01/20/2020
Sub-zero temps and moderate snowfall have defined the 2019/2020 winter season so far. While a lot of the extreme terrain on the ski mountain could still use some more snow, the skiing has still been great. It is hard to not have fun carving down the mountain on groomed trails and laying the edges into the hillside. Surely more snow is on its way, and the chilly weather is a good thing. We are a ski town after all!
Looking back, 2019 proved to be a solid year for Crested Butte's real estate market, but not quite as strong as 2018. In the upper end of the valley (north of Almont up to Mt. Crested Butte, and all points in between) the market realized 216 residential sales, down 25% compared to 2018. Total sales volume was off less, down 5.6%. The quick takeaway: less sales, higher prices. The average price of sold residential property in 2019 was $839,000, up over 25% from 2018. The luxury segment of the market saw more activity this year, with 18 homes sold over $2M, compared to only eight sold in 2018.
It is hard to believe but the average price of a single family home for sale in the area is $2M, and the median price is $1,595,000. We currently have 117 homes for sale, eight of which are under contract. Average days on market: 227. Looking at homes listed between $700K to $1.5M, the average asking price per-square-foot is $500.
With existing homes prices as high as they've ever been, and land prices still low, buyers should be weighing the options of buying an existing home vs. building new. Vacant parcels are the best value on the market right now. If buyers are willing to take on the joys and challenges of a new build, it is a proposition worth considering. The obvious added benefit is buyers end up with a custom dream house built to suit.
It is important to know that building in Crested Butte is not cheap; a safe estimate on the low-end is $300 to $350 per square foot, plus the land purchase. You can build a home for less if you can find a competitive general contractor and subcontractors. More and more we are seeing out-of-town crews getting the jobs done at competitive prices. Considering that there are some excellent vacant lots available in the $150K range in neighborhoods like Buckhorn Ranch and CB South, it makes sense now more than ever for buyers to take a close look at the new-build option.
Please feel free to contact me with any questions. I look forward to helping you make an informed decision in your Crested Butte real estate and lifestyle investment.
Here’s to a happy, healthy and successful 2020.
Ross Tunkey, Broker Associate
Coldwell Banker Mountain Properties
[email protected]
970-209-9046
