Crested Butte | Quarter 1, 2021
Located at almost 9,000 feet elevation along the banks of Coal Creek in Gunnison County, Crested Butte is an idyllic alpine resort town with roots in mining and ranching. Both vacationers and residents enjoy the area’s pristine beauty as well as its vibrant art, music and theatre scene. Boasting one of Colorado’s largest historical districts, Crested Butte has a relaxed vibe that draws in those seeking the good life.
Though many outdoor enthusiasts flock to Crested Butte to enjoy its 1,058-acre downhill ski resort, the summers in this mountain community are just as remarkable. Known as the “wildflower capital of Colorado” due to its brilliant, colorful meadows, Crested Butte’s majestic mountains provide plenty of activities in all seasons—skiing, hiking, mountain biking, shopping, fishing, festivals, rafting and ice skating. It’s no surprise that real estate in this area has flourished despite the economic uncertainty of the past year.
The Micro Market Report produced by LIV Sotheby’s International Realty analyzes the real estate market for the first quarter of 2021 as compared to the first quarter of 2020. Gunnison County overall saw property sales rise 132.1% while average price per property in the area increased 37.3%, from $543,196 to $746,002. Overall, the total dollar volume sold in Gunnison County rose 218.8% compared to the first quarter of 2020.
So far, 2021 has been a seller’s market in Gunnison County, with high demand and low inventory helping drive prices up, particularly in Mt. Crested Butte, Gunnison, and Almont. The number of properties sold in Rural Crested Butte nearly quadrupled, from 16 to 57—a rise of 256.3%—and land parcels in the same area increased a phenomenal 371.4%. Land, in fact, was in high demand across all the neighborhoods with the exception of the Town of Gunnison. Land sales in Mt. Crested Butte saw an incredible 950% increase over the same quarter in 2020.
Almost all the neighborhoods in the Gunnison County region experienced a rise in the number of single family homes sold, with the largest gains seen in Rural Crested Butte. Despite this flurry of activity, the overall increases in residences sold, and the increases in home prices, properties stayed on the market an average of 400 days this quarter, which is 126% longer than this time last year.
As we move further into a new year that remains clouded with challenges, one thing remains clear—Crested Butte and its surrounding areas continue to be a high-demand, appealing option for those seeking a resort lifestyle in an iconic ski town.
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, Rural Gunnison and Almont.