Crested Butte Real Estate Market Report Through July 2024 + Outlook
Summer in Crested Butte is special… so many events, activities, gala celebrations and great people to spend time with here. Wildflowers have been as good as it gets.
July is especially busy – and super fun to get to have family and friends and clients here to spend time with. A great day fly fishing recently with my brother Rick in the photo above.
Thanks to all who got your ducks in the race – and your BIG DUCK in the race (families, businesses, non-profits…) 🐥 Crested Butte / Mt. Crested Butte Rotary generated over $60,000 and excited to give scholarships to local kids, and provide money to help local non-profits with youth services.
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 JULY – Transactions slightly up – 282 vs. 252 Year Over Year, Volume up – $361M vs. $292M, Single Family Homes Transactions up – 93 vs. 70, Condos & Townhomes up – 133 vs. 121, Land Transactions up slightly – 61 vs 56.
Inventory Down – All properties For Sale – 431 vs. 493 Year over Year, Single Family Homes – 104 vs. 122, Condos & Townhomes – 128 vs. 121, Land – 199 vs. 174.
Outlook – I have heard some people use the “recession” word – we are not seeing signs of this in Crested Butte. Interest rates are a big factor, but with unemployment now at 4.3%, expectations are high that the Fed will be reducing rates.
Comparing this time last year – we have seen Days on Market for Sold properties rise from 138 to 195, and for For Sale properties it has risen from 247 days to 271 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 – 22 Single Family Homes had price reductions in the past 30 days – an Average of 10.3%.
We are seeing 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.
Kids are back in school for most families which is evident in the drop in visitors, but we still have 6-8 weeks 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 282 total properties sold, 93 of those being single family homes sold, 133 Condos & Townhomes and 56 parcels of Land. Total volume of all properties sold for all areas was $361,226,135.
- All Single Family Homes – The Median Sold Price for single family homes was $2,025,000.
- Condos & Townhomes – Median Sold Price of $740,000.
- Downtown Crested Butte Single Family Homes Sold – 24 Homes Sold prior 12 months, 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 31.5%
- Mt. Crested Butte Single Family Homes Sold – 21 Homes Sold prior 12 months, Median sold price of $1,900,000, and Median Sold Price Per Square foot was $666, Average Discount from Asking to Selling Price was 4.8%
- Skyland Single Family Homes Sold – Only 3 Homes Sold Prior 12 months, 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 Single Family Homes – 29 Homes Sold, Median Sold Price $2,320,000. Median Sold Price per sq. ft. $728.
- CB South Single Family Homes – 13 Homes Sold, Median Sold Price $1,132,000. Median Sold Price per sq. ft. $549.
- Land Sales – There were a total of 56 transactions with a Median Sold Price of $853,000.
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 July 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 24 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 21 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 3 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 134 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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Chris Kopf
Global Luxury Property Specialist
Coldwell Banker Mountain Properties
Chris.Kopf@CBMP.com
(970) 209-5405
