Crested Butte Real Estate Market Report February 2020
Welcome to the Crested Butte Real Estate Market Report February 2020 – I hope to understand what is happening, and help you make informed decisions.
Thankful To Live and Work in Crested Butte – We got a surprise 14″ of powder last week on Monday – and I got the opportunity to ski that day with my daughter Courtney. My wife Francene and I got the opportunity to attend the Banff Film Festival and support the Crested Butte Search and Rescue. The event was at the new Center for the Arts, and the short films and the vibe was fantastic, I get to skin-up the mountain in the mornings and watch the sun come up, and then ski down on fresh groomed corduroy. Francene’s favorite night of the year – Soul Train is approaching at the end of March and our daughters and friends will be in town – if you haven’t attended (if only for an hour…) the costumes are fun, the music is great and Crested Butte ski town spirit is in full swing… Finally the Spring Break crowds will show-up and so many friends and clients from Texas and Oklahoma and other states will come to enjoy fresh powder, warm days and family time…
VOLUME and TRANSACTIONS Crested Butte Real Estate – Prior 12 Month Results & Prior Years
Crested Butte Area Prices Up, Transactions Down
Crested Butte Home Prices Up, Transactions Down, but…
In nearly all categories of Crested Butte real estate by property type, area, and price point we are seeing overall prices rise. See Family Home segment – for prior 12 months Average Sold Price is $1.33M and Average Asking Price is $1.9M. Looking at the prior 12 months we see significantly fewer transactions compared with previous years down a whopping 27% – (326 vs. 447 the previous year), while overall volume is down 5% ($230.5M vs $242.5M). But transactions are up YTD through the end of February. There have been 40 Transactions for 2020 vs. 35 for the same period YTD in 2019. Inventory levels are up with 527 properties for sale compared with 461 this time last year. And there are 59 properties Under Contract vs. 35 this time last year. Perhaps the Buyers who have explored other ski area options realize CB has great values, and are moving off the sidelines…
VOLUME and TRANSACTIONS Crested Butte Real Estate – YTD through February 2020 and Prior Years
The Vail Effect on Crested Butte Real Estate?
Most everyone agrees that having Vail as a large well capitalized, public company who is a world class operator of the Crested Butte ski area vs. a mom and pop is a very good thing. It appears the market is saying – Seller’s perceptions of the value of the Vail Effect is stronger than Buyers, or Buyer have not come to realize the “new normal”. In a rising market comps don’t always support the asking price. Buyers may consider projecting prices out another year and see the result of continuing to wait. As we see more sold comps in every property type, geographic area and price range the justification for the higher values is easier for sellers to defend. Buyers who continue to wait for the next “great deal” to hit the market may be disappointed… The bell curve has shifted to higher prices. There are very few options of condos with a garage below $700,000, and very few quality single family homes below $1M. Buyers may find options in their price range with trade-offs – the location may not be a fit, and the home may need updating…
Condos and Townhomes show a 12% rise in the Average Sold Price for condos and townhomes, and a 16% drop in transactions. Average Sold price per sq. ft. for all condos and townhomes is $406 (up from $373 the previous 12 months), Average Asking price per sq. ft. is $453.
Land – There is a 46% drop in land sales year over year. There have been 85 parcels sold in the prior 12 months – and there are 264 parcels for sale. In the 35 Acre parcel market there are 38 parcels for sale, and 6 that sold in the past 12 months – one was a riverfront homesite sold at Wilder on the Taylor for $1.75M.
Building Costs on the Rise – the good news is that our local architects, general contractors and subcontractors are very busy. The consequences are that supply and demand has caused building prices to rise and timelines to be pushed out which also has an impact on land buyers dream to put their head on a pillow in their dream home. Expect $500+ per sq. ft. and 2-3 year time horizon to design and build a home from start to finish.
Revealing Crested Butte Real Estate Single Family Home Sales by Price Range
Luxury Single Family Crested Butte Homes – $1M – $2M – 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.
Condos and Townhomes – 146 Condos and Townhomes have sold in the past 12 months – this is a drop from 176 for the prior 12 months. The Average Sold Price for Condos and Townhomes has been rising and through February 2020 we see it is $474,000 as compared with $418,000 for the prior period.
Land – 85 parcels have sold in the past 12 months – this is a drop from 158 for the prior period. The Average Sold Price for land has been rising we see it is $380,000 as compared with $288,000 for the prior period.
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.
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