Crested Butte Real Estate Market Report July 2022 + Outlook

Crested Butte Real Estate Market Report July 2022 + Outlook – Buyer interest and demand is still strong – but with higher price points, mortgage rate increases plus with some economic uncertainty we are seeing fewer transactions year over year (down 34%).

For many buyers the price points are simply out of reach, or the combination of ascending price points and interest rates has limited the number of prospective buyers. Recent reports suggest the Fed Rate hikes may taper and the current average 30-year fixed-mortgage rate is 5.53%.

Crested Butte Area Real Estate Results for July 2022 and prior 11 months show a 15% reduction in overall volume and a 34% reduction in transactions compared to prior year results.

There is currently one single family home in the Crested Butte area for sale under $1M – it is Under Contract. There are a total of 73 single family homes for sale, 11 Under Contract.

Single Family Home Details by Price Range:

• $1M – $1.5M = 9 For Sale, Median Price $1.2M, 4 Under Contract
• $1.5M – $2M = 13 For Sale, Median Price $1.675M, 2 Under Contract
• $2M – $2.5M = 9 For Sale, Median Price $2.3M, 1 Under Contract
• $2.5M – $3M = 15 For Sale, Median Price $2.725M, 3 Under Contract
• $3M – $4M = 7 For Sale, Median Price $3.745M, 1 Under Contract
• $4M – $5M = 10 For Sale, Median Price $4.5M, 0 Under Contract
• $5M + = 9 For Sale, Median Price $7.5M, 0 Under Contract
Of the 50 Homes For Sale above $2M – there are only 4 homes under contract (all above $2.5M): $2.55M, $2.695, $3.25M, $3.7M.

In addition to the Single Family Homes Under Contract – at the end of July there were 42 Condos & Townhomes, and 23 parcels of Land Under contract).

Single Family Home Prices:

• We have seen a steady increase in the cost of building or remodeling a home – also with the ascension of real estate price points over the past two years – we see a 59% reduction in homes sold between $750,000 and $1.5M. (I will bump the quartiles price ranges next month). There is only one home currently on the market under $1M and only 10 For Sale under $1.5M – half of them are currently Under Contract.

• We see a 34.5% reduction in homes sold between $1.5M and $2.5M. There are currently 22 homes for sale between $1.5M and $2.5M with a Average Asking Price of $1.98M and Average Price per sq. ft. of $813 (For the 36 Home Sold in the past 12 months in this price range the Average Sold price per sq. ft. was $720).

• At the higher end of the Crested Butte Area Single Family Home Market we see between $2.5M and $3.5M there have been 23 homes sold in the past 12 months with Average Sold Price of $2.96M and $786 Average Sold price per sq. ft.

• There are 18 homes For Sale between $2.5M and $3.5M with an Average Asking Price of $2.85M, and Average Days on Market = 114. Interesting the Average Asking Price per sq. ft. is $1,037, but the 4 homes under contract have an Average Price per sq. ft. of $718.

• Above $3.5M we see 16 homes have Sold in the past 12 months with an Average Sold Price of $4.6M and $1,129 Average Sold price per sq. ft. There are 18 homes For Sale above $3.5M with an Average Asking Price of $5.5M and Average Asking Price per sq. ft. of 1,448 – Average Days on Market = 142.

Of note – 14 Kokanee Lane in the ski-in/ski-out Prospect development is for sale for $15M, or $1,912 per sq. ft. This is certainly a high-water mark for the Crested Butte area – but this is a beautiful 7,844 sq. ft. home with 6 bedrooms, 3 car garage, designed by Dan Murphy and built by Hargrove & Kidd.

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

If you are considering Selling you have seen great price appreciation, and if you price your home properly to the current market, you will see activity and expect a contract this summer/fall. If you do not see activity – you may consider a price adjustment.

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 there are others who will also see the value – especially under $2M price range. Take action to start creating your memories here in Crested Butte.

Thanks,
Chris Kopf

email: Chris.Kopf@CBMP.com
call or text me: (970) 209-5405