Crested Butte & Mt. Crested Butte Market Report- 3rd Quarter 2022
It’s clear that our number of sales and sales volume is down in all categories. Although surprisingly, the sales price has remained steady or is higher than 2021 prices. We certainly have had a softening in the market, but 2020 and 2021 were anything but normal. To get a true sense of the market, I went back to 2019 numbers and found that single-family sales from 2019 and 2022 were similar, yet sales volume in 2022 was much higher (due to higher prices). For condo/townhomes, both number of sales and sales volume doubled from 2019 numbers. It’s safe to say the craziness of 2020 and 2021 has ended, and we are returning to a more balanced market. Many ask how much interest rates affect our market, it’s true we do see some effects of higher rates, yet many in resort markets are paying with cash and are unaffected by the rate hikes. Looking forward, I expect our sales prices to decrease, however not significantly. Will still have high demand as many covet the Crested Butte lifestyle and want to be a part of this amazing valley.
The Howe Group would love to share their knowledge of the real estate market with you. Please contact us at any time to learn more about our market. If you would like to see the latest inventory, please visit our website.