Crested Butte Real Estate Market Report Through August 2024 + Outlook
Summer in Crested Butte is special… great to get to spend time with family, friends and clients. Enjoyed fly fishing with my daughter Courtney when she was in town. Just a flesh wound… I got 5 stitches in my lip when I fell mountain biking with Francene.
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 Transactions & Volume Up, Inventory Down
Prior 12 month results through the end of AUGUST – Prior 12 month Sold Results through the end of AUGUST – Transactions slightly up – 281 vs. 257.
Year Over Year, Volume up – $353M vs. $299M, Single Family Homes Transactions up – 86 vs. 75, Condos & Townhomes up – 141 vs. 116, Land Transactions down – 54 vs 66.
Outlook – Fed rate reduction of a half a point is the It’s the first cut to the federal funds rate since March 2020… and expectations are high they may reduce again before the end of the year. Elections in November typically cause people to pause and wait – but expecting continued strong buyer demand over the next 12 months.
Comparing this time last year – we have seen Days on Market for Sold properties rise from 153 to 189, and for For Sale properties it has risen from 247 days to 297 days. As always – properties priced to the market are selling, if well above market they take longer, or don’t sell. We have seen price reductions across the board.
We continue to see new home construction starts as many people want to build their dream home. Building costs continue to rise – adoption of new building codes contributing factor and most architects and builders are slammed with work and quoting 3-4 years, and $1,200+ per sq. ft. plus land cost. I have clients who tell me it is more than double this cost in Vail and Telluride. Crested Butte is still a great value compared with other mountain ski resort towns, buyers are eager to start creating a lifetime of memories here in Crested Butte.
Autumn colors are beautiful and we still have a month or so of beautiful weather and buyer activity in the Crested Butte area. Expect a strong finish to the year, assuming stable economy and world order.
All Transactions For The Past 12 Months:
- All Areas All Property Types – There were 281 total properties sold, 86 of those being single family homes sold, 141 Condos & Townhomes and 54 parcels of Land. Total volume of all properties sold for all areas was $352,819,801.
- All Single Family Homes – The Median Sold Price for single family homes was $2,059,000.
- Condos & Townhomes – Median Sold Price of $745,000.
- Downtown Crested Butte Single Family Homes Sold – 22 Homes Sold prior 12 months, Median Sold Price of $2,852,000. The Median Sold price per sq. ft. was $1,263, Average Discount from Asking to Selling Price was 4.7%
- Mt. Crested Butte Single Family Homes Sold – 17 Homes Sold prior 12 months, Median sold price of $2,025,000, and Median Sold Price Per Square foot was $780, Average Discount from Asking to Selling Price was -1.5%
- Skyland Single Family Homes Sold – Only 5 Homes Sold Prior 12 months, Median Sold price of $3,06000,000, Median Sold Price per sq. ft. $1,078.
- Rural Crested Butte – 29 Homes Sold, Median Sold Price $2,500,000. Median Sold Price per sq. ft. $791.
- CB South – 14 Homes Sold, Median Sold Price $1,128,500. Median Sold Price per sq. ft. $563.
- Land sales – There were a total of 54 transactions with a Median Sold Price of $855,000.
Curious about what your home is worth, or want to be prepared for the winter buying season – contact me today.
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I hope you enjoy this Crested Butte Real Estate Market Report
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 Through August 2024
Transactions & Median Sales Price
Prior 5 Years by Quarter
Single Family Home Sales
All Areas Prior 12 Months
Crested Butte Real Estate Market Snapshot
All Single Family Homes By Price Range (Quartiles)
Downtown Crested Butte Single Family Home Sales
There have been 22 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.
Mt. Crested Butte Single Family Home Sales
There have been 17 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.
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Skyland Area Single Family Homes
There have been 5 Single Family Homes Sold in the Skyland area in the past 12 months – 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 142 Condos & Townhomes Sold in the past 12 months in the Crested Butte area.
CRESTED BUTTE MARKET REPORT DETAIL PAGES
Fly fishing here in the Crested Butte area is my passion. I have learned that there are hundreds of detailed skills needed in order to successfully present a fly to a trout in moving water, to hook a trout when he so subtly strikes, and then to successfully net, handle and safely release a trout back into the river or stream.
The trout I am holding in the photo is a very rare Palomino trout caught in the summer of 2022 on the East River here in Crested Butte.
The detail pages in my report include charts and graphs that will provide you with perspective on the patterns and trends for Single Family Homes in each geographic area. You will also see details for additional property types – Condos & Townhomes, and Land for the entire Crested Butte area.
I have had many clients that have complimented me on the level of detail in the following pages – especially when they were strongly considering buying or selling.
The level of detail in this report is representative of what you can expect from me as your Real Estate Agent.
I have helped hundreds of clients to buy and sell their homes and land in the Crested Butte area.
I appreciate the opportunity to earn your business as well.
This Crested Butte Real Estate Market Report has over 40 detailed pages – Download Your Copy HERE
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I produce this monthly Crested Butte Real Estate report to provide You with a high level overview by looking at the patterns and trends.
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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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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 to Crested Butte full time.
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Contact me at:
Chris Kopf
Global Luxury Property Specialist
Coldwell Banker Mountain Properties
Chris.Kopf@CBMP.com
(970) 209-5405
