Crested Butte Real Estate Market Report 2024

Crested Butte Real Estate Market Report 2024 + 2025 Outlook

Crested Butte Real Estate Market Report 2024 – Crested Butte Ski Season is here…  CBMR opened the High Lift and North Face Lift las week and 87% of the terrain is open. Francene and I were missing our daughters for Christmas this year – they were with husband and boyfriends families for Christmas. We gathered with extended family and friends. Enjoyed skiing in the nearly 3 feet of new snow, cutting down Christmas trees, Christmas eve service at Union Congregational Church, fun evening at the Yurt, skinning-up the mountain, and holiday festivities. I am thankful for all of my real estate clients – and look forward to another great year in 2025.

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

Crested Butte Transactions Up and Ascending Prices Continue

Prior 12 month Sold Results for 2024

2024 Results show transactions up 7.7% year over year (280 vs. 260) and Volume up 7% ($350M vs $327M). Average Days on Market currently 157 vs. 196 from a year ago.

For Sale – December inventory levels show total of 58 Single Family Homes For Sale (down from 66 this time last year), 75 Condos/Townhomes (down from 103), and 161 parcels of land for sale (down from 209) with a total of 294 properties on the market (down from 379). There are nearly 40 parcels in Upper Prospect development that have been in the MLS for 3 years as “Under Contract” – a recent Mt. Crested Butte Land Use & Planning Commission meeting resulted in a bit of uncertainty and uncertain timeline to getting the entitlements for the development.

2025 Outlook – Perhaps 2025 buyers will realize that mortgage rates are not going to drop significantly, and move money from equities to a Crested Butte 2nd home and begin creating a lifetime of memories. Expect that the uncertainty of the election will also unfreeze some prospective buyers. Buyers are more discerning but still actively seeking their Crested Butte dream home albeit at higher price points. Looking back to 2020 and 2021 we see transactions were more than double for most areas and property types – certainly the covid factor in 2021, but expect we have pent-up demand.

The Coldwell Banker Global Luxury Trend Report provides a great backdrop to the luxury segment of real estate around the world. A couple of trends emerging:

• Value-Driven Luxury: Affluent buyers are increasingly focused on value, seeking properties that offer unique experiences and long-term returns. Crested Butte offers a great overall value compare with other mountain ski towns in Colorado.
• New Luxury Location Drivers: Wealthy individuals are seeking new locations that offer lower taxes, economic opportunity, safety, lifestyle benefits, and favorable climates. Thankful that Crested Butte has low property taxes, a safe community for families. Crested Butte provides a variety of mountain adventures in the Summer, and world-class skiing in the Winter to build a lifetime of family memories.

All Crested Butte Real Estate Transactions For The Past 12 Months:

• All Areas All Property Types – There were 280 total properties sold, 82 of those being single family homes sold, and total volume of all properties sold for all areas was $350,053,750.
• All Single Family Homes – The Median Sold Price for all SF homes $2,092,250. Average Discount from Asking to Selling 3.2%.
• Condos & Townhomes – 144 sold, and Median Sold Price of $740,000. Avg. Discount 1.3%.
• Downtown Crested Butte Single Family Homes Sold was 15 at a Median Sold Price of $3,200,000. The Median Sold SqFt was $1,306, Average Discount was 11.1%
• Mt. Crested Butte Single Family Homes Sold – Median sold price of $2,070,000, Median Sold Price SqFt was $795, Average Discount was 4.8%.
• Skyland Single Family Homes Sold – Median Sold price of $3,060,000, and Median Sold Price SqFt $1,128. Average Discount 4.2%.
• Meridian Lake Area – 2homes Sold, Median Sold Price $2.8M, Median Sold Price SqFt $728.
• Rural Crested Butte – 27 homes Sold, Median Sold Price $2,750,000. Median Sold Price SqFt $838. Average Discount 1%.
• CB South – 14 homes Sold, Median Sold Price $1,265,000. Median Sold Price SqFt $554. Average Discount 3.6%.
• Meridian Lake Area – 5 homes sold, Median Sold Price $1,750,000. Median Sold Price SqFt $683.
• Land sales – 54 transactions with a Median Sold Price of $834,500.

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

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