Crested Butte Real Estate YTD JULY 2019 and Outlook
Crested Butte Real Estate Market Some Area Sold Prices Increasing
Crested Butte Real Estate YTD JULY 2019 – In nearly all categories of real estate and areas we are seeing values rise from 2018. There have been significantly fewer transactions compared with previous years, but overall Volume of real estate sold is slightly up
YTD Through JULY 2019 Crested Butte Real Estate Results
Overall transactions are way down, but volume is similar to prior two years reflecting higher price points in most categories and certainly downtown Crested Butte luxury homes. The difference in total transactions appears to be a bit of a fall-off in Land sales… perhaps as a result of rising price points. In general we are seeing sold price points are above the same period in 2018 – as are asking prices for most properties and segments of the Crested Butte Real Estate Market.
Transaction count for Single family homes sold: Downtown Crested Butte – similar, Mt. Crested Butte – down, Skyland – similar, Rural Crested Butte – similar, CB South -up. There was quite a bit of activity as we have seen inventory levels continue to drop for quality single family homes below $1M (but there are a total 31 for sale – 12 are in Almont, 6 in CB South), Townhomes below $1M (total 13 for sale) and quality 2 bedroom + Condos in Mt. CB below $500,000 (total 14 for sale).
People ask frequently “…what affect the Vail acquisition has had / will have on the Crested Butte Real Estate Market?” There have been some areas of surprise – downtown Crested Butte Luxury homes selling for record high price per sq. ft. and Prospect lots below 50% of their highs during the peak. We have seen sellers increasing their Ask, and most buyers being more selective searching for the best value. We should expect to see continuous steady rise in real estate values in Crested Butte. And Vail will have a positive long term affect on the quality of on-mountain experience enhancing Crested Butte as a destination, and improved flights into Gunnison. We got a late start to the summer selling season and the remainder of the year expected to be strong as CB has great values compared with other mountain ski area towns.
Crested Butte Real Estate Notable
Brush Creek Affordable Housing Project extension approved, developer agrees to limit number of units to 156, expect another year of back and forth. The Nordic Inn seeks approval for 150 hotel room expansion in Mt. Crested Butte. Center for the Arts building is almost finished and needs a boost in funding for completion of the building… The Crested Butte Rotary Club raised over $60,000 from the Annual Duck Race and Operation Big Duck! The Land Trust is still needing some additional funds to complete the Long Lake project.
Crested Butte Real Estate VOLUME and TRANSACTIONS -YTD Through JULY 2019
What Crested Butte Real Estate is Selling?
See the table to the right show us the detailed breakdown of What Crested Butte Real Estate is Selling?
There were 160 transactions YTD through the end of July 2019. 67 Condos & Town Homes, 49 Single Family Homes, and 45 Lots.
Of the 43 single family homes sold YTD in 2019, there was 12 sold in Mt. Crested Butte, 9 Sold in CB, 1 sold in Skyland (a total of 3 if Larkspur is included), and 13 Sold in CB South, the remainder were sold in rural CB areas.
There were 20 Single Family Homes Sold above $1M and this represented 31% of the overall volume, and 13% of the total number of transactions.
This Crested Butte Real Estate Monthly Market Report is a total of 14 detailed pages – Download Your Copy of the Full Market Report HERE
Crested Butte Real Estate Single Family Home Sales by Price
How is the Luxury Crested Butte Real Estate Market?
Downtown CB is the highest price per sq. ft. for real estate in Crested Butte and provides the most desirability for majority of buyers. Record price points in the luxury segment of the market as a recent 3,500 sq. ft. home in the Verzuh annexation sold for a record $4.461M or $1,259 per sq. ft. Two other homes of note – – a 3,320 sq. ft. home sold in May for $3.1M or $934 per sq. ft., and a 3,391 sq. ft. spec home sold recently for $3.85M or $1,135 per sq. ft..
There have been … <DOWNLOAD FULL REPORT>
Helping You Make Informed Decisions Regarding Crested Butte Real Estate
I produce this monthly report to provide You with a high level overview by looking at the patterns and trends.
My goal is to help YOU make sense of the numbers so you can make informed decision. It is my hope that 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.
This report covers Crested Butte Single Family Homes/Luxury Homes, Crested Butte Condos, Crested Butte Town Homes and Crested Butte Land.
You will also see a ”slice” of the data by Price Range and by Area for Single Family Homes to provide a more insightful view of the market.
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