A Look at 20 Years of CB Real Estate

Higher prices, lower inventory: a look at 20 years of CB real estate

By Katherine Nettles

# SOLD PER YEAR

SINGLE FAMILY HOMES

Real estate in Crested Butte has had its share of ups and downs, but the market has kept a long-term trajectory of rebounding from downturns and climbing ever higher with prices showing long-term stability and increase despite occasional two to three year periods of falling prices or drastically rising prices. The past 20-plus years have seen many changes for the northern Gunnison Valley, with more upscale lodging and residential units in and around Mt. Crested Butte along with three different resort operators. At times, real estate prices have been associated with new resort ownership, such as in 2004 when the Mueller family purchased Crested Butte Mountain Resort. The real estate activity that followed in 2004-2005 was record-breaking, as were the years following the next shift in ownership when Vail Resorts purchased the resort in 2018.

In the town of Crested Butte, old miner’s cabins have been updated and remodeled, even while keeping their important historic value. Many are now vacation homes, and some are vacation rentals, and there is also an increase in alley homes, or accessory dwellings that are meant to house local workforce community members and offer a local point contact for out-of-town owners. Crested Butte has seen the largest price increases and the lowest inventory of any area in the North Valley.

In Skyland, the rise of high-end single family homes in the past two decades has added to what was previously more of a mixture of single family residences, condos and townhomes. It has seen a great deal of new construction, as has nearby Buckhorn Ranch by the private Crested Butte airstrip.

45 40 45 35 40 30 35 25 30 20 25 15 20 10 5 15 0 10 5 0 # SOLD PER YEAR

SINGLE FAMILY HOMES

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Crested Butte Mt Crested Butte Skyland/CounTry Club CB South 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 oct. 2022

Crested Butte Mt Crested Butte Skyland/CounTry Club CB South

$3,500,000

$3,000,000 $3,500,000

$2,500,000 $3,000,000

$2,000,000 AVERAGE SALES PRICE

SINGLE FAMILY HOMES AVERAGE SALES PRICE

SINGLE FAMILY HOMES

$2,500,000

$1,500,000 $2,000,000 $1,000,000 $1,500,000 $500,000 $1,000,000 $ $500,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 CRESTED BUTTE MT CRESTED BUTTE SKYLAND/COUNTRY CLUB CB SOUTH $2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 CRESTED BUTTE MT CRESTED BUTTE SKYLAND/COUNTRY CLUB CB SOUTH onward and 2020 and 2021 saw a quick rise of unprecedented price increases and volume of sales. Transaction volumes have recently decreased, and price increases have softened, but inventory levels remain low throughout the area. Based on the Crested Butte News’ semi-annual real estate reports, we’ve compiled a history of how residential prices have changed over the past decades.

oct. 2022

Crested Butte South has a growing population and commercial district, but remains primarily occupied by local residents with some vacation homeowners as well. Prices there have also, for several years, reflected low inventory and stable, sometimes fast-increasing prices.

After a tumultuous series of increases and price drops in the first 15 years of the new century, numbers across the North Valley climbed steadily from 2016

Single family homes

In Crested Butte, single family homes are now selling for more than seven times higher on average than they were in 2000. The number of homes sold hit a 13-year low in 2022, looking similar to the number of sales in 2008, likely due to scarce available real estate to purchase in the heart of town. As of early winter, the town of Crested Butte had 20 active single-family listings, ranging in price from $1,000,000 to

$600,000,000

$500,000,000

$400,000,000

$300,000,000

$200,000,000

$100,000,000

$0

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 oct. 2022

All figures and data were taken from Gunnison Country Association of Realtors’ MLS system and listed in the Crested Butte News Winter Guide over the past 15 years.

$9,900,000. These homes had an average asking price of $3,544,000.

In Mt. Crested Butte single family homes have more than quadrupled since 2000, while sales volumes have ranged widely from nine per year to as many as 41 in 2021. As of early winter, there were five single family homes listed for sale, ranging in price from $1,275,000 to $2,750,000 and one luxury home in Prospect listed for $15 million.

In Skyland prices and homes sold have generally been slower to climb and slower to retract, with prices almost doubling but number of homes sold mostly in the single digits save for 2020 and 2017, when sales hit a high of 10. Higher-end homes began gaining traction in the Skyland area in the early 2000’s. At the beginning of winter there were two single-family homes listed in Skyland averaging $3,150,000.

In Crested Butte South home sales and prices have steadily ticked upward, from eight homes averaging $503,000 in 2008 to 12 homes averaging $1,213,000 in 2022. During 2011 prices fell to a low of $337,000 on average, with sales volume way up to 20 homes that year. In 2021 there were a record 26 homes sold, and although the volume has dropped down prices continue to increase. At the beginning of winter there were four single-family homes in CB South averaging $1,255,750.

Condos/townhomes

Condominiums and townhomes have shown similar trends, with major downturns in 2009/10, increased sales volumes in 2012, slight downturns in 2015/16 and steady climbs ever since. In Crested Butte, price averages more than doubled from 2021 to 2022, from $533,00 to $1,109,000 and volume dropped 50% during that time, driving up value. In early winter there were 10 units for sale averaging $1,445,000.

In Mt. Crested Butte sales volumes have ranged widely in volume and price, from three units averaging $691,000 in 2008 to 162 units averaging $543,000 in 2021. There were 28 condo/townhome units for sale in early winter, ranging in price from $185,000 to $4,120,000.

In the Skyland/Country Club area condos and townhomes had not returned to their 2008 average selling price of $800,000 until 2020, when prices exceed the 2008 highs with a record 22 units averaging $926,000. In 2021 price averages dropped back to $677,000 and the first 10 months of 2022 saw four units sold for an average price of $400,500. There were no units listed in early winter.

In CB South, the 2012 sales volume increase came a year early for condos and townhomes, and sales have jumped around from nine to 22 each year since 2008 when the average selling price was $334,000. In the first 10 months of 2022 11 units had sold averaging $898,000, and there was one condo/townhome for sale in early winter for $1,200,000.

As of November 1, 2022 there were 77 properties under contract representing another $85,070,900 in potential sales dollars for the year. 2023 will be very different from the last three years with prices leveling off or possibly going down and hopefully some more inventory coming on the market. What is obvious from this look back is that the value of real estate in the area has continued to go up, even with some dips along the way. There is no reason to believe that this won’t continue, and this makes Crested Butte real estate a great long term investment. Talk to a Coldwell Banker Mountain Properties Realtor today for guidance on how to make the most of your investment.

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