Birdseye View | Crested Butte Market Snapshot | Third Quarter 2022

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crested
butte
bringing
dreams home

Welcome to Bluebird Real Estate, a premium home buying and selling experience in Crested Butte and Gunnison, Colorado.

Exceptional Marketing Bluebird is an independent, local brokerage that represents the best homes in the marketplace with the finest print and digital collateral available locally and worldwide.

Bluebird is the exclusive regional member of Luxury Portfolio International, the leading luxury network selling the highest volume of distinctive properties in the world. The largest global consortium of independent brokers, Leading Real Estate Companies of the World manages relocation services for Bluebird and over 550 brokerages in 70 countries.

property brochure bluebird days magazine

birdseye view: crested butte market snapshot, third quarter 2022

Let’s say the acronym of the day is EQ, which stands for equalization, or perhaps equilibrium. Everyone is enjoying a deep breath and a return to more normal times. Product supplies and workforce capacities are leveling everywhere. We all knew that the frenetic pace of the post covid spending frenzy was not sustainable. Yet we embraced the surge and enjoyed record setting periods of sales and prices.

In real estate, this all translates to more inventory and more product to sell – we desperately needed it! We are still at about half the listings (117 areawide) that we would like to have, but the improvement is welcome. Home buyers are more cautious and selective than in recent years. Sellers are reducing prices to move their homes. We are approaching a more normal market where compromise in pricing negotiations wins deals.

In the Crested Butte area, prices are still peaking as sales level. More expensive properties are selling, driving the average price per square foot in the Town of Crested Butte over $1000 for the first time ever. Even with record high prices, single family home sales are roughly half of those numbers from the previous year.

Condominium sales on the mountain are still in high demand and on par with last year Prices continue to rise with the average unit selling for over $600,000 – also driven by more expensive units selling, with fifteen units closed above $750,000.

Land sales have tapered significantly with nearly a third of the production from this time last year. Again, more expensive tracts have sold nearly doubling the average price to $950,000, with twenty sales over the milliondollar price point.

Bluebird continues to beat the market nearly matching sales from last year, as the overall region experiences a forty percent decline in sales. The firm is leading sales in the valley and closed the most expensive residential property on record at $7.4 million. Bluebird is also orchestrating marketing plans for two major master planned communities.

The desire and demand for quality of life and destination living continues to drive significant interest to our neighborhoods, and we welcome the opportunity to share with you how we are “bringing dreams home ”

Crested Butte 970.349.6691 bbre1.com Gunnison 970.641.6691
10 Daisy Circle | Offered for $2,750,000

crested butte area property sales statistics

Crested Butte

YTD 2016 2017 2018 2019 2021 9/22

Sales - Single Family 27 23 22 21 24 30 9

Percent Change 44% 18% 33%

Price/ Square Foot 546 560 725 Days on Market 175 247 154

Mount Crested Butte

Average Price 1,157,515 1,363,624 1,302,877 1,734,224 2,184,291 2,318,500 2,761,111

4% 588 217 20 11 13 4 19

26% 1,173 230

Active Listings 15 18 22 11 19 Months of Inventory 6 9

Sales Single Family 22 29 30 24 34 41 16

Average Price 1,149,801 1,028,800 1,018,750 1,102,063 2,050,926 2,121,756 2,131,193

-11% 331 243 189

Mount CB Condo/TH

Percent Change 19% 8% 51% 4%

Price/ Square Foot 373 413 583 717 Days on Market 332

-1% 363 252 25 10 11 2 3 3

74% 564 113 126 172

Active Listings 35 27 22 7 9 6 Months of Inventory 16 11

Sales - Condo/TH 148 137 122 86 113 162 107 Average Price 264,769 362,701 397,107 479,264 589,565 543,294 613,010

-1% 264 246 66 49 61 63 22 11 Months of Inventory 5 4 6 9 2 1

Crested Butte Rural

Percent Change 37% 9% 21% 10%

Price/ Square Foot 311 366 419 538 Days on Market 161 147 141

41% 552 145 155 Active Listings

4%

662 81 26 2

Sales - Single Family 29 38 30 27 38 53 23 Average Price 1,434,216 1,496,539 1,309,300 1,698,093 2,043,918 2,173,177 2,771,682

CB South

48% 982 127 15 6 15% 687 137 10

Percent Change 9% 4% 30% 18%

Price/ Square Foot 439 451 511 703 Days on Market 275 211

-13% 389 208 246 152

36% 774 102 Active Listings 44 41 5853 7 18 Months of Inventory 17 13 2324 2 7

Sales Single Family 12 18 20 15 19 26 11

Average Price 584,708 632,445 676,657 726,133 1,079,983 1,035,864 1,230,878

Percent Change 21% 8% 7% 7% 40% 30% 14%

Land - All CB

Price/ Square Foot 251 275 287 302 476 447 648 Days on Market 119 192 144 140 71 78 65 Active Listings 4 7 6 6 2 0 2 Months of Inventory 2 5 4 5 1 0 2

Sales Land 83 117 146 89 205 248 80

Average Price 226,878 273,255 278,621 390,023 518,394 526,759 949,762

319

YTD 9/21 44% 993 128 2 35

2020 41 1,609,646 -7% 752 175 7 2 33 1,409,539 28% 459 225 18 7 126 493,004 3% 441 168 54 5 62 1,834,501 8% 483 252 17 3 18 794,338 9% 311 169 0 0 131 431,745 11% 349 151 14

Percent Change 14% 20% 2% 40% 22% 83% Days on Market 244 305 292 230 447 387

Active Listings 242 211 248 66 107 Months of Inventory 25 17 33

25% 205 84 4 3 12

*CREN, MLS Data, October 2022

bluebird associates and staff

Bluebird Real Estate is a dynamic team of dedicated professionals who are driven by exceptional marketing and successful results for our clients. We are strategically located in downtown Crested Butte and Gunnison.

Bluebird’s award winning website, bbre1.com , attracts discerning buyers and sellers regionally and from around the globe. Recently the website was recognized for Best Visual Design, an international honor from our member company, Leading Real Estate Companies of the World.

Pictured from L to R: Bud Bush, Jenna May, Patti Miller, Bobby Overturf, Dalynn Trujillo, Joel Vosburg, Chrissy Mitchell, Jenny Knox, Mary Hakala, Bet Egelhoff, Karen Allen, Jana Martin, Brian Cooper, Jennie Barry, Alex Owen, Ross Tunkey, Dan Estey, Maggie Dethloff, Lisa Lenander, Diane Aronovic, Jana Barrett, Joe Summerville, Allison Lee, Steve Mills, Charlie Farnan, Jordi Sendra, Trevor Bona, Not pictured: Natalie Hatchett, Cynthia Wolff, Crockett Farnell
Crested Butte 970.349.6691 bbre1.com Gunnison 970.641.6691