Crested Butte Real Estate YTD JUNE 2019 and Outlook
Crested Butte Real Estate Market – Prices Increasing
Crested Butte Real Estate YTD JUNE 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 JUNE 2019 Crested Butte Real Estate Results
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. There were a similar number of single family homes sold in downtown Crested Butte, Mt. Crested Butte, Skyland, Rural Crested Butte, but lower priced CB South single family home sales are up. You will note there was quite a bit of activity at the lower end of the market. We have seen inventory levels continue to drop for quality single family homes below $1M (but there are a total 38 for sale – 12 are in Almont, 6 in CB South), Townhomes below $750,000 (total 11 for sale) and quality 2 bedroom + Condos below $500,000 (total 34 for sale). 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.
I get asked frequently “…what affect the Vail acquisition has had / will have on the Crested Butte Real Estate Market?” Net net – the Vail acquisition has many wondering what the new normal will be… we have seen sellers increasing their Ask, and most buyers being more selective. Vail will have a positive long term affect on the quality of on-mountain experience enhancing Crested Butte as a destination, flights into Gunnison, and expect to see continuous steady rise in real estate values.
The higher end of the market has quite a bit of inventory and a bit less activity, but we are seeing record breaking Sold prices for luxury homes in downtown Crested Butte. We got a late start to the summer selling season and there is still lots of snow blocking trails, covering wildflowers, and keeping run-off high in rivers and streams. Summer will be very active in all segments of the real estate market as we still have great values compared with other mountain ski area towns.
Crested Butte Real Estate Notable
There is dirt work preparing approximately 20 new residential lots in downtown Crested Butte (the area bordered by the back of where the Sixth Street Station is planned, 4th Street on the West, the homes along Butte Avenue to the North, and Gothic Avenue to the South). Sold – The North Village for $5.3M – the buyer is interested in developing a master plan with a “mini base area” and proposes a lift from the North Village to the top of Gold Link / Painter Boy / Prospect area. CBMR removed the Twister Lift and is replacing the Teocalli lift and extending it to the top of the Red Lady Lift. Approved – the the NEPA application to expand skier terrain in the TEO II area. This will greatly benefit the intermediate skier terrain. Adaptive Sports Building completed, Center for the Arts Building is close to completion.
Crested Butte Real Estate VOLUME and TRANSACTIONS -YTD Through JUNE 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 137 transactions YTD through the end of June 2019. 58 Condos & Town Homes, 43 Single Family Homes, and 36 Lots.
Of the 43 single family homes sold YTD in 2019, there was 10 sold in Mt. Crested Butte, 9 Sold in CB, 1 sold in Skyland, and 11 Sold in CB South, the remainder were sold in rural CB areas.
We see there were 18 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 there was a 4,200 sq. ft. home sold in December for $3.85M or $917 per sq. ft. and a 3,391 sq. ft. spec home just sold for $3.85M or $1,135 per sq. ft. There is also a 3,543 sq. ft. home that is under contract that has asking price of $4.7M or $1,326 per sq. ft. These are all new or recently built homes with very high quality finish-out with premium location. Like a pebble dropped in a pond the ripple effect will likely expand to other areas in Crested Butte with (commensurate) rising price points as well. I am not saying that we will see similar price per sq. ft. in other areas – only that if this trend continues in downtown Crested Butte, buyers may see other Crested Butte areas as a bargain, and the demand will increase for homes in those areas.
There have been 28 homes sold in 2019 above … <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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For questions regarding this Crested Butte Real Estate Market Report or the Crested Butte Real Estate Market in general contact:
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