Crested Butte Real Estate YTD May 2019
Crested Butte Real Estate Market Report YTD May 2019
Crested Butte Real Estate Market Report YTD Through End of MAY and 2019 Outlook
Crested Butte Real Estate Market “Similar” to 2018
The real estate market is similar but different from 2018. Overall Volume of real estate sold is nearly the same (slightly up) but transactions are down quite a bit.
YTD Through May 2019 Crested Butte Real Estate Results
There were a few more single family homes sold in downtown Crested Butte so far this year compared with last year. Single family homes sold in Mt. Crested Butte similar, Skyland – similar, rural Crested Butte – down, CB South – up as is the “lower end” of the market in condos and townhomes. Land sales in general are lagging the same period in 2018. There was quite a bit of activity as we have seen inventory levels continue to drop for single family homes below $1M, Townhomes below $750,000 and Quality Condos below $500,000. 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.
There certainly was immediate euphoria after the Vail acquisition and in general this resulted in higher asking prices from sellers. This is paying off for the lower end of the market or ”any quality home in the $500,000 – $1M price range. The higher end of the market has quite a bit of inventory and a bit less activity. I expect summer will be very active in all segments of the market as we see the same large number of visitors who are curious buyer prospects – as well as the Epic Pass visitors who are eager to explore Crested Butte in the summer.
Crested Butte Good News
The Forest Service as they have approved the NEPA application to expand skier terrain in the TEO II area. This will greatly benefit the intermediate skiers and there will be some extreme terrain as well. There are major capital expenditures needed to clear the terrain, add the infrastructure, build lifts, realign lifts and be prepared to maintain and staff this expansion… No word on When this may become a reality from the leadership at CBMR / Vail as of yet…
The North Village Sold for $5.3M
The North Village which sits at the base of Snodgrass is approximately 135 Acres that was zoned with a master plan years ago has sold. The buyer is interested in developing a residential master plan and a “mini base area” with a pad site that would support a lift from the North Village to the top of Gold Link / Painter Boy / Prospect.
Crested Butte Real Estate VOLUME and TRANSACTIONS -YTD Through May 2019
What Crested Butte Real Estate is Selling?
Looking at the above table to the right we see a breakdown of What Crested Butte Real Estate is Selling?
There were 106 transactions YTD through the end of May 2019. 42 Condos & Town Homes, 35 Single Family Homes, and 91 Lots.
Of the 18 single family homes sold YTD in 2019, there was 10 sold in Mt. Crested Butte, 8 Sold in CB, 1 sold in Skyland, and 10 Sold in CB South, the remainder were rural CB areas.
There were 13 Single Family Homes Sold above $1M and this represented 12% of the overall transactions and 29% of the Volume.
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?
There have been 16 homes sold in 2019 above $1M compared with 8 sold for the same period in 2018. There has been only 1 home old YTD above $2M (10 Butte Avenue in downtown CB for $3.1M). There are currently 92 single family homes for sale above $1M (Average Days on Market is 178). Of these 42 homes are for sale between $1M – $2M, 23 are between $2M – $3M, and 27 are above $3M.
I expect luxury single family home sales in 2019 will be… <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.
I hope 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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