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Q1 2024 Crested Butte Market Update

By
Real Estate Agent with LIV Sotheby's International Realty 100003154
Greetings from Crested Butte Colorado!

Contrary to what many assume Crested Butte's real estate market continues to improve and the trend is not great if you've been sitting on the sidelines expecting the market to retreat. A quick study of our year-over-year performance reveals that price and value are rising, the inventory of available residential properties remains low and high mortgage interest rates do not appear to be impacting us negatively.
 
During the first quarter of 2023 our local market realized just 11 single family home sales which equated to $18.6 million in volume. The median sold price of a home was $1.585 million.
 
During the first quarter of this year, our local market hit 18 single family home sales and just over $48 million in sales volume. But the most revealing statistic? The median single family sold price has grown to $2.5 million! That is almost a $1 million rise in value. Currently, about half of the homes sold are purchased in all cash which means the other half are loan based. Rates are indeed high but buyers are not backing off on purchases with mortgages.
 
At the moment there are 6 single family homes under contract representing $20.6 million in list price volume. The median list price across these pending deals is over $3.5 million. Which is another significant jump to say the very least.
 
Historically, multifamily properties in the Crested Butte area see more purchases with loans vs. cash and while the condo and townhome market segment took a bit of a hit when rates jumped up the market for these types of properties is also improving compared to last year.
 
During Q1 of 2023 we realized 18 multifamily sales reaching $14 million in total volume and a median sales price of $738 thousand. Half of these sales were loan based.
 
During the 1st quarter of this year we've sold 25 properties reaching $18.3 million in volume with a similar median sales price of $715 thousand. 14 of the 25 sales were loan based.
 
Currently, there are 19 multifamily offerings under contract representing $17 million in list price volume. The median list price on these contracts is just under $800 thousand. So, the transaction count, total volume and price/value trends are indeed rising.
 
If our local market continues on this trajectory I expect to see stronger mortgage based investing throughout 2024 and plenty of cash based acquisitions too. I also expect to see average and median sales prices continue their growth across all residential property types.
 
Thanks for reading today. For a deeper understanding of our local marketplace please reach out to me anytime,
 
Channing Boucher
Broker Associate
LIV Sotheby's International Realty - Crested Butte
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Thanks for sharing your market report with us here in the Rain. It's always interesting to see how other areas of the country are doing.

 

Apr 27, 2024 08:55 AM