Crested Butte Real Estate Market – Expect Strong Summer Buyer Demand

I was just at a Coldwell banker global luxury conference in Los Angeles with 400 of the top agents with Coldwell Banker. There were agents from 10 countries and 30 different US states represented. There was much discussion around what was happening in the luxury sector of the real estate market?

There were some agents that were saying they were starting to see a softening in their market. There are some pundits that are forecasting that the housing market is going to make an adjustment because of rising interest rates, inflation and the volatility in the equities markets. Rising and lower tides will affect all boats and Crested Butte certainly could be affected.

However, Crested Butte is a very small market and somewhat insulated from the overall “housing market” – we are a luxury real estate market. Crested Butte is attracting affluent cash buyers that aren’t as dependent on loans, and so are not as affected by the higher mortgage rates. Inflation – certainly rising prices helps to support higher price points for real estate as well. Equities markets have taken a hit, and some people are taking money out of equities and shifting those funds into real estate, with the added benefit of getting to use the property with family, friends and clients.

So all those things considered and given the low inventory, and the backdrop of Covid which has resulted in people having the flexibility, tech tools and platforms to work remotely. I believe we will continue to have strong buyer demand this summer and fall. Crested Butte is a very desirable place to be. Compared to many other mountain ski town markets, Crested Butte offers a very good value.

Buy vs. Build – We are fortunate that we have many great architects, builders and sub-contractors here in the Gunnison valley. Unfortunately, they are all super busy. There continues to be long lead times for architects and builders. It is not unusual to hear 6 months to a year to get building plans and permits secured, and 2 years construction timeframe. Expect to pay $600 – $700+ per sq. ft. for a quality home in the Crested Butte area.

If you are considering Selling – you have seen great price appreciation, and if you price your home to the current market, you will see activity and expect a contract this summer/fall.

If you are a Buyer and you see a property that fits the majority of your criteria – don’t wait, given low inventory of homes and buyer demand – take action, I have seen a number of clients who waited, and the property went under contract, and they are still waiting…

Click the red  button to see “the big picture and all the details” of the Crested Butte Real Estate Market.

I hope you enjoy the Crested Butte Real Estate Market Report MAY 2022 + Outlook!

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