Crested Butte Real Estate Market Report March 2020
I hope you and your family are safe!
What will the Future Hold for Crested Butte Real Estate given COVID-19
Crested Butte Real Estate Market Report March 2020 – It is too early to know, and unknown what the impact of COVID-19 will have on the economy. I have read many reports, and while there are economic indicators like unemployment rates that are very high compared to any time in history, there are also positive comparisons to this health crisis vs. prior financial crisis. Nobody has a crystal ball for this scenario, and it depends on when we can get the country and the world back to work. If we will have a “V” recovery, a “U” recovery – or an extended “U” recovery? No buyers will buy a home that is not on the market, and State of Colorado restrictions for access are scheduled to be lifted by April 26th.
Some have said that a second home in Crested Butte may be a discretionary purchase that will be delayed, it depends on the recovery, economy, and health orders for travel this summer and fall… Some suggest the numbers of businesses and workers who can be / will transition to online delivery of products and services will increase significantly. If more businesses and workers can work online and forgo the traditional office setting (and expense), and more people can work from anywhere – then we may see more people from large urban cities interested in homes in smaller mountain towns like Crested Butte, where they can work from a remote home more often, or permanently.
VOLUME and TRANSACTIONS Crested Butte Real Estate – Prior 12 Month Results & Prior Years
Crested Butte Area Prices Up, Transactions Down
Through March Crested Butte Home Prices Up, Transactions Down…
Year over year – Total Volume of real estate sold for the past 12 months is slightly down (-5%) ($230M vs. $242M), but transactions are still lagging (-24%) (326 vs 447). In nearly all categories of Crested Butte real estate by property type, area, and price point we are seeing overall higher average sold prices, and corresponding price per sq. ft.
There have been 97 Single Family Homes sold in the past 12 months with Average Sales Price of $1.3M. There are 131 Single Family Homes for sale with an Average Asking Price of $1.9M. There were 25 properties sold in March totaling $23.3M – this is an increase in both transactions and volume compared to March 2019 – 21 properties sold totaling $13.7M. One significant transaction was a home in Moon Ridge sitting on 100 Acres that sold for $5M, also two single family homes sold in downtown CB for $3.36M or $1,050 per sq. ft. and $3.13M or $1,043 per sq. ft.
VOLUME and TRANSACTIONS Crested Butte Real Estate – YTD through March 2020 and Prior Years
For Sale –There are a total of 499 properties for sale compared with 453 at this time last year. At the end of March 2020 there were 23 properties Under Contract compared with 44 this time last year.
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 29 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. There have been 22 Single Family homes sold above $2M in the past 12 months – download the full market report to see the breakdown by price range above $2M.
Condos and Townhomes – There have been 149 Condos and Townhomes sold in the past 12 months with Average Sales Price of $475,436 ($405 per sq. ft) compared to 173 sold the prior 12 months with Average Sales Price of $419,356. There are 143 Condos and Townhomes for sale with Average Asking Price of $441,874 and Average Asking price of $458 per sq. ft.
Land – There have been 83 parcels sold in the past year with an average sales price of $375,000 – compared with 151 for the prior year and Average Sales Price of $292,000. There are 260 parcels for sale.
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!
- Get the full Crested Butte Real Estate Market Report
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 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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See the big picture and all the details of the Crested Butte Real Estate Market –> Download Full CB Real Estate Market Report as a .pdf file (more data and charts)
How can I help you with Your Crested Butte Co Real Estate Needs?
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.
You May Be Wondering… What is My Home Worth?
Do you wonder what your home is worth in the current market? Do you desire a specific Property Valuation Report that I routinely prepare for my clients? Please contact me.
If you are considering me to represent you, I would appreciate the opportunity to earn your business (or that of a friend you think I could help).
For questions regarding this Crested Butte Real Estate Market Report or the Crested Butte Real Estate Market in general contact:
Global Luxury Property Specialist
Coldwell Banker Mountain Properties