Crested Butte Real Estate Market Report November 2020
2020 Crested Butte Real Estate Market Finishing Very Strong…
Crested Butte Real Estate Market Report November 2020 – As we come into the end of the year the numbers show Transactions and Volume way Up and Crested Butte Real Estate Market Home Prices Continue to Rise. YTD through the end of November, Transactions are up 43% and Volume is up 67%. This time last year we saw transactions down 32% and volume down 9.5% year over year. What a difference a covid year makes.
How Is the Crested Butte Real Estate Market?
The pent-up buyer demand that was sitting on the sidelines in 2019 rushed onto the playing field at the beginning of June. There were many buyers last year who were still taking a wait and see attitude to see if the rise in Asking Prices from the Vail Resorts International purchase of the ski area was “the new normal”. The flexibility and ability to work remote due to the covid pandemic convinced many that it was time to buy. The opportunity to work remote from Crested Butte was the lynchpin. Most second homeowners will vacation 3 – 4 weeks per year in Crested Butte. For some, 3 – 4 weeks does not justify the investment in a second home. If they could add another 3-4 weeks (or more) because of the ability to work remotely – then the math plus the desire to live the mountain lifestyle cements the deal.
Crested Butte Real Estate Dropping Inventory Levels
We see a total of 342 properties For Sale compared with this time last year there were 532 properties for sale. This includes 80 Single Family Homes For Sale vs. 133 the same time last year. There are 75 Condos, Townhomes and Single Family Homes with Asking Prices above $1M – the Median Price is $2.25M and Median Price per sq. ft. of $650. There are 36 Single Family Homes For Sale above $2M. On the “low-end” of the market, there are only 8 Single Family Homes for Sale below $1M. There are 70 Condos and Townhomes with Asking Prices below $1M, Median Price of $450,000 and Median Price per sq. ft. of $513.
Buy vs. Build or Buy/Remodel vs. Build
The good news is there is lots of Land for buyers to consider building their dream home on, and great architects and builders here in Crested Butte. It can take 2 – 3 years to build, so some Buyers are buying Land plus considering a condo/townhome to have immediate pillows to put their heads on. The other option for many buyers is to find the home and location they love, and plan a remodel project.
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VOLUME and TRANSACTIONS Crested Butte Real Estate – YTD and Prior Years
Overall Volume and Transactions are up year over year in the Crested Butte Real Estate Market.
Crested Butte Single Family Home Sales by Price Range $500,000 – $2M
Single Family Crested Butte Area Homes Sold YTD
Crested Butte High-End Luxury Single Family Home Sales by Price Range $2M
High-End Luxury Single Family Crested Butte Area Homes Sold YTD
Revealing Downtown Crested Butte Single Family Home Sales
There have been 38 Single Family Homes Sold Year to Date in the Crested Butte area with Median Sales Price of $1,383,000, a very slight 2.5% increase in Median Sold Price Year Over Year.
Crested Butte Condos and Townhomes
There have been 167 Condos Sold Year to Date in the Crested Butte area with Average Sales Price of $546,262.
Crested Butte Land
There have been 107 parcels sold Year to Date in the Crested Butte area with an Average Sales Price of $391,997.
This Crested Butte Real Estate Market Report November 2020 is a total of 18 detailed pages – Download Your Copy HERE
- How is the Luxury Crested Butte Real Estate Market?
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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 covid times. I produce this monthly Crested Butte Real Estate 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 for Your home that I routinely prepare for my clients, please contact me.
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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. 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
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