Crested Butte Real Estate Market Report June 2022 + Outlook

Crested Butte Real Estate Market Slowdown?

Crested Butte Real Estate Market Report June 2022 + Outlook – Inventory Levels Down, Transactions Down, Real Estate Price Points Up, Interest Rates Up, Inflation Up, Stock Market Down

It appears the combination of a number of factors have affected the buyer demand in the Crested Butte Real Estate Market. For some the shift in higher priced inventory has caused a pause. For some the combination of ascending price points and interest rates has been a change in the matrix for some prospective buyers. Some suggest we have reached a temporary plateau with price points? The Crested Butte area is still a very small market and offers great value as compared with other ski resort markets.

I believe long-term we will continue to see price ascension. There are too many homes being built and remodeled at $750+ per sq. ft. to see a significant rewind of price points. It appears that Summer and Fall transactions will be less than last year – but will still outperform prior years.

Crested Butte Real Estate Results for June 2022 and prior 11 months show a 47% reduction in transactions compared to June 2021 – 31 properties sold the past 12 months vs. 58 the prior year. There are currently 53 properties Under Contract (10 Single Family Homes, 34 Condos & Townhomes, and 10 parcels of Land) compared with June 2021 there were 136 properties Under Contract (39 Single Family Homes, 42 Condos & Town homes, and 57 parcels of land).

Inventory Levels Down and Price Points Up. With the increased cost of building a home, and the increased cost of remodeling a home plus the ascension of real estate price points over the past two years – we see a 55% reduction in homes sold between $750,000 and $1.5M. There is only one home currently on the market under $1M and only 7 For Sale under $1.5M.

We see a 36% reduction in Crested Butte area homes sold between $1.5M and $2.5M. There are currently 17 homes for sale between $1.5M and $2.5M with a Average Asking Price of $1.95M and Average Price per sq. ft. of $845 (For the 36 Home Sold in the past 12 months in this price range the Average Sold price per sq. ft. was $709).

At the higher end of the Crested Butte Area Single Family Home Market we see between $2.5M and $3.5M -there have been 25 homes sold in the past 12 months with Average Sold Price of $2.97M and $804 Average Sold price per sq. ft. There are 17 homes For Sale between $2.5M and $3.5M with an Average Asking Price of $2.8M and Average Asking Price per sq. ft. of $974 – Average Days on Market = 85. Above $3.5M we see 16 homes have Sold in the past 12 months with an Average Sold Price of $4.6M and $1,096 Average Sold price per sq. ft. There are 19 homes For Sale above $3.5M with an Average Asking Price of $5.5M and Average Asking Price per sq. ft. of 1,448 – Average Days on Market = 142.

Interest Rates Up, Inflation Up, Stock Market Down – The 15 Year Fixed Mortgage Rate is at 4.67%, compared to 2.20% last year. Inflation rates for past 3 years: 2020 = 1.4%, 2021 = 7%, YTD 2022: 9.1%. Dow Jones June 2021 was just under 35,000, and June 2022 hovering around 31,000. But at the beginning of 2019 the Dow was around 23,000 – so there has been significant wealth created. There is a healthy segment of our market who are in the oil & gas industry where there have been significant increases in price points.

If you are considering Selling you have seen great price appreciation, and if you price your home properly to the current market, you will see activity and expect a contract this summer/fall. If you do not see activity – you may consider a price adjustment.

If you are a Buyer and you see a property that fits the majority of your criteria – don’t wait, given low inventory of homes and buyer demand there are others who will also see the value. Take action to start creating your memories here in Crested Butte.

Click the red button to see “the big picture and all the details” of the Crested Butte Real Estate Market.

I hope you enjoy the Crested Butte Real Estate Market Report JUNE 2022 + Outlook!

Thanks,
Chris Kopf

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

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Crested Butte Real Estate Market Report June 2022 + Outlook Details

Volume and Transactions Totals Prior 12 Months

Year over year Total Volume down slightly and Transactions down

Crested Butte Real Estate Market Snapshot – Single Family Homes

All Single Family Homes Sold by Price Range Prior 12 Months – Crested Butte Real Estate Market Report

– See additional details for all Single Family Home details by viewing Full Crested Butte Market Report

Mt. Crested Butte Single Family Home Sales

There have been 31 Single Family Homes Sold in the past 12 months in Mt. Crested Butte – see more info and the Results for All other Areas in the Full Crested Butte Market Report.

Downtown Crested Butte Single Family Home Sales

There have been 23 Single Family Homes Sold in the past 12 months in Downtown Crested Butte – see more info and the Results for All other Areas in the Full Crested Butte Market Report.

Crested Butte Condos and Townhomes

There have been 223 Condos & Townhomes Sold in the past 12 months in the Crested Butte area.

Crested Butte Area Land

There have been 170 Parcels of Land Sold in the past 12 months in the Crested Butte area.

This Crested Butte Real Estate Market Report is a total of 16 detailed pages – Download Your Copy HERE

How is the Luxury Crested Butte Real Estate Market?
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Coldwell Banker Mountain Properties
Chris.Kopf@CBMP.com
(970) 209-5405