Crested Butte Real Estate 2019 Review Market Report
Crested Butte Real Estate 2019 Review and Outlook
Crested Butte Real Estate 2019 Review – Crested Butte Real Estate Market Home Prices Continue Up, Transactions Down – 2019 is in the books and we saw Transaction were down 29.5% and volume down 5% from 2018 (transaction count lowest in 5 years). In nearly all geographic areas and property types (Single Family Homes, Condos, Townhomes, and Land) we are seeing sold prices continue to rise as compared with 2018 and prior years.
So what is happening in the Crested Butte real estate market? Many Buyers are sitting on the sidelines right now waiting for the perfect property or price adjustment. In general quality homes priced at market prices or slightly above are getting the attention from Buyers. Also quality single family homes, condos and townhomes prices well that are in the lower segment of the market are selling quickly (Single Family Homes below $1M, Condos & Townhomes below $600,000). We see most properties asking prices are above sold prices – this is not unusual in a rising market. We are seeing some homes that are priced significantly higher (or require quite a bit of updating) are experiencing longer days on market. As I have previously stated – there is a bit of a waiting game going on – as most second-homeowner sellers are patient, and most second homeowner buyers are wondering if this is “the new normal” in the Crested Butte Market. We are in year two of the Vail acquisition of the Crested Butte ski resort. I predict we will see a “normalization” of the market by the end of this Winter Ski Season.
2019 Price Increases – After the announcement that Vail had purchased the ski area in 2018 – there were some immediate price hikes. The majority of the market followed suit in 2019 and buyers who came back to CB were scratching their heads… Sellers are patient – but with days on market climbing many are calculating their holding costs on the home that they are not using as much as in the past, and getting anxious to use the dollars in their CB homes to move on to the next chapter of their life. We have seen many Asking Price corrections prior to the Winter selling season – and those homes that are priced to the market, will get showing activity over the winter from the affluent skier visitor demographic who want to start creating their lifetime of memories with family, friends and clients.
Crested Butte new home construction is up, and contractors are busy. Construction labor prices are up. There are very few general contractors and subs who are available to the seller or the buyer. The supply and demand model is in play, and many sellers have put off doing the updates. Buyers are perplexed by high costs to build in the Crested Butte area – over $500 per foot+ when factoring in land cost. Buyers consider the unknown time, effort and money associated with buying a home that needs (or they desire) a major project to be daunting… so they wait and sit on the sidelines until the right home for them comes along.
We will continue to see new affluent Epic Pass skier families coming to Crested Butte. Visitors turn into lookers, who turn into buyers of Crested Butte real estate. The net net is Crested Butte is a really good value compared to many other cookie cutter crowded ski towns.
Especially when considering the full package, and the opportunity to start creating their lifetime of memories with family, friends and clients.
VOLUME and TRANSACTIONS Crested Butte Real Estate – 2019 and Prior Years
Revealing Crested Butte Real Estate Single Family Home Sales by Price Range
Luxury Single Family Crested Butte Homes – $1M – $1.5M – The largest segment of the luxury space – there have been 21 homes sold YTD.
Inventory levels continue to drop for quality single family Crested Butte homes below $1M as the bell curve shifts to the $1M – $1.5M Range for most quality single family homes.
What Crested Butte Real Estate is Selling?
Condos and Townhomes – 133 Condos and Townhomes have sold YTD in 2019 – this is a drop from 184 for the same period in 2018. The Average Sold Price for Condos and Townhomes has been rising and through November we see it is $471,000 as compared with $409,000 for the same period in 2018.
Land – 93 parcels have sold YTD in 2019 – this is a drop from 154 for the same period in 2018. The Average Sold Price for land has been rising we see it is $395,000 as compared with $280,000 for the same period in 2018.
This Crested Butte Real Estate Monthly Market Report is a total of 14 detailed pages – Download Your Copy of the Full Market Report HERE
How is the Luxury Crested Butte Real Estate Market?
See Breakdown of Single Family Homes Sold by Area, Condos & Townhomes, Land, What is For Sale… and more!
Helping You Make Informed Decisions Regarding Crested Butte Real Estate
I produce this monthly report to provide You with a high level overview by looking at the patterns and trends.
My goal is to help YOU make sense of the numbers so you can make informed decision. It is my hope that this report helps you to ”See the Big Picture and All the Details!”
If you see a segment of the market that you would like additional help with understanding please contact me. Or if you desire a specific Property Valuation Report that I routinely prepare for my clients, please contact me.
This report covers Crested Butte Single Family Homes/Luxury Homes, Crested Butte Condos, Crested Butte Town Homes and Crested Butte Land.
You will also see a ”slice” of the data by Price Range and by Area for Single Family Homes to provide a more insightful view of the market.
Get Your Crested Butte Real Estate Market Reports
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See the big picture and all the details of the Crested Butte Real Estate Market –> Download Full CB Real Estate Market Report as a .pdf file (more data and charts)
How can I help you with Your Crested Butte Co Real Estate Needs?
This 2019 Crested Butte Real Estate Market Report and the level of detail is representative of what you can expect from me as your Real Estate Agent. If you are considering buying or selling – I have been in your shoes. My wife and I were second homeowners for 10 years prior to moving our family here full time.
I am consistently among the Top Real estate agents in Crested Butte and among the top 1% of all Coldwell Banker Agents in North America, and I strive to exceed client expectations.
You May Be Wondering… What is My Home Worth?
Do you wonder what your home is worth in the current market? Do you desire a specific Property Valuation Report that I routinely prepare for my clients? Please contact me.
If you are considering me to represent you, I would appreciate the opportunity to earn your business (or that of a friend you think I could help).
For questions regarding this Crested Butte Real Estate YTD November 2019 Market Report or the Crested Butte Real Estate Market in general contact:
Broker / Owner
Global Luxury Property Specialist
Coldwell Banker Mountain Properties