Crested Butte Real Estate Market Report February 2024

Crested Butte Real Estate Market Report February 2024 – Winter snow, weather, and skiing conditions have been great. The lifts stop spinning on April 7th!

I have enjoyed getting out and skinning-up in the mornings, and on days when the temps have been in the 40’s and sunny – I have gotten in the local rivers to fly fish!

 I hope you are doing well, and have plans to be in Crested Butte sometime before the lifts stop spinning on April 7th!  Some great skiing conditions this winter.

I have been busy this winter with a number of transactions and thankful for the opportunity to help my clients purchase their Crested Butte dream home – or – sell their home and move on to the next chapter in their lives…

Let me know if you have questions about the Crested Butte Real Estate Market and how I can help you – or that of a friend.

I appreciate all the recommendations and referrals!

Thank you,

Chris.

Prices Holding, YOY Volume / Transactions Down

For the prior 12 months transactions down 16% year over year (263 vs. 316) and Volume down slightly at 5.3% ($356M vs. $337M), and well below the levels we saw during Covid. Looking at the quartiles page by price range for single family homes we see only the lower end experiencing reductions in price per sq. ft.

Inventory levels at the end of February show total of 435 properties on the market – this is up from 294 properties for sale one year ago (the biggest change is there increase in Condos/Townhomes and parcels of land on the market vs. this time last year).

With the impact of inflation and the adoption of new building codes in Gunnison County and the Crested Butte area we will continue to see higher costs to build and remodel homes – this supports higher prices for homes. We continue to see new home, and recently updated homes in high demand and supporting higher price points. Buyers are more discerning but still actively seeking their Crested Butte dream home.

Insurance premiums are seeing significant increases everywhere as carriers seek to recoup losses from recent disasters in Florida, and wildfires out west.

Fed Rates: As my daughter Courtney would say “what the heck?!” Everyone was sure there would be rate cuts, now it appears no rate cuts… Net net — Nobody knows… . If and when we see rates decline, we will also see an increase in the number of buyers – likely more competition. With a pent-up demand some buyers are opting to start their search and purchase at a higher rate now – with the assumption they can also refinance later.

Cash is certainly king, and lenders have creative ways to buy down mortgage rates. Some transactions that are cash may be a line-of-credit against an investment portfolio. Wealth managers have many tools for buyers who have sizeable investment accounts

All Transactions For The Past 12 Months:

• All Areas All Property Types – There were 263 total properties sold, 89 of those being single family homes sold, and total volume of all properties sold for all areas was $331,267,685.

• All Single Family Homes – The Median Sold Price for single family homes was $1,775,000.

• Condos & Townhomes – there were 114 sold, with a Median Sold Price of $794,500.

• Downtown Crested Butte Single Family Homes Sold was 19, at a Median Sold Price of $2,750,000. The Median Sold price per sq. ft. was $1,245, Average Discount from Asking to Selling Price was 4.9%

• Mt. Crested Butte Single Family Homes Sold – Median sold price of $1,925,000, and Median Sold Price Per Square foot was $628, Average Discount from Asking to Selling Price was 7.1%

• Skyland Single Family Homes Sold – Median Sold price of $2,100,000, Median Sold Price per sq. ft. $839. Two new spec homes for sale in Skyland driving Median Asking Price to $4.95M.

•Rural Crested Butte – 33 homes sold, Median Sold Price $1,950,000. Median Sold Price per sq. ft. $770.

• CB South – 12 homes sold, Median Sold Price $1,071,000. Median Sold Price per sq. ft. $500.

• Meridian Lake Area – 6 homes sold, Median Sold Price $1,787,000. Median Sold Price per sq. ft. $705.

• Land sales – There were a total of 61 transactions with a Median Sold Price of $895,000.

Curious about what your home is worth, or want to be prepared for the winter buying season – contact me today.

..

Thanks,
Chris Kopf

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