Market Trends for 2021 for Crested Butte Home Sales

Crested Butte Real Estate Market Report January 2021 – We continue to see a high demand on the buyer side for homes in the Crested Butte area. With slow vaccine roll-out and new strains of Covid – it seems like this pandemic is not going away anytime soon… Remote work, the charm of Crested Butte, and the family recreational opportunities in our wide open spaces continue to drive visitors and real estate buyers to the Crested Butte area.

The real estate inventory levels are dropping in all property types and price ranges. Supply and demand forces are in play. This translates into two options for buyers – spend more, or adjust the need and want criteria and get creative.  For existing home owners in Crested Butte this can be a good time to consider selling your home.

The majority of home buyers seek a quality home with 4 bedrooms, 4.5 bathrooms, with an open layout, updated kitchen and bathrooms, a bonus room, a 2.5 car garage, and views.  This should be top of mind when designing a new home as well – most buyers don’t think of their exit strategy when they go to build, or remodel a home.

As inventory levels continue to drop, quality homes are increasing in value as single family homes around $2.25M which seem to be the middle of the bell curve where the majority of buyers are hoping to find their dream home. Currently there are 22 single family homes For Sale between $1M – $2M – 8 of them are Under Contract. There are 17 single family homes For Sale between $2M – $3M, and 5 of them are Under Contract. Looking above $3M we see 18 single family homes For Sale and 1 is Under Contract.

Remodel – a Viable Option for Many Buyers

With rising prices and dropping inventory – Buyers consider Remodel options.  If buyers can find a good home in a great location that needs some updating this can be a very viable option as well. It is not unusual for owners to have put off doing any updates as they are comfortable in the home as-is. New buyers generally see the flaws in an older home, and pass as they chase the shiny newer homes. But it may be worthwhile for some buyers to circle back and re-consider the option of remodeling that older home.  Let’s assume you find a home that is 4,000 sq. ft. and can purchase this home for around $400 per sq. ft. Total = $1.6M. Now add a brand-new kitchen $150,000, 3 new bathrooms $100,000, paint, furniture, technology refresh and some new floors $150,000. Total remodel $450,000 bringing total investment in the home to around $1.95M. At 4,000 sq. ft. the home is still under $500 per sq. ft. I won’t discount the time and effort involved in the process of this remodel – but the sweat equity and finished result may be the difference between sitting on the sidelines and waiting, or starting to create your lifetime of memories…

Build Your Crested Butte Dream Home

Given the lack of inventory we are seeing more demand for land and couples wanting to build their Crested Butte Dream home. This can be a great option for many. Back of the napkin estimates may look like this: Looking at the past 12 months – this market report shows average purchase price for land at $450,000, Architect Design Fees $100,000+, a 4,000 sq. ft. home at $500 – $600+ per sq. ft. for building costs, furniture and furnishings and AV equipment at $150,000, extras $100,000… so in round numbers expect that new home is approximately $3M +/-.

Download the Full 

Crested Butte Real Estate Market Report January 2021 (16 Detailed Pages).

Don’t Miss Out, Delivered to Your Inbox Every Month!

Download Your Copy HERE