Crested Butte Real Estate YTD November 2019
Crested Butte Real Estate YTD November 2019 and Outlook
Crested Butte Real Estate Market Home Prices Continue Up, Transactions Down – Crested Butte Real Estate YTD November 2019 shows us that transactions are down 32% and volume is down 9.5% from the same period in 2018. In nearly all geographic areas and property type we are seeing sold prices continue to rise as compared with the same period in 2018 and prior years.
So what is happening in the Crested Butte real estate market? The numbers show many properties asking prices are well above sold prices – this is not unusual in a rising market. We are seeing a bit of a “stand-off” as most second- homeowner sellers are patient, and most second homeowner buyers are considering whether this is “the new normal” in the Crested Butte Market.
We are in year two of the Vail acquisition of the Crested Butte ski resort. I predict we will see a “normalization” of the market by the end of this Winter Ski Season.
The Vail Reaction – The initial “Vail reaction” from many sellers was to raise the prices of their properties – some too high. This is understandable in a market where the majority of sellers are second-homeowners who “don’t have to sell”. We have seen many buyers who are in denial and they are sitting on the sidelines – evidence by the reduction of transactions. And considering the majority of buyers are also buying a second home – they “don’t have to buy”. We have already seen a number of Asking Price corrections prior to the Winter selling season – and those homes that are priced to the market, are getting showing activity and offers. Buyer’s comfort levels increase – and they take action.
Some homes may appear to be priced to the market – but are in need of repairs, remodel or updating. These homes are experiencing rejection by the market resulting in fewer showings and low or no offers. Local new home construction is up, and contractors are busy. Construction labor prices are up. There are very few general contractors and subs who are available to the seller or the buyer. The supply and demand model is in play, and many sellers have put off doing the updates. Buyers consider the unknown time, effort and money associated with buying a home that needs (or they desire) a major project to be daunting… so they wait and sit on the sidelines until the right home for them comes along.
Epic Pass Visitors – I believe we will continue to see new affluent Epic Pass skier families coming to Crested Butte this winter. Many who will compare Crested Butte to other ski towns they have visited. There will be many who will fall in love with Crested Butte like we have. They will appreciate the beauty and charm and character of the Crested Butte area – and will decide to purchase Crested Butte real estate. Why? Because they will realize that Crested Butte prices may be rising, but they will see that Crested Butte offers the things they want. And that compared to so many other overdeveloped and crowded ski town options, Crested Butte is a special place, and a really good value. Especially when considering the full package, and the opportunity to start creating their lifetime of memories with family, friends and clients.
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VOLUME and TRANSACTIONS Crested Butte Real Estate – YTD Through November 2019
All Luxury Single Family Crested Butte Homes – $1M – $1.5M – There have been 20 homes sold YTD. There are 54 homes for sale between $1M – $2M.
Revealing Crested Butte Real Estate Single Family Home Sales by Price
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Inventory levels continue to drop for quality single family homes below $1M as the bell curve shifts to the $1M – $1.5M Range for most quality single family homes.
What Crested Butte Real Estate is Selling?
Condos and Townhomes – 121 Condos and Townhomes have sold YTD in 2019 – this is a drop from 179 for the same period in 2018. The Average Sold Price for Condos and Townhomes has been rising and through November we see it is $477,000 as compared with $411,000 for the same period in 2018.
Land – 88 parcels have sold YTD in 2019 – this is a drop from 142 for the same period in 2018. The Average Sold Price for land has been rising and through November we see it is $408,000 as compared with $266,000 for the same period in 2018.
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This Crested Butte Real Estate Monthly Market Report is a total of 14 detailed pages – Download Your Copy of the Full Market Report HERE
How is the Luxury Crested Butte Real Estate Market? See Breakdown of Single Family Homes Sold by Area, Condos & Townhomes, Land, What is For Sale… and more!
Get the full Crested Butte Real Estate YTD October 2019
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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This Crested Butte Real Estate YTD November 2019 and the level of detail is representative of what you can expect from me as your Real Estate Agent. If you are considering buying or selling – I have been in your shoes. My wife and I were second homeowners for 10 years prior to moving our family here full time.
I am consistently among the Top Real estate agents in Crested Butte and among the top 1% of all Coldwell Banker Agents in North America, and I strive to exceed client expectations.
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Visit www.chriskopf.com. Phone: (970) 209-5405, or Chris.Kopf@CBMP.com
For questions regarding this Crested Butte Real Estate YTD November 2019 Market Report or the Crested Butte Real Estate Market in general contact:
Chris Kopf
Broker / Owner
Global Luxury Property Specialist
Coldwell Banker Mountain Properties
Chris.Kopf@CBMP.com
(970) 209-5405
