2020 1st Quarter Market Report
As we navigate these uncertain times, many are wondering what will happen to Crested Butte real estate values. Since the shut down on March 14th, there has been some real estate movement – 29 new listings and 13 under contracts. Without being able to show homes, I’m encouraged we had 13 properties go under contract. As our restrictions lift, and we can show homes and allow visitors back into our valley, undoubtedly we should see the number of under contracts go up. It would be fair to assume our prices will soften a bit, yet as long as we can be back to some normalcy by summer, I should think our prices will not take much of a hit.
The below 1st Quarter Market Report will not be indicative of our current market as these sales went under contract well before Covid19 shut down our ski resort and our town. Single-family homes had a nice increase in sales prices and townhome/condos had a big jump in the number of sales. Land was the only category to decrease in both sales price and number of sales. Land prices had risen significantly from 2018-2019, which resulted in Buyers losing some of the incentive to buy and build.
The Dawn Howe Group will continue to send market updates, yet please know you can reach out to us anytime to further talk about our market. I hope you are staying healthy and safe. If there is anything our team can do to help during these difficult times, please let us know.