from $299,000 to $1,275,000).
Skyland/Country Club area
The Skyland area has seen the following land sales activity over the years:
2000–45 homesites sold, average sold price $160,451 (the majority of these parcels were located at the Back Nine (phase I) and Riverside at the Club)
2001–15 homesites sold, average sold price $219,600
2002–17 homesites sold, average sold price $88,162 (6 of these were locals affordable housing lots).
200 3–9 homesites sold, average sold price $199,111
2004–42 homesites sold, average sold price $197,086
2005–44 homesites sold, average sold price $333,739
2006–15 homesites sold, average sold price $396,217
2007–7 homesites have sold, for an average of $391,357
2008–(first 10 months) 2 homesites have sold for an average of $480,000
As of October 2008 there were 45 active homesite listings in the Skyland/Country Club area with an average asking price of $474,064. Prices range from $175,000 to $1,290,000.
Crested Butte South
Residential vacant land prices in Crested Butte South shot up tremendously in 2005, but have been dropping most recently. Here are the statistics for this area:
2000–37 lots sold, averaging $62,169/lot.
2001–20 lots sold, averaging $60,408/lot.
2003–23 lots sold, averaging $67,235/lot
2004–70 lots sold, averaging $80,039/lot
2005–49 lots sold, averaging $174,003/lot
2006–18 lots sold, averaging $196,711/lot
2007–11 lots sold, averaging $172,667/lot
2008–(first 10 months) 7 lots sold, averaging $143,143
There are currently 46 residential lots for sale in Crested Butte South averaging $174,763 per lot. Prices range from $94,900 to $318,500.
Ranches/11+acre sites
Ranches and tracts of land between 11 to 45 acres in the Crested Butte area (Crested Butte area = Rural Crested Butte, Crested Butte South, Town of Crested Butte, Mt. Crested Butte & Rural Mt. Crested Butte) have seen a good amount of interest. Statistics show the following in this market:
2000–10 parcels sold, average sold price $352,700
2001–7 parcels sold, average sold price $313,000
2002–3 parcels sold, average sold price $371,667
2003–11 parcels sold, average sold price $428,955
2004–35 parcels sold, average sold price $380,003
2005–35 parcels sold, average sold price $911,943
2006–10 parcels sold, average sold price $971,700
2007–11 parcels sold, average sold price $1,250,591
2008–(first 10 months) 6 parcels have sold averaging $1,072,500
Currently there are 79 listings of ranches/11+acre sites in the Crested Butte area, ranging in size from 11 to 45 acres. These parcels are now averaging $1,262,253 per homesite. Most of the larger parcels can be found at the Danni Ranch, Whetstone Mountain Ranch, Red Mountain Ranch, Trappers Crossing, Roaring Judy Ranch, and The Smith Hill Ranch.
Overall picture
Overall, real estate sales in all categories (residential, vacant land, ranchland and commercial) have resulted in the following numbers in the Crested Butte area:
2000–414 listings sold, total sales dollars $90,723,414
2001–246 listings sold, total sales dollars $65,546,541
2002–240 listings sold, total sales dollars $64,932,448
2003–311 listings sold, total sales dollars $93,986,592
2004–723 listings sold, total sales dollars $212,509,165
2005–627 listings sold, total sales dollars $309,479,724
2006–294 listings sold, total sales dollars $204,764,749
2007–283 listings sold, total sales dollars $195,843,989
2008–(first 10 months) 115 listings sold, total sales dollars $88,124,375
The Crested Butte Master Vision for real estate
For an excellent overview of past, present and future real estate developments in the Crested Butte area, check out www.cbmastervision.com. This interactive site provides some great maps, and details what Crested Butte’s master vision is for real estate. Below is an excerpt from this Master Vision site:
“The Master Vision is meant to show the big picture improvements that have already happened and those that are on the way. Since buying the ski area in 2004, Tim and Diane Mueller and other area developers have invested $315 million in amenities on and off the mountain. As you explore the Master Vision, you will notice that what has happened recently is just the beginning with another $2.2 billion of resources being poured into every element of our future.
We are planning and building today with the future and the past firmly in mind. Within the ski resort itself, each element has been master-planned. This master planning has been undertaken in order to ensure that the location of buildings, amenities and open spaces all work in harmony together.
Our collective goal is to evolve in a responsible manner that answers the needs of our growing community and visitors while respecting our fantastic native environment. While the experience is being upgraded, we are deeply committed to growing in a way that protects what matters most to those who love this area, from the wide-open views to the colorful small town atmosphere.
Consider the special nature of Crested Butte–its unique wilderness setting, its deep history and amazing collection of people. Account for the fact that millions of people over the next 10 years will be buying homes in destination resorts. Look at the commitment of the community, local government, Crested Butte Mountain Resort, area businesses, developers and non-profits in the valley. Add it all together and your opportunity to live in this enchanting place knocks here and now.”
The above figures and data were taken from Gunnison Country Association of Realtors’ MLS system.
