Crested Butte Real Estate Market Report November 2023

Francene and I attended the Adaptive Sports Christmas party / Open House at their gorgeous facility in Mt. Crested Butte last week and ran into this Yeti…J  A bit of history from John Norton who recently attended Rosalynn Carter’s funeral – John says they were very gracious with their time. The organization gained traction in 1988 thanks to a significant contribution from President Jimmy Carter and First Lady Rosalynn Carter.

Francene and I are back in our newly remodeled home after over 18 months! It is beautiful – and I have been encouraged by many to publish a ”Before and After” article. Francene told me that I had to wait until we were completely moved-in and all the new furniture has arrived… stay tuned.

We are especially thankful that we will get to spend Christmas with family – our daughters and son-in law + 2 boyfriends will be with us.  Wishing you and yours a very merry Christmas and Happy Holidays!

Fewer Transactions Prices Holding

Year to Date 2023 transactions down 42% year over year (393 vs. 677) and Volume down 28% ($434M vs. $602M), but for the past 3 months (September, October and November) very similar transaction numbers (102 vs 100), and volume is up 28% ($145.5M vs $113.8M). Average Days on Market currently 196 vs. 178 from a year ago.

December inventory levels show total of 62 Single Family Homes, 102 Condos/Townhomes, and 208 parcels of land for sale with a total of 373 properties on the market. This is up from 250 properties for sale one year ago (the biggest change is there were only 60 Condos/Townhomes and 133 parcels of land on the market this time last year).

With the adoption of new building codes in Gunnison County and the Crested Butte area we will continue to see higher costs to build and remodel homes. We continue to see new and recently updated properties in higher demand and supporting higher price points. Buyers are more discerning but still actively seeking their Crested Butte dream home albeit at higher price points. Christmas season brings visitors and kicks off the winter selling season for Crested Butte real estate.

Fed Rates: It appears that the Federal Reserve has finally finished hiking rates, and signaled that there will be multiple rate reductions in 2024.  As we see rates decline below 7%, we will also see an increase in buyers and possible increase competition. Some buyers may move to start their search and purchase at a higher rate now assuming they can also refinance in the future.

Luxury Homes Market $2.5M+

There were 27 homes sold above $2.5M in the past 12 months.

$2.5M – $3.5M: 16 Single Family Homes sold at Average Price per sq. ft. of $914.

$3.5M +: 12 Single Family Homes sold and Average Price per sq. ft. of $1,247. Coming off “off-season”and heading into winter selling season, there are 56 Single Family homes for sale in the Crested Butte area – 44 have Asking Price above $2M, of these -there is currently only one currently Under Contract.

Luxury Homes $5M+  There are 17 homes for sale, 0 homes Under Contract, and 7 homes have sold above $5M in the past 12 months – Median Sold Price per sq. ft. of $1,384.

For The Past 12 Months – Crested Butte Real Estate Market Report November 2023

• All Areas All Property Types – There were 259 total properties sold, 89 of those being single family homes sold, and total volume of all properties sold for all areas was $331,001,335.
• All Single Family Homes – The Median Sold Price for single family homes was $2,750,000.
• Condos & Townhomes – there were 110 sold, and an Median Sold Price of $799,000.
• Downtown Crested Butte Single Family Homes Sold was 19 at a Median Sold Price of $2,750,000. The Median Sold price per sq. ft. was $1,245, Average Discount from Asking to Selling Price was 4.9%
• Mt. Crested Butte Single Family Homes Sold – Median sold price of $1,973,750, and Median Sold Price Per Square foot was $644, Average Discount from Asking to Selling Price was 6.5%
• Skyland Single Family Homes Sold – Median Sold price of $2,235,000, and Median Sold Price per sq. ft. $827.
• Rural Crested Butte – 34 homes sold, Median Sold Price $1,950,000. Median Sold Price per sq. ft. $804.
• CB South – 14 homes sold, Median Sold Price $1,157,000. Median Sold Price per sq. ft. $500.
• Meridian Lake Area – 4 homes sold, Median Sold Price $1,705,000. Median Sold Price per sq. ft. $653.
• Land sales – There were a total of 60 transactions with an Median Sold Price of $925,000

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

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Thanks,
Chris Kopf

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