March 2018 Crested Butte Real Estate Market Report
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Crested Butte Real Estate Market Report – YTD Q1 2018
Crested Butte Real Estate Market Remains Strong Through Winter Ski Season Despite Lack of SnowLast Winter it was hard to see homes in
Crested Butte buried under all the snow. This year the big snow did not come and visitor counts were down by 15% – 20%, but real estate activity was still strong and through March the volume and transactions are up. We did not get the same numbers from the front-range skiers (Colorado Springs to Ft. Collins) as they were waiting for the snow and better extreme skiing conditions.
Even so, we continue to see Buyer demand for Crested Butte Real Estate remains strong. Inventory levels also continue to be steady (except for the “lower-end” of the market), and we have not seen a large drop in supply and rise in price points like some other mountain towns (Breckenridge area for example). Kudos to CBMR getting Crested Butte added to the EPIC Pass (Vail) this will bring in large numbers of skiers in the future and these multi-resort passes are an important tool to attract skiers and tourism $.
Overall prices are still well below the peak prices we saw in the 2006 – 2008. We are seeing gradual price appreciation. Crested Butte remains a great value in real estate compared with other mountain ski markets. The bell curve of the Single Family home market has shifted over the past few years and now the $1.1M – $1.6M Range seems to show the highest number of transactions. Looking at the past 12 months there have been 26 Single Family Homes sold in this price range with Average Square footage at 3,155 sq. ft. and Average Price Per Sq. Ft. of $445. There are currently 29 Single Family Homes between $1.1M and $1.6M for sale, with Average price of $1.35M and $453 per sq. ft. Most are fully furnished and move-in ready, others require some updates for most buyers.
Land Sales the past 3 years have been brisk, and architects and builders are busy. Building costs per sq. ft. are in the $375 – $400 per sq. ft. range at the low-end (plus the lot). So given the Average Lot sale in 2017 was nearly $300,000 and assuming a 3,000 sq. ft. home. Back of the napkin calculation shows finished costs will be in the $1.5M+ range resulting in approx. $500+ per sq. ft.
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. As I say, I hope 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 2018 Q1 Crested Butte Real Estate Market Report and the level of detail is representative of what you can expect from me as your Real Estate Agent.
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If you are interested in finding out what your property is worth, or considering me to represent you as a Buyer, I would appreciate the opportunity to earn your business (or that of a friend you think I could help).
For questions regarding this Crested Butte Real Estate Market Report or the Crested Butte Real Estate Market in general contact:
Global Luxury Property Specialist
Coldwell Banker Bighorn Realty