Crested Butte Real Estate Market Report JULY 2020
Crested Butte Real Estate Market Home Prices Up, Transactions Up
Crested Butte Real Estate Market Report JULY 2020 – Since early summer we have seen the light switch turn-on. Visitors arriving in Crested Butte to escape the heat, the Covid isolation, and for some – the big city urban anarchy. An increase in visitors correlates to an increase in buyers, showings, properties under contract and sales. While overall transactions and volume Year to Date (YTD) are still behind the past three years – properties under contract are up. There are currently 126 properties and $106M in Volume Under Contract – compare this to 2019 when we saw 51 Properties Under Contract and $38M in Volume; and in 2018 there were 133 properties Under Contract and $76.5M in Volume.
Many visitors who left, are coming back, or have extended and are not leaving Crested Butte until late fall. I spoke with one client who was planning to spend a month here – and is now staying until at least the end of September. Most businesses are seeing an uptick in commerce and they very happy to see the strong summer economic boost. Wearing a mask seems normal now – and most are complying and social distancing. I have not engaged in a hand in months, the elbow bump and knuckles are the norm.
The fly fishing guides I talk with are booked solid. Contractors and service providers are super busy. People are here enjoying Crested Butte, and many I talk with are planning to stay through August and September, and they are excited to look at real estate. Why the surge in real estate activity in CB and other resort / rural markets? Buyers are considering their options, and with Covid there has been a “change in the matrix”.
Questions Crested Butte Home Buyers ponder:
Q: If we could spend more time in CB as a second homeowner – would that affect our desire to own a home in CB?
A: Yes, quality of life, beauty, safety, recreation, vibe, fun, create a lifetime of memories for family, friends, clients…. Activity is high and as discussed above current property under contract is up.
Q: If I could work remotely, and we were considering the option to relocate our family, and we know that the Crested Butte Community School is ranked in the top 1% – would we choose to relocate to Crested Butte?
A: Yes, Because CB is a great place, AND the local school is exemplary, and due to Covid… The Crested Butte News cites a spike in new inquiries for enrollment in the school for this fall.
With a shift to working from home / remote working, many buyer clients I am representing are realizing that they will have the opportunity to use a second home in Crested Butte more in the future than they could have expected in the past. Money is cheap – interest rates are below 3%. A second home in Crested Butte is more enticing, more desirable, more useful. Some that have waited, or were on the fence are strongly considering their options, looking at Crested Butte Real Estate – and many are buying…
I expect we will continue to see the Summer selling season extend into the Autumn season…
VOLUME and TRANSACTIONS Crested Butte Real Estate – Year to Date & Prior Years
Revealing Crested Butte Real Estate Single Family Home Sales by Price Range – Total Transactions
Single Family Crested Butte Homes Sold YTD – Quartiles
Revealing Downtown Crested Butte Single Family Home Sales
Condos and Townhomes – There have been 55 Condos and Townhomes sold Year to Date with Average Sales Price of $452,000,000 compared to 68 sold the prior YTD with Average Sales Price of $458,000.
Land – There have been 43 parcels sold Year to Date with an average sales price of $391,000 – compared with 43 for the prior YTD and Average Sales Price of $385,000.
This Crested Butte Real Estate July 2020 Monthly Market Report 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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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
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For questions regarding this Crested Butte Real Estate Market Report or the Crested Butte Real Estate Market in general contact:
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Coldwell Banker Mountain Properties