Crested Butte Real Estate Market Report May 2024

Crested Butte Real Estate Market Report May 2024 – Winter snow, weather, and skiing conditions have been great. The lifts stop spinning on April 7th!

Summer is here in Crested Butte – wild flowers are popping, trails are open, golf course is in great shape, water levels coming down, and I look forward to the many warm weather adventures in Crested Butte!

Francene and I helped sort ducks again this year for the annual Crested Butte Rotary Duck Race during Artsfest Weekend! Get your ducks in the race – and get your BIG DUCK in the race (families, businesses, non-profits…)

• Highway 50 Middle Bridge is scheduled to open early July for one lane traffic. They found 118 cracks and continue to repair the bridge. Alternate route County Road 26 open with pace car, see link: CDOT Highway 50 Bridge Closure
• Kebler Pass Road & Cottonwood Pass Road – OPEN.
• Alpenglow Concerts Started – Monday evening in town and Wednesday evening in Mt. CB!

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.

Crested Butte Real Estate Inventory Down – Transactions, Volume and Prices Up

Prior 12 month results through the end of May – Transactions slightly up – 280 vs. 259 Year Over Year, Volume up – $376M vs. $293M, Single Family Homes Transactions up – 97 vs. 69, Condos & Townhomes down slightly – 126 vs. 131, Land Transactions flat – 57 vs 57.

Outlook – Crested Butte is a great value compared with other mountain ski resort towns. Equities Markets way up, Buyers with cash and those who realize mortgage rates may not go down soon are active. Expect strong summer buying season, especially quality homes.

Homeowners Insurance: It is no secret we have seen an increase in homeowner insurance premiums – and we have seen many condo HOAs have to nearly double HOA fees to cover the bump.

Interesting fact from Economist Elliot Eisenberg: “Despite higher premiums, reduced coverage, higher deductibles, and leaving entire states, over the last decade insurers paid more in homeowners insurance claims than they collected in premiums. Recently, this has been meaningfully exacerbated by rising reinsurance rates that insurers pay for insurance. To wit, in 2023 insurers lost money on homeowners’ coverage in 18 states, well up from eight states in 2013 and 2014 and 12 in 2017 and 2018.”

All Transactions For The Past 12 Months:

• All Areas All Property Types – There were 280 total properties sold, 97 of those being single family homes sold, and total volume of all properties sold for all areas was $376,491,722.
• All Single Family Homes – The Median Sold Price for single family homes was $2,022,500.
• Condos & Townhomes – there were 126 sold, with a Median Sold Price of $775,000.
• Downtown Crested Butte Single Family Homes Sold was 24, at a Median Sold Price of $2,952,000. The Median Sold price per sq. ft. was $1,284, Average Discount from Asking to Selling Price was 1.5%
• Mt. Crested Butte Single Family Homes Sold – Median sold price of $1,950,000, and Median Sold Price Per Square foot was $655, Average Discount from Asking to Selling Price was 2.3%
• Skyland Single Family Homes Sold – Median Sold price of $3,200,000, Median Sold Price per sq. ft. $1,078. Only 3 homes sold prior 12 months.
• Rural Crested Butte – 33 homes sold, Median Sold Price $2,500,000. Median Sold Price per sq. ft. $791.
• CB South – 12 homes sold, Median Sold Price $1,157,000. Median Sold Price per sq. ft. $504.
• Land sales – There were a total of 57 transactions with a Median Sold Price of $897,000.

Curious about what your home is worth, or want to be prepared for the winter buying season – contact me today.

..

Chris Kopf

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