Market Update January 2020

Current Market Conditions for January 2020

The Crested Butte real estate market nearly caught up to 2018 sales and shows definite signs of picking up in January. Residential sales volume for all of 2019 was $194,746,635 down only $5,145,469 from 2018. Amount of transactions was also down 64 (229 compared to 293) and average off list price increased slightly to 4.5% compared to 3.8% in 2018. The average sales price, though, was $850,421, up 23% from $658,597. Currently another 33 properties are under contract totaling $23,171,100, 7 of which are listed at $1mil or more and 7 of which are under contract via our team, 3 of which we are assisting both Buyers and Sellers.

Land finished up 2019 with a total of 95 transactions and $36,877,550 of volume. This is a surprising finish considering 2018 experienced 161 transactions and $43,744,691 of volume. Typically when inventory of residential real estate drops as low as we are experiencing now land sales increase as more buyers explore building to get exactly what they want. The average sale price, however, was 30% more than last year settling in at $390,835. This year’s sales had a much higher average off list price with 13% compared to only 6% last year. Maybe 2020 will be the year for land sales?

December Sales

In December, we had 9 single family home sales and 12 condo/townhome sales in the upper valley. These 21 sales totaled $24,989,360 which is up $2,776,560 from November. Sales ranged from a Grand Lodge condo selling for $150,000 to a stunning six bedroom home sale in the new Aperture subdivision selling for $4,267,500 which was a Bluebird Real Estate listing.

Land transactions were down 2 from the previous month with 5 sales totaling $690,000 in volume. This represents a decrease in volume of $1,126,500 from November. Sales ranged from a mining claim near the Irwin Townsite for $50,000 to a golf course parcel selling for $250,000.

SF = single family residence

Active Listings

Inventory is down 27 properties from the number of listings as December.

CRESTED BUTTE SOUTH
6 homes (+1*)
5 condos/town homes (-1*)

* Change from last month in parentheses

Leading the Market

*Source: CREN December 31st, 2019