Crested Butte Real Estate Market Report February 2022 + Outlook
Spring Skiing and Crested Butte Real Estate Market Buyer Demand Strong…
Crested Butte Real Estate Market Report February 2022 + Outlook – As we approach Spring Break 2022 and the two year anniversary of Covid the Buyer demand for luxury Crested Butte Real Estate is still strong. We see real estate price points still rising and lower inventory levels.
Year over year Volume is up 26% finishing at $579M vs $461M in 2020. Total Transactions are up 13% with 619 Properties Sold vs 550 year over year. Single Family Home Average Sold Price has risen from $1.5M to $1.95M in the past year.
Compared with the same time last year – Inventory levels of all properties in the Crested Butte area down 50%, Single Family Homes down 31%, and Condos & Townhomes down 42%. Lack of inventory in homes has spurred demand for Land – inventory levels are down 60%.
Why Strong Buyer Demand in Crested Butte Area?
Why are we seeing the up-tick in real estate demand and the supply-demand forces to push Crested Butte Real Estate prices to record levels? I believe two parts to the answer 1) Covid + remote work flexibility and 2) Vail Resorts International. As I have mentioned previously – due to Covid there have been many more people who can, and will work remotely in Crested Butte. Many have rented a home in Crested Butte – then realized wouldn’t it be nice to have a second home here… or live here full-time…! As a backdrop the economy and equities markets have been strong, and the luxury segment of real estate in every market has soared.
With an increased emphasis on lifestyle, family and home base, many consider their options… For many the opportunity to create a lifetime of memories, and get to work and live in a second home in Crested Butte and enjoy the mountain lifestyle is a big motivating factor. If you can live in and work from a remote ski town like Crested Butte the opportunities to enjoy your passions are endless.
How long will this cycle of ascending Crested Butte Real Estate price points last?
Nobody knows the effect that the Russian invasion of Ukraine will have. We certainly see a spike in energy prices. If the economy and equities markets are still strong, and interest rates remain low we will continue to see strong buyer demand. Many economists smarter than me predict the Fed will increase rates, but just slightly to attempt to keep inflation in check – mortgage rates are not expected to go above 4% in 2022.
Prediction for now: Buyer demand will continue, and we will continue to see a Seller’s Market in 2022.
Thanks,
Chris Kopf
email: Chris.Kopf@CBMP.com
call or text me: (970) 209-5405
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Crested Butte Real Estate Market Report February 2022 + Outlook
Volume and Transactions Totals Prior 12 Months
Year over year Total Volume and Transactions are way up
Crested Butte Real Estate Market Snapshot
All Single Family Homes Sold by Price Range Prior 12 Months – Crested Butte Real Estate Market Report
– See additional details for all Single Family Home details by viewing Full Crested Butte Market Report
Downtown Crested Butte Single Family Home Sales
There have been 27 Single Family Homes Sold in the past 12 months in Downtown Crested Butte – see more info and the Results for All other Areas in the Full Crested Butte Market Report.
Mt. Crested Butte Single Family Home Sales
There have been 39 Single Family Homes Sold in the past 12 months in Mt. Crested Butte – see more info and the Results for All other Areas in the Full Crested Butte Market Report.
Crested Butte Condos and Townhomes
There have been 239 Condos & Townhomes Sold in the past 12 months in the Crested Butte area.
Crested Butte Area Land
There have been 233 Parcels of Land Sold in the past 12 months in the Crested Butte area.
This Crested Butte Real Estate Market Report is a total of 16 detailed pages – Download Your Copy HERE
- How is the Luxury Crested Butte Real Estate Market?
- See Breakdown of Single Family Homes Sold by Different Areas, Condos & Townhomes, Land…
- What is For Sale… and more!
- Get Your Copy of Crested Butte Real Estate Market Report Through October 2021
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I produce this monthly Crested Butte Real Estate report to provide You with a high level overview by looking at the patterns and trends.
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My wife and I were second homeowners for 10 years prior to moving our family to Crested Butte full time.
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Chris Kopf
Global Luxury Property Specialist
Coldwell Banker Mountain Properties
Chris.Kopf@CBMP.com
(970) 209-5405
