Kopf’s New Market Report Format
I hope you like this expanded and more visual Crested Butte Real Estate Market Report format. If you are a regular reader of my market reports you know that I approach these monthly market reports with two goals:
- To provide a high level overview by looking at the patterns and trends, and most of all
- To help YOU make sense of the numbers so you can make an informed decision.
As I say, I hope this report helps you to ”See the Big Picture and All the Details!” If you see a segment of the market that you would like additional help with understanding please contact me. Or if you desire a specific Property Valuation Report that I routinely prepare for my clients, please contact me.
One of the benefits of the Crested Butte Real Estate Market is that it has so many options for Buyers. In addition to the variety of real estate types, there are many options in price point, location and quality. The challenge is that this also makes it hard to look at the overall market and make a broad brush statement about “How the Crested Butte Real Estate Market is doing…?”
In general we are seeing lots of active Buyers in the Market, and we know that Crested Butte is a great value compared to other Colorado Ski Resorts (Telluride $2X, Vail $4X+, Aspen $6X+).
This report covers Crested Butte Single Family Homes/Crested Butte Luxury Homes, Crested Butte Condos, Crested Butte Town Homes and Crested Butte Land. You will also see a of the ”slice” the data by Price Range and by Area for Single Family Homes to provide a more insightful view of the market.
Crested Butte is a Special Place and This Drives Real Estate Sales
It has been an interesting journey for me to be a second homeowner for 10 years – and 8 ½ years as a permanent resident here in Crested Butte. In addition to the beauty, and recreational opportunities – the special part about Crested Butte to me are the variety of activities, events and the people that make these events fun and exciting.
As I am writing this the Mountain High Music Festival is here in Crested Butte. This is a great event because of the many people who contribute their time, effort and money to support this event.
On Wednesday evening I “worked Security” for the VIP event. This is just one of so many events throughout the year that make Crested Butte a special place and in turn drive interest by visitors to get a place of their own in Crested Butte.
If you have a home in Crested Butte, but have not plugged-in to Crested Butte, there are many organizations that have open arms awaiting your help – a win-win way to meet so many great people.
Crested Butte Real Estate Demand Strong in 2017
This Crested Butte Real Estate Market Report looks at the Crested Butte Real Estate Market results for 2017 and compares previous years.
2017 result are in and exceed the previous four years in totaltransactions and volume. The Crested Butte Real Estate Market is active and healthy and in general we see prices increasing.
In 2017 we saw an increase (18%) in the overall number of transactions sold (qty. 437), and a greater increase (36%) in the total volume ($249M).
As I have noted all year – there has been a shift in the inventory and mix of what is selling and a void of inventory at the lower end of the market which tends to skew the numbers.
We are Not seeing an overall double digit
“significant rise in prices” as some others report…
Want some startling statements you won’t see anywhere else…
- Overall Single Family home prices rose by… only 4.67% when comparing the results of 2016 to 2017.
- Overall Condo prices rose 20.35% year over year – but this is because of the lower end of the market. If you compare the results of the Condos sold between $250,000 and $500,000 you see the increase is only 5.81%. Interesting, read on…
As Joe Friday would say in Dragnet: “Just the facts ma’am.” I do my best to take the time, and effort to understand the Crested Butte Real Estate market. This takes more than a cursory look at the numbers. In this market report you will find a deeper analysis, and you will see breakdowns by price range, area and type (and this is one of the reasons people trust me and why I am a top real estate agent in Crested Butte). In 2017 there were 36 SF Homes sold below $750,000, now only 16 Active listings in this price range.
How Much for This Crested Butte Home?
As you will see in the details of these five pages dedicated to Single Family Homes – the ”market” is segmented by price range and by location. I do provide the overall summary numbers on the last page in this Crested Butte Real Estate report.
The Downtown Crested Butte (CB) area represents the “most expensive” real estate in the Crested Butte area. There are currently 17 homes for Sale in CB with only 3 below $1M (and most would want to remodel them – bringing final $ above $1M). Average Sold Price points rose 11.2% and price per sq. ft. rose 2.6% year over year.
Average Sold Price and Average Price per sq. ft. in Mt. CB both actually fell by approx. 11% when comparing 2017 to 2016 results.
$1.4M is the Average Sold Price in the Skyland area, and this is flat from 2016. Also flat are the Average Sold prices for the homes Sold between $1M – $1.5M (qty. 24) when compared to 2016 results.
CB South has seen a significant increase in Average Sold Price and Price per sq. ft. over the past 3 years.
The past 2 years show a large increase in the number of transactions between $1.5M – $2M (avg. 10) when compared to prior years (avg. 4).
How is the Luxury Crested Butte Real Estate Market?
Most would define a Luxury Home as a price above $1M. In the Crested Butte Real Estate market it doesn’t help to lump all homes over $1M into one category – and again this is why I have broken the data into price ranges.
Luxury Home Transactions are up over previous years. We are seeing the volume of homes sold at the higher price ranges increase, and a lack of inventory of the homes at the lowest price ranges.
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See the big picture and all the details of the Crested Butte CO Real Estate Market – Download Full CB Real Estate Market Report as a .pdf file (more data and charts)
How can I help you with Your Crested Butte Co Real Estate Needs?
This 2017 Crested Butte Real Estate Market Report and the level of detail is representative of what you can expect from me as your Real Estate Agent.
I have consistently been among the Top 5 real estate agents in Crested Butte, and I strive to exceed client expectations.
If you are interested in finding out what your property is worth, or considering me to represent you as a Buyer, I would appreciate the opportunity to earn your business (or that of a friend you think I could help).
Click here to see Crested Butte 3D Walkthrough Home Tours
Click here to do an advanced search the Crested Butte MLS for properties for sale in the Crested Butte area.
For questions regarding this Crested Butte Real Estate Market Report or the Crested Butte Real Estate Market in general contact:
Global Luxury Property Specialist
Coldwell Banker Bighorn Realty