Crested Butte | Quarter 1, 2022


Crested Butte, located in the upper valley of Gunnison County, is a true Colorado ski town that reminds us of the beauty of unplugging. There are no traffic lights, high-rise buildings, or big box stores, yet the town offers everything one could need on its main street, Elk Avenue. Receiving an average of 300 inches of snow per year, Crested Butte is known for its challenging ski slopes and 1,200+ miles of trails. For locals, life here centers around the endless outdoor recreational activities in any season—hiking, biking, skiing, water sports at Blue Mesa Reservoir, and more. The County of Gunnison, which includes Crested Butte, has a rich history dating back hundreds of years to the original Ute population. Ranching and mining ruled the region before skiing became the predominant industry, luring tourists from Denver and beyond. Today, both Crested Butte and Gunnison are known for their historic downtown squares with shopping, museums, and a range of dining options.

 

With a little over 2,300 year-round residents between Crested Butte and Mt. Crested Butte, this mountainous haven is the perfect place for those seeking serenity and uninterrupted access to adventure. Every quarter, LIV Sotheby's International Realty produces a Micro Market Report focused on Gunnison County’s market performance, which includes Crested Butte. For quarter one, this report is a year-over-year comparison of the first quarter of 2021, compared to the first quarter of 2022, analyzing January through March. The beginning of 2022 brought the same tenacity as we saw through 2021, with 50.5% fewer days on average on the market, 45.1% fewer properties sold, and a slight increase in appreciation value, rising 8.7% from $746,002 to $810,744 for the average sold price during the first quarter.

 

From Mt. Crested Butte to Almont, every neighborhood saw an increase in competition and a decrease in the number of properties sold, ranging from a 15.4% decrease in Crested Butte South to a 60% decrease in Rural Gunnison & Almont. Coinciding with this decrease in inventory, every neighborhood except Rural Crested Butte and Rural Gunnison & Almont, saw significant increases in the average sold price. Crested Butte saw a 150% increase in average sold price, rising from $1,308,647 last year to $3,271,875, and the City of Gunnison experienced a 106.8% increase, growing from $333,200 to $689,125 this year. Both Crested Butte and the City of Gunnison’s impressive average sold price increases were due in large part to two notable highest priced sales during the first quarter. The City of Gunnison saw a 314% increase in the highest sold price, equating to a shocking $3,250,000 sale in 2022, compared to the highest sold price during this time last year of $785,000. Moving over to Crested Butte, a comparably pricier market, the highest sold price last year came in at $5,500,000 and rose 110% to $11,550,000 this year.

 

While individual communities within Gunnison County saw remarkable increases during the first three months of 2022, the overall county numbers reflect a market that experienced a slight reprieve due to narrowing inventory and fewer transactions. One thing is for sure, as the consumer desire to leave the large cities and congested suburbs continues, areas like Crested Butte will only continue to grow in popularity. As such, buyers who sought to purchase during the first quarter of 2022, and continue to do so in the months to come should be prepared to strike while the iron is hot with the help of an experienced and well-connected broker.

This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods: Town of Crested Butte, Mt. Crested Butte, Crested Butte South, Rural Crested Butte, City of Gunnison, Almont & Rural Gunnison. .