Crested Butte Real Estate Market Report January 2024

Crested Butte Real Estate Market Report January 2024 – I hope you are doing well, and have plans to be in Crested Butte sometime before the lifts stop spinning on April 7th!  Some great skiing conditions this winter.

I have enjoyed getting out and skinning-up in the mornings!

We are working through the final final punch list on our home remodel, glass and mirrors have been unusually slow – but promised next week prior to hosting of Boys Ski Trip!

I am honored to earn the International Society of Excellence award again among the elite top 1% of all Coldwell Banker Agents in the world – and ranked #6 in Colorado, and #107 in USA. I am thankful for all my clients, and the support of amazing people in the company!

Let me know if you have questions about the Crested Butte Real Estate Market and how I can help you – or that of a friend.

I appreciate all the recommendations and referrals!

Thank you,
Chris.

Volume Transactions Down, Prices Holding

For the prior 12 months transactions down 20% year over year (263 vs. 331) and Volume down 13% ($379M vs. $331M, and well below the levels we saw during Covid. Looking at the quartiles page by price range for single family homes we see only the lower end experiencing reductions in price per sq. ft.

Inventory levels at the end of January show total of 405 properties on the market – this is up from 237 properties for sale one year ago (the biggest change is there increase in Condos/Townhomes and parcels of land on the market vs. this time last year).

With the impact of inflation and the adoption of new building codes in Gunnison County and the Crested Butte area we will continue to see higher costs to build and remodel homes – this week in the Crested Butte News there is an article about the estimated $14M cost increase of the new school project.

We continue to see new home, and recently updated homes in high demand and supporting higher price points. Buyers are more discerning but still actively seeking their Crested Butte dream home.

Fed Rates: while most economists predicted we would see rate cuts in 2024 – given the recent inflation numbers nobody knows… Cash is certainly king, and lenders have creative ways to buy down mortgage rates. Some transactions that are cash may be a line-of-credit against an investment portfolio. Wealth managers have many tools for buyers who have sizeable investment accounts.

If and when we see rates decline, we will also see an increase in the number of buyers – likely more competition. With a pent-up demand some buyers are opting to start their search and purchase at a higher rate now – with the assumption they can also refinance later.

For The Past 12 Months – Crested Butte Real Estate Market Report January 2024

• All Areas All Property Types – There were 263 total properties sold, 89 of those being single family homes sold,
  and total volume of all properties sold for all areas was $331,267,685.
• All Single Family Homes – The Median Sold Price for single family homes was $1,775,000.
• Condos & Townhomes – there were 114 sold, with a Median Sold Price of $794,500.
• 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 $1,925,000, and Median Sold Price Per Square foot was $628, Average Discount from Asking to Selling Price was 7.1%
• Skyland Single Family Homes Sold – Median Sold price of $2,100,000, Median Sold Price per sq. ft. $839. Two new spec homes for sale in Skyland driving Median Asking Price to $4.95M.
• Rural Crested Butte – 33 homes sold, Median Sold Price $1,950,000. Median Sold Price per sq. ft. $770.
• CB South – 12 homes sold, Median Sold Price $1,071,000. Median Sold Price per sq. ft. $500.
• Meridian Lake Area – 6 homes sold, Median Sold Price $1,787,000. Median Sold Price per sq. ft. $705.
• Land sales – There were a total of 61 transactions with a Median Sold Price of $895,000.

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