Crested Butte Real Estate YTD October 2019
Crested Butte Real Estate YTD October 2019 and Outlook
Crested Butte Real Estate YTD October 2019, Crested Butte Real Estate Market Home Prices Up, Transactions Down – The storyline for 2019 continues, In nearly all categories of real estate and geographic areas in the Crested Butte area we are seeing prices rise from 2018. There have been significantly fewer transactions compared with previous years down a whopping 32% (264 vs. 389 the previous year), while overall volume is down 7.6% ($181.7M vs $196.6M).
So what is happening in the Crested Butte real estate market? In short the announcement about one year ago that Vail had acquired the Crested Butte ski resort prompted some sellers to immediately raise the prices of their properties 10% – 20%, and many others have followed suit. Buyer’s reactions range from shock to dismay causing most buyers to be much more selective in finding the perfect property, or waiting… Sellers who have a home that “needs updating” that don’t price that home with “Buyer Math” in mind (time home can’t be used, effort, hassle, overages, construction creep, risk, all leading to increased costs) are seeing extended days on market, and declining showings.
As is always the case in a rising market – the sold comparables have not caught up with the asking prices. In some areas we see the ask price per sq. ft. $100 higher than the sold comps. I expect we will see a stabilization over the winter ski season with some seller price reductions and buyers adjusting to the new normal.
VOLUME and TRANSACTIONS Crested Butte Real Estate – YTD Through October 2019
All Luxury Single Family Crested Butte Homes – $1M – $1.5M – There have been 20 homes sold YTD, and there are 27 homes for sale in this price range. $1.5M – $2M – There have been 6 homes sold YTD and there are 25 homes for sale in this price range. $2M – $3M – There have been 7 homes sold YTD, and there are 24 homes for sale in this price range. $3.5M+ There have been 2 homes sold YTD, and there are 26 homes for sale in this price range.
Revealing Crested Butte Real Estate Single Family Home Sales by Price
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. There are a total of 32 Single Family Homes for sale with Average Asking Price of $815,000. There are 12 Townhomes below $1M with Average Asking Price of $635,000. There are 23 two bedroom + Condos in Mt. CB below $500,000.
What Crested Butte Real Estate is Selling?
Condos and Townhomes show a 26% rise in the Average Sold Price for condos, and a 37% drop in transactions. Average sold price per sq. ft. for all condos and townhomes is $407, Asking price per sq. ft. is $445.
Land – There is a 40% drop in land sales year over year. In the 35 Acre parcel market there are 43 parcels for sale, and only 4 that sold through the end of October – one was a riverfront homesite sold at Wilder on the Taylor for $1.75M.
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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!
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.
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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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