Crested Butte Real Estate APRIL 2020
I hope you and your family are safe!
Crested Butte Real Estate COVID-19 Update
Crested Butte Real Estate Transactions Down – Crested Butte Real Estate APRIL 2020, we are seeing the obvious negative effects of COVID-19 lock-down on the number of transactions. Real Estate Transactions require showings, and showings can be done virtually, but for a second-homeowner market – most buyers want to walk-through the home in person at some point. Showings have been non-existent.
Visitors and buyers have not been permitted to be in Gunnison County or Crested Butte since the mid-March Health Orders. The big hit was Spring Break, as the ski area shut-down a month early, visitors left, and most new real estate activity came to a grinding halt. April is generally still winter, but with no skiing there generally was no activity, and typically everyone leaves Crested Butte for a warm vacation destination because of mud season. We typically get some buyers who show-up in May and early June for a quiet weekend and opportunity to see homes.
So What Will Happen This Summer in Crested Butte? As I look into my crystal ball I see fog… Very unclear, very uncertain. I see that just like the rest of the world Crested Butte will be under “social distancing” rules, and many of the festivals, and events have already been cancelled (Monday eve Alpenglow concerts, Wine & Food Festival just announced) or will be cancelled due to the limitations of group sizes. Restaurant dining, shopping and congregating will put a heavy strain on CB businesses / economy.
But, many visitors will still come. Just like the Whos in Whoville – people will not be deterred by the COVID Grinch. Visitors will come who recognize Crested Butte is a special place to be with family. Some people have told me they may not come to CB this summer – then I ask: “well then where are you going to go instead…?” Visiting anywhere is going to be “different” this summer. Unlike Florida and California who shut down their beaches – the trails in Crested Butte and the Gunnison valley have remained open for Nordic Skiing, and now hiking and biking, and this is a great reason to be in Crested Butte.
Visitors will come to Crested Butte because they can get out and enjoy the beauty of our hundreds of miles of trails, rivers, streams, waterfalls, lakes, reservoirs, mountain summits, and golf courses. When we lived in Texas we could not wait to get out of the heat, and I suspect that people want out of their homes and lock-down more than ever, and can’t wait for the cool mountain air, the beautiful wildflowers and the Crested Butte vibe will call them to come.
Crested Butte Real Estate Crystal Ball? Price points for real estate in Crested Butte have risen consistently and I expect we will see a flattening of that curve. There has been a pent-up demand for CB Real Estate and we have seen transactions down for over a year now. There are many buyers on the sidelines who have been waiting to see if the rising prices in CB are “the new normal” – I suspect the affluent buyers who weather the COVID Storm will be back to investigate the values in Crested Butte.
Work Remotely in Crested Butte? What once was unheard of or unlikely for many people will now become the norm. Many professionals who were required to make the daily slog to their office, have instead been working remotely for the past 2 months. Video conferencing, Zoom meetings, and Microsoft Team meetings are now the common place. Working remotely will become part of the corporate culture. This will be the catalyst that encourages many breadwinners to realize that working remotely from a second-home in rural and resort areas is a great opportunity for the combo work/lifestyle/family benefit.
There will also be a subset of workers who will decide they can work remotely and move permanently from metro/suburban USA to a rural / resort market that offers great schools for their kids. Crested Butte Community School is a great school –consistently ranking in the top schools in the state of Colorado and the US. Crested Butte offers great value, and we will see if any off-set in the COVID income dent and oil patch buyers, will be replaced by those who seize the opportunity to finally get to invest in a Crested Butte home a their new normal.
VOLUME and TRANSACTIONS Crested Butte Real Estate – Prior 12 Month Results & Prior Years
Crested Butte Area Prices Up, Transactions Down
Through April Crested Butte Home Prices Up, Transactions Down…
Year over year – Total Volume of real estate sold for the past 12 months is slightly up ($236.8M vs. $235.1M), but transactions are still lagging (-22%) (326 vs 419). In nearly all categories of Crested Butte real estate by property type, area, and price point we have seen overall higher average sold prices, and corresponding price per sq. ft.
There have been 99 Single Family Homes sold in the past 12 months with Average Sales Price of $1.4M. There are 105 Single Family Homes for sale with an Average Asking Price of $1.88M. There were 14 properties sold in April totaling $9.1M – this is an decrease in both transactions and volume compared to April 2019 – 18 properties sold totaling $12.5M.
VOLUME and TRANSACTIONS Crested Butte Real Estate – YTD through April 2020 and Prior Years
For Sale –There are a total of 488 properties for sale compared with 452 at this time last year. At the end of April 2020 there were 17 properties Under Contract compared with 59 this time last year.
Revealing Crested Butte Real Estate Single Family Home Sales by Price Range
Single Family Crested Butte Homes– $1M – $1.5M – The largest segment of the luxury space – there have been 22 homes sold in the past 12 months. 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.
$2M + Luxury Single Family Crested Butte Homes – There have been 22 Single Family homes sold above $2M in the past 12 months – download the full market report to see the breakdown by price range above $2M.
Condos and Townhomes – There have been 145 Condos and Townhomes sold in the past 12 months with Average Sales Price of $470,537 ($408 per sq. ft) compared to 167 sold the prior 12 months with Average Sales Price of $435,141. There are 142 Condos and Townhomes for sale with Average Asking Price of $480,260 and Average Asking price of $456per sq. ft.
Land – There have been 84 parcels sold in the past year with an average sales price of $369,000 – compared with 167 for the prior year and Average Sales Price of $316,000. There are 255 parcels for sale.
This Crested Butte Real Estate APRIL 2020 Monthly Market Report is a total of 14 detailed pages –
Download Your Copy 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!
- Get the full Crested Butte Real Estate Market Report
Helping You Make Informed Decisions Regarding Crested Butte Real Estate
I hope you and your family are safe during these crazy times. I produce this monthly Crested Butte Real Estate APRIL 2020 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.
Get Your Crested Butte Real Estate Market Reports
Get your Crested Butte Real Estate Market Report Now!
Or Click HERE to Download Now!
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 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. Especially now in times of fluctuation you need a trusted advisor to help you sort out your next steps. Call or Text me: (970) 209-5405
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 Market Report or the Crested Butte Real Estate Market in general contact:
Global Luxury Property Specialist
Coldwell Banker Mountain Properties