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Crested Butte Marketing Report February 2018
Here's a look at the Crested Butte Real Estate Market for January 2018. Two key phrases that I keep hearing for 2018 nationally and what we are also starting to experience in our local market:
Lack of inventory
Increasing interest rates
We have been talking about lack of inventory here for a while now. Reference back to my June 2017 marketing report before we headed in the hot summer and fall market last year. This combination is creating an interested market. We are seeing multiple offers on properties. Not just one or two but three, four and five offers at a time.
Looking ahead to 2018...
Although January can typically be a slower time of year, we are seeing two distinct trends.
Spec building at the north end of the valley
Buy up of land in all pockets of our market
Developers buying up lots and building homes as a spec isn't a trend that we have seen in a while, pre-recessionary times (2004 and 2005) in fact. Whether the property is a big development or smaller homesites in Buckhorn, Larkspur and CB South, they are selling. We have also hit a point in our market that list prices are exceeding replacement cost. On a side note: Check your home insurance policies to make sure you have sufficient coverage.
A Look at the Housing Stats
A Look at the Condo Market
Crested ButteCrested Butte SouthMt Crested Butte
What does this data mean?
Unlike what I posted in for the June 2017 market report, the market is less of a balanced market depending on the location. We experienced this change in the market coming out of a hot 2017. With low inventory levels and high buyer interest, prices remain fairly firm. Looking at year over year comparing January 2017 to January 2018, you can see that our market has slowed a bit in some areas like single family homes and some condos. January 2017 just over $10,000,000 for the month whereas last month, January 2018, we only saw about $7,600,000 in volume for the month.
What does this mean if you are buying a house in Crested Butte?
If you are a buyer shopping in this market, you are in a good position when looking for a condo or townhome especially in Mt. Crested Butte and for a single-family home in Crested Butte South. If you are looking for a single family around a $1,000,000 within downtown Crested Butte, be prepared for a multiple offer situation especially if the property needs little to no updating or remodeling.
What does this mean if you are selling a house in Crested Butte?
For sellers, it also depends on where your home is and what the demand will be.
For Crested Butte South, we are seeing a time period for buyers to adjust to higher prices coming out of 2017. As a seller, you would either need to adjust your pricing and position now in the market now in anticipation of the spring break market coming up next month in March.
For a seller in the town of Mt. Crested Butte or Crested Butte, this market remains in high demand, especially downtown Crested Butte. If you price too high initially, it is prudent to say that your activity around showings and interest might reflect that.
All in all, there are sweet spots, or "micro markets" around all of these areas. If you are looking to buy or sell in this market, there are strategies for either. Give me a call at (970) 596-1394 and let's talk in depth about a plan for you.