Crested Butte Real Estate Market Report Through October 2024

Crested Butte Real Estate Market Report Through October 2024 + Outlook

Crested Butte Winter is here… A blanket of white snow covers the landscape as winter rolls in, and excitement is in the air for the start of the ski season. Francene and I visited family and friends in Hilton Head, then to Dallas.

I got to play golf at Royal Oaks with my brother Rick, Ted Daniel, Brother-in-law Jeff, and nephew Parker prior to my annual event – great turn-out and thanks to Jake Jones – Executive Director of the Crested Butte Land Trust for being the speaker this year.

We will be back in Dallas this Thanksgiving – look forward to the Turkey Trot – and celebrating my dad’s 95th birthday.

With the uncertainty of the election now certain and anticipation that the Fed will lower rates slightly – assume we will have an active winter real estate selling season.

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 your recommendations and referrals!

Thank you,

Chris.

Crested Butte Real Estate Transactions & Volume Flat, Inventory Down Slightly

Prior 12 month Sold Results through the end of October –

Transactions slightly down – 260 vs. 265. Year Over Year, Volume slightly down – $315.6M vs. $329M, Single Family Homes Transactions down – 73 vs. 86, Condos & Townhomes up – 136 vs. 118, Land Transactions down – 51 vs 61. Overall Inventory is down slightly with 337 properties for sale vs. 373 a year ago. For Sale: Single Family homes For Sale 70 vs. 71 last year, condos the same at 95, land down 177 vs 206.

Outlook – Trump’s administration is expected to extend the 2017 Tax Cuts and Jobs Act, which could maintain lower tax rates for high-income earners and corporations. This may enhance disposable income among affluent individuals, potentially increasing spending and demand for luxury properties, including resort real estate in Crested Butte.

Some predict that Trump would recommend to the Federal Reserve to lower the interest rates. He would recommend this as an effective way to move the economy upward quickly. This would also have a positive impact on real estate transactions as demand would increase.

It is unlikely we will see building materials or local labor costs change. We continue to see Crested Butte building costs rise and and with many new homes under construction this is the “invisible comp” that is gaining more attention for existing single family homes. Many buyers consider the question whether to “Build or Buy” and/or ”Build or Buy and remodel”. The local CB architects, builders and sub-contractors are very busy – and the local construction costs are a factor that support current home prices and the higher price per sq. ft. comparisons. Certainly many buyers would like a new home, not all of them like the higher price and 3+ years to design and build at $1,200+ per square foot, plus land cost…

All Transactions For The Past 12 Months:

• All Areas All Property Types – There were 260 total properties sold, 73 of those being single family homes sold, 136 Condos & Townhomes and 51 parcels of Land. Total volume of all properties sold for all areas was $315,605,845.
• All Single Family Homes – The Median Sold Price for single family homes was $2,114,500.
• Condos & Townhomes – Median Sold Price of $715,000.
• Downtown Crested Butte Single Family Homes Sold – 16 Homes Sold prior 12 months, Median Sold Price of $3,287,500. The Median Sold price per sq. ft. was $1,263, Average Discount from Asking to Selling Price was 9.3%.
• Mt. Crested Butte Single Family Homes Sold – 17 Homes Sold prior 12 months, Median sold price of $2,049,000, and Median Sold Price Per Square foot was $792, Average Discount from Asking to Selling Price was 2.4%
• Skyland Single Family Homes Sold – Only 3 Homes Sold Prior 12 months, Median Sold price of $3,060,000, Median Sold Price per sq. ft. $1,088.
• Rural Crested Butte – 22 Homes Sold, Median Sold Price $2,615,000. Median Sold Price per sq. ft. $841.
• CB South – 12 Homes Sold, Median Sold Price $1,128,500. Median Sold Price per sq. ft. $554.

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