Market Trend Report July 2021

Crestone/Baca Real Estate Update

Publish Date: Enter Date, 2021

Home Sales

Highest Sale Price Home Address, 81131 
Sale price: $XX0,000

In the last year:  72 total homes sold through real estate agents (up from accustomed highs of around 60)

Lowest price $X0,000 highest $XX0,000, XX% of asking price.  Median number of days on market is XX.

Number of Homes Sold by Area

  • X0 Chalet I
  • XX Chalet II
  • XX Grants
  • X Casita Park
  • X Town of Crestone
  • X Chalet III
  • X Townhouses
  • X Yeshe Khorlo

Baca Home Sales Summary

By PriceUnits Sold Notes
$600K+1$610,000, original list price $659,000, one acre lot, Chalet I
$500K – 600K1$579,000, original list price $675,000, 2.65 acres, Chalet I
$400K -499K84 Chalet I, 2 Grants, 2 Chalet II
$300K – 349K137 Chalet I, 2 Grants, 3 Chalet II
$250K -299K18  All over, including town, etc
$200K – 249K 14We saw 20% appreciation since August at this price point
$150K – 200k 14Due to construction costs, this price point may disappear
Under $150K3Homes with problems, or sold before the appreciation mentioned above.  Casita Park is now $150K-$200K.

This report does not include homes sold by builders and FSBO not listed on the MLS, I expect 10 or more such homes sold.  

Vacant Lots/Land Sales

Address of highest priced lot sale, Crestone 81131 
Sale Price:$XX,000

XXX lot transactions—some are multiple lots—all but two in the subdivision

Land Sale Summary

Lot sale prices ranged from $2,000 to $108,000.  The two highest priced were $101.5k for 9 lots in Chalet II (4.67 acres, Cordial), and $108k for 8 lots at the top of the development in Chalet I (3.86 acres, Pine Cone).  High dollar sales also were acreage in the grants.  High dollar lot sales are all multiple lot consolidations (e.g., only one annual assessment).  

Other significant land sale was a development tract in the townhomes. The land was previously approved for 20 residences.  Do not know the plans of the new owner/builder.  

Lot inventory is down from 1 year ago.

100 lots available a year ago compared to 41 lots on the market now.  Represents a supply of about 4 months.  Prices are rising, but land is still very affordable by quality of life and construction measures.  The significant difference is that lots that in prior years would be considered unsellable are now selling.  Buyers are interested in lots that require water/sewer line extensions or have an unpaid tap.  In the past such lots would go begging.  A few lots in Casita Park have sold quickly, including lots with no services and no paid tap.  

Commercial sales:  

2 buildings in town:  $477K and $597K, Mystic Rose and the Crestone Inn. Nada Hermitage sold for $1.3 million after concessions.  

Source:  REColorado MLS

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