Crested Butte Real Estate Market Report December 2023

Happy for all the snow Crested Butte has received in January – and great to get to go snowcat skiing with Francene, and my brother Rick and nephew Kevin recently.

Thanks to Eleven Experience and Irwin Guides for a very special day!

Working through the final punch list on our remodel, and great to be back in our home!

Fewer Transactions Prices Holding

2023 transactions down 26% year over year (260 vs. 353) and Volume down 17% ($327M vs. $394M. Average Days on Market currently 196 vs. 178 from a year ago. All Single Family Homes above $1.5M Price per Sq. Ft. show increase Year over Year.

December inventory levels show total of 66 Single Family Homes, 103 Condos/Townhomes, and 209 parcels of land for sale with a total of 379 properties on the market. This is up from 244 properties for sale one year ago (the biggest change is there were only 56 Condos/Townhomes and 126 parcels of land on the market this time last year).

Buyers are more discerning but still actively seeking their Crested Butte dream home albeit at higher price points. Christmas to the beginning of January saw strong visitor counts despite the lack of snow. As we enter the Winter selling season for Crested Butte real estate and prospect of Federal Reserve signaling a reduction in rates in 2024 – we anticipate buyers who have been on the sidelines will reconsider their timeline. As discussed many who want to finance their second home in Crested Butte may be able to avoid competitive situations if they get ahead of the curve, and get the option to refinance later in the year.

New building codes in Gunnison County and the Crested Butte area we contribute to higher costs to build new home, or remodel existing homes. Subcontractors in the valley are still very busy affecting over costs and timelines for construction projects. We continue to see higher price points for new and recently updated properties.

Luxury Homes Market $1.5M – $2.5M, $2.5M – $3.5M, $3.5M+

There were 31 homes sold between $1.5M – $2.5M in the past 12 months with Average Price per sq. ft of $618.

$2.5M – $3.5M: 15 Single Family Homes sold at Average Price per sq. ft. of $890.

$3.5M +: 12 Single Family Homes sold and Average Price per sq. ft. of $1,248.

Heading into 2024 and the winter selling season, there are 66 Single Family homes For Sale in the Crested Butte area – 16 have Asking Prices between $1.5M – $2.5M (one under contract); there are 12 of these For Sale between $2.5M – $3.5M (two under contract); and 28 For Sale above $3.5M (one under contract).

For The Past 12 Months – Crested Butte Real Estate Market Report November 2023

• All Areas All Property Types – There were 260 total properties sold, 88 of those being single family homes sold, and total volume of all properties sold for all areas was $327,391,335.
• All Single Family Homes – The Median Sold Price for single family homes was $1,562,500.
• Condos & Townhomes – there were 112 sold, and an Median Sold Price of $778,000.
• Downtown Crested Butte Single Family Homes Sold was 19 at a Median Sold Price of $2,750,000. The Median Sold price per sq. ft. was $1,245, Average Discount from Asking to Selling Price was 4.9%
• Mt. Crested Butte Single Family Homes Sold – Median sold price of $1,950,000, and Median Sold Price Per Square foot was $633, Average Discount from Asking to Selling Price was 7.0%
• Skyland Single Family Homes Sold – Median Sold price of $2,650,000, and Median Sold Price per sq. ft. $854.
• Rural Crested Butte – 33 homes sold, Median Sold Price $1,950,000. Median Sold Price per sq. ft. $791.
• CB South – 13 homes sold, Median Sold Price $1,132,000. Median Sold Price per sq. ft. $493.
• Meridian Lake Area – 5 homes sold, Median Sold Price $1,750,000. Median Sold Price per sq. ft. $683.
• Land sales – There were a total of 61 transactions with an Median Sold Price of $899,500

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

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Thanks,
Chris Kopf

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