Crested Butte Real Estate Market Report August 2020
Strong Crested Butte Real Estate Market
Crested Butte Real Estate Market Report AUGUST 2020: The Crested Butte Real Estate Summer Buying Season started early and continues… May 27th was the opening bell for the summer and visitors started streamlining in. After a crazy end of the ski season and the Covid lock-down in Crested Butte and around the country, coupled with rioting in many urban cities – the trend was to find remote peaceful destinations. The majority of the Crested Butte demographic has long been visitors and second homeowners within a day’s drive from Texas, Oklahoma, Louisiana, Arkansas, Arizona – and the front range of Colorado. The summers in Crested Butte offer a relief from the heat and the mountain adventures and opportunity to build a lifetime of memories.
The Covid Factor a New Normal?
The buyer clients I have been working with this summer are successful, affluent and determined to establish a foothold in Crested Butte. They are realizing that the office culture is changing in small businesses and larger corporations regarding “where they work” and the Covid remote worker is the norm. Many workers have to option to come back to the office – or not. If you don’t have to be in the office 100% of the time – then where? A second home or a move as a permanent resident in Crested Butte becomes an option. For some empty- nesters, a smaller home in Texas, and a larger home in Crested Butte to accommodate visiting family and friends is a dream come true.
We have seen a rapidly changing real estate market.
When Gunnison County Covid lock-down orders brought the economy to a screeching halt during mid-March (peak Spring Break in CB), many believed the residential real estate markets would follow suit. With a lack of relevant information industry experts predicted that buyer demand would disappear, and home values would fall for the first time in almost a decade. That did not happen, mortgage rates are still at all-time lows, and Crested Butte is one example of a very strong real estate market driven by buyer demand.
“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days. With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021. While migration trends were toward urban centers before the pandemic, real estate thought leaders have predicted a suburban resurgence as home buyers seek more space for social distancing. Now the data is supporting that theory. Coronavirus and work-from-home flexibility is sparking the trend reversal.”
– Lawrence Yun, Chief Economist for the National Association of REALTORS
I expect we will continue to see strong demand in Crested Butte… Enjoy the autumn colors and stay well!
VOLUME and TRANSACTIONS Crested Butte Real Estate – Year to Date & Prior Years
Crested Butte Real Estate Single Family Home Sales by Price Range – Quartiles
Single Family Crested Butte Homes Sold YTD – Quartiles
Revealing Downtown Crested Butte Single Family Home Sales
Condos and Townhomes – There have been 76 Condos and Townhomes sold Year to Date with Average Sales Price of $468,000,000 compared to 82 sold the prior YTD with Average Sales Price of $460,000.
Land – There have been 42 parcels sold Year to Date with an average sales price of $3403,000 – compared with 56 for the prior YTD and Average Sales Price of $383,000.
This Crested Butte Real Estate Market Report AUGUST 2020 is a total of 14 detailed pages – Download Your Copy HERE
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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.
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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