JANUARY 2018 MARKET REPORT INFOGRAPHIC
Crested Butte Real Estate Market Report – Jan. 2018
Crested Butte Real Estate Market Remains Strong
Buyer demand for Crested Butte Real Estate continues. Inventory levels also remain similar as we have not seen a large drop in supply like other mountain towns.
Lack of snow so far this winter has resulted in fewer front-range (Boulder, Denver area, Colorado Springs) skier visitors. In-bound airline traveling skiers has also decreased winter-to-date (approximately 1,800 less seats have been sold this winter than last winter). However snowfall is picking-up. CBMR reports 2 feet of new snow in the past 7 days, with more forecasted. All good, and boot packers have been in the Extremes so expect more skier terrain openings soon. Given the snowfall, conditions have been good thanks to CBMR and their snowmaking and grooming crews.
Crested Butte remains a gem and great value in real estate compared with other mountain ski markets. Overall prices are still well below the peak prices we saw in the 2006 – 2008. We are seeing gradual price appreciation. There has been quite a bit of land sold the past 3 years, and architects and builders are experiencing a backlog of people wanting to build their dream home.
Crested Butte building costs per sq. ft. are in the $375 – $400 per sq. ft. range at the low-end (plus the lot). So given the Average Lot sale in 2017 was nearly $300,000 and assuming a 3,000 sq. ft. home. Back of the napkin calculation shows finished costs will be in the $1.5M+ range resulting in approx. $500+ per sq. ft. There are currently 27 Single Family Homes between $1.2M and $1.6M for sale, with Average price of $1.4M and $452 per sq. ft. Most are fully furnished and move-in ready, others require some updates for most buyers.
Be an Informed Crested Butte Buyer or Seller
As I say, I hope 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 that I routinely prepare for my clients, please contact me.
I produce this monthly report to provide you with a high level overview by looking at the patterns and trends. I hope to help YOU make sense of the numbers so you can make informed decision.
OVERALL CRESTED BUTTE REAL ESTATE MARKET RESULTS / OUTLOOK
Crested Butte Real Estate Outlook is Strong for 2018
This Crested Butte Real Estate Market Report provides a look at the results for January 2018 and compares previous years. Since there is so little data for 1 month the majority of this report will show you 2017 results and prior yeas as a predictor of the future for 2018 at this point in time.
2018 projections are strong for Crested Butte Real Estate based on the previous years growth. We see total transactions and volume increasing, Buyers are very active, and in general prices are increasing.
Looking at the above Table What Crested Butte Real Estate is Selling? We see there were 18 transactions in January 2018. 7 Condos & Townhomes, 6 Single Family Homes, and 7 Lots.
2017 in Review – Of the 125 single family homes sold in 2017, there were 73 sold in Mt. Crested Butte or in the Rural Crested Butte area. There were 65 single family homes sold between $750,000 and $1.5M.
The majority of the 187 Condos sold in 2017 (qty. 64) were Condos sold below $250,000. Currently there are 31 Active Listings in this price range – 27 of these are Condo-Hotel units at the Grand Lodge or Elevation in Mt. Crested Butte.
In 2017 we saw an increase (18%) in the overall number of transactions sold (qty. 437), and a greater increase (36%) in the total volume ($249M).
As I have noted previously – there has been a shift in the inventory and mix of what is selling and a void of inventory at the lower end of the market which tends to skew the numbers.
Crested Butte Real Estate Market Data Points 2017 Results and Comparing Prior Years:
- We Are Seeing Price Appreciation but Not Seeing an Overall Double Digit Rise in Crested Butte Real Estate Home Prices
- Overall Single Family home prices rose by… only 4.67% when comparing the results of 2016 to 2017.
- There were 26 Single Family homes sold in Downtown CB with Average Sold Price of $1.3M or $560 per sq. ft.
- Overall Average Single Family Home Prices in Mt. Crested Butte fell by 11% in 2017.
- Overall Condo prices rose 20.35% year over year – but this is because of the lower end of the market.
- If you compare the results of the Condos sold between $250,000 and $500,000 you see the increase is only 5.81%. Interesting, read on…
What Will a CB Area Home Cost in 2018?
There is some variability in the trend lines as evident in the charts.
As you will see in the details of the five pages dedicated to Single Family Homes in the Full Market Report – the Crested Butte Single Family Home Market is segmented by Price Range and by Location.
I do provide the overall summary numbers on the last page in this Crested Butte Real Estate report.
See chart to the right as an example of the detail I provide in the full report.
You can see that Average Sold Price and Average Price per sq. ft. in Mt. Crested Butte both fell by approximately 11% when comparing 2017 to 2016 results.
Click the image below to Download the Full Crested Butte Real Estate Market Report Now
How is the Crested Butte Real Estate Market Doing? – Receive the Full Crested Butte Real Estate Market Report – 14 pages of detail and insight into the Crested Butte Real Estate market — and you will get my FREE Monthly Newsletter emailed to you with the Crested Butte Real Estate Market Reports!
See the big picture and all the details of the Crested Butte CO Real Estate Market – Download Full CB Real Estate Market Report as a .pdf file (more data and charts)
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.
I have consistently been among the Top 5 real estate agents in Crested Butte, and I strive to exceed client expectations.
If you are interested in finding out what your property is worth, or considering me to represent you as a Buyer, I would appreciate the opportunity to earn your business (or that of a friend you think I could help).
Click here to see Crested Butte 3D Walkthrough Home Tours
Click here to do an advanced search the Crested Butte MLS for properties for sale in the Crested Butte area.
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 Bighorn Realty