Crested Butte Real Estate Market Report Through September 2024

Crested Butte Real Estate Market Report Through September 2024 + Outlook

Crested Butte Fall Colors are special… The autumn colors this year were spectacular. The peak colors were a bit later in September – and an early snow was beautiful. Francene and I got out for some great hikes and enjoyed the slower pace of the September / early October season.

Was looking forward to celebrating my dad’s 95th birthday at the end of October in Florida. But because of the recent hurricane Milton my brother Rick and I went to help clean-up and unfortunately there was 2 feet of salt water in the lower level but no major damage. I am thankful that we don’t have those devastating weather events here. We will celebrate his birthday now in Dallas over Thanksgiving.

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 your recommendations and referrals!

Thank you,

Chris.

Crested Butte Real Estate Transactions & Volume Flat, Inventory Down Slightly

Prior 12 month Sold Results through the end of September – Transactions slightly down – 260 vs. 265. Year Over Year, Volume flat – $325.4M vs. $325.7M, Single Family Homes Transactions down – 79 vs. 85, Condos & Townhomes up slightly – 129 vs. 122, Land Transactions down slightly – 52 vs 58. Overall Inventory is down slightly with 374 properties for sale vs. 408 a year ago. There are 83 Single Family homes For Sale vs. 96 last year, condos flat at 100, land down 191 vs 211.

Outlook – With positive Jobs report the Fed has backed off another rate reduction prior to the end of the year and most economists are removing the word recession from their outlook. Elections in November typically cause people to pause and wait – but expecting continued strong Crested Butte Real Estate buyer demand during the winter season and over the next 12 months.

Mixed results for Days on Market – for Sold properties we see decrease – from 180 to 167, but for properties For Sale the Average Days on Market is 317 vs. 254 this time last year. As always – properties priced to the market are selling, if well above market they take longer, or don’t sell.  We continue to see see price corrections / reductions across the board.

Building costs support Single Family Home price points – There have been many new home construction starts this summer. Building costs continue to rise – adoption of new building codes contributing factor and most architects and builders are slammed with work and quoting 3-4 years, and $1,200+ per sq. ft. plus land cost and I have heard all-in numbers as high as $1,850 per sq. ft.  Crested Butte is still a great value compared with other mountain ski resort towns, buyers are eager to start creating a lifetime of memories here in Crested Butte.

All Transactions For The Past 12 Months:

• All Areas All Property Types – There were 260 total properties sold, 79 of those being single family homes sold, 129 Condos & Townhomes and 52 parcels of Land. Total volume of all properties sold for all areas was $325,492,301.
• All Single Family Homes – The Median Sold Price for single family homes was $2,100,000.
• Condos & Townhomes – Median Sold Price of $745,000.
• Downtown Crested Butte Single Family Homes Sold – 22 Homes Sold prior 12 months, Median Sold Price of $3,050,000. The Median Sold price per sq. ft. was $1,266, Average Discount from Asking to Selling Price was 4.7%
• Mt. Crested Butte Single Family Homes Sold – 17 Homes Sold prior 12 months, Median sold price of $2,035,000, and Median Sold Price Per Square foot was $780, Average Discount from Asking to Selling Price was 3%
• Skyland Single Family Homes Sold – Only 5 Homes Sold Prior 12 months, Median Sold price of $3,06000,000, Median Sold Price per sq. ft. $1,078.
• Rural Crested Butte – 26 Homes Sold, Median Sold Price $2,560,000. Median Sold Price per sq. ft. $813.
• CB South – 13 Homes Sold, Median Sold Price $1,132,000. Median Sold Price per sq. ft. $558.
• Land sales – There were a total of 52 transactions with a Median Sold Price of $860,000.

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

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Chris Kopf

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