The Appeal of Mountain Living

Nikki Pulitzer of Sotheby’s Real Estate in Crested Butte remains bullish on the market for first or second homes in this mountain community.

Ohio Creek Valley Home | Market Watch | Spring 2022 | Home & Garden Colorado Magazine
Ohio Creek Valley home with acreage: 347 Overlook Trail, Gunnison, CO. $4,570,000. 4 bedrooms, 5 baths. Total 7,590 square feet on 35 acres. Photo by Eric Phillips.

Crested Butte will always be less developed. We’re surrounded by two million acres of national forest. We’re authentic. There’s so much history,” says Nikki Pulitzer with Sotheby’s Real Estate in Crested Butte. That said, she reports that price points are better than Vail or Telluride, and since 2015 even the most uncared-for properties have been bought, refurbished, and put on the market. Pulitzer adds, “Covid let people understand they could work remotely. Becoming a second-home owner is more attractive and easier. These people are eating up inventory. Young people are so smart: building their first home here for less money, keeping it small where they work.” The market report shows that the desire to move to the mountains remained strong through 2021.

While interest rates are starting to go up, nothing seems to be slowing down. “People decided that real estate was the safest place to put their money. A lot of people are paying cash.” She sees that this may be a good time to do a cash-out refinance on your home and buy another— there are a lot of creative ways to make real estate pay for you. “Real estate should be part of your financial future plan.” She also feels that it’s still a sellers market. “Since Covid, it was every six months for a price change—now it’s about every three months. I don’t see the end yet. It’s still a time to buy.”

The Numbers

Sotheby’s Report for Single Family Homes, town of Crested Butte

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Average Price
Jan.-Sept. 2020: $1,286,417
Jan.-Sept. 2021: $1,533,283

Days on Market
Jan.- Sept. 2020: 183
Jan.-Sept. 2021: 278

Properties Sold
Jan.-Sept. 2020: 43
Jan.-Sept. 2021: 72

Average Price per Square Foot
Jan.-Sept. 2020: 627
Jan.-Sept. 2021: 745

Nikki Pulitzer Sotheby's International Realty | Market Watch | Spring 2022 | Home & Garden Colorado Magazine
Nikki Pulitzer of Sotheby’s International Realty. Photo by Lydia Stern of Mountain Magic Media.