Crested Butte Real Estate Market Report through August 31, 2013
Crested Butte Real Estate Year to Date (YTD) Strong Market
The Summer Real Estate Season is officially over, but the Crested Butte Real Estate Market will continue to show strong results into the Fall and Winter. Many Buyers return to Crested Butte in the Fall to take a second look at real estate without all the distractions of family and friends, as well to enjoy the Fall colors.
As the charts and numbers show in this report the trends are rising in all categories, and inventory is falling. Total Number of Properties Sold is up 25%, Total Volume is up 28%. We are also still seeing Price per square foot for both Single Family homes and Condos and Town homes on the rise (up 5%). Sales tax numbers are up for both Crested Butte and Mt. Crested Butte as a result of record Summer visitors. It is still a Buyer’s Market – evidence of smart Seller’s adjusting pricing downward to position their properties against competing listings in the Crested Butte area. Inventories are down – but there are still many options in every category of Crested Butte Real Estate market.
Crested Butte Luxury Real Estate Market – Homes Sold for $1 Million + Year to Date
There were no additional Single Family homes Sold for $1M+ in August – the total is 15 YTD for 2013, this is compared with 7 during this same period in 2012, and 14 in 2011. The average sold price for these homes was $1.7M, median price of $1.49M, and Average Price per sq. ft. was $417. The total volume of $25.5M makes up 29% of the overall market volume YTD.
Luxury Properties Under Contract in the Crested Butte Area – There are currently 8 Single Family homes under contract that have Asking Prices above $1M, including one in Trappers Crossing at CB listed for $3.995M and one on The Bench above town listed for just under $2.2M. Of this group – 4 are in downtown Crested Butte, 1 in Mt. Crested Butte, and 3 in outlying areas.
Luxury Properties For Sale in the Crested Butte Area There are a total of 86 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $182M. Of these there are 41 Homes for sale over $2M. There are certainly many high dollar homes that have been built in the past 10 years, but have been only 4 Single Family Homes ever sold at $4M or in the Crested Butte Real Estate Market (2 at the height of the market in 2006). There are currently 5 homes with Asking Prices over $4M, and 10 homes between $3M and $4M including a new listing at 152 Evergreen Drive in Trappers Crossing at Crested Butte – this luxury 5 bedroom, 5 ½ Bath mountain home was completed in 2006, designed by Sunlit Architecture and built by Fred Holbrook. Nearly 5,000 square feet, fully furnished with high-end furniture and furnishings, many custom details and quality craftsmanship throughout – offered at $3.9M.
High-end Land – There have been 3 lots sold for over $1M this year – 2 in downtown Crested Butte in the Kapushion subdivision on the Northwest side of town and a re-sale lot in the Reserve on the East River. There are 47 properties (Land) for sale listed at over $1M. These represent some unique opportunities for the Buyer who is looking to build their dream home. Of these the majority are in Mt. Crested Butte in the Prospect Subdivision – offering Ski-in / Ski-out lots (there are 3 homes under construction in Prospect). The next large category are developments offering fishing and equestrian amenities – these lots are located in both The Reserve on the East River, and Wilder on the Taylor. Wilder on the Taylor has a unique offering of 12 Riverfront Homestead Sites sitting along 2 miles of the Taylor River on the 2,100 acre ranch.
Averages for Single Family Homes & Condo prices Continuing to Rise
Single Family (SF) homes – Comparing YTD 2013 results to prior years we see that the price per sq. ft. for Single Family homes has risen from $269 per sq. ft. to $281. Looking at the details in the tables you will see these prices per sq. ft. vary based on the area – as example Downtown Crested Butte shows $424, Mt. Crested Butte $288 as averages per sq. ft. and these numbers are up from previous years.
Condos and Townhomes – Over the past few years we have seen Average price per sq. ft. under $200 and it has now surpassed this level of late. As with all categories it is indicative of the mix of properties sold and further analysis will reveal the specifics. Contact me with questions about your property, a category or area of the Crested Butte Real Estate Market for more detail.
What Real Estate is Selling in the Crested Butte area?
Year to date Single Family homes made up 63% of the total volume representing $56.2M and 78 transactions with an average sales price of $721,000 and median price of $511,000. There were 92 Condos & Townhome transactions YTD and this represents $23.6.M in volume and an average sales price of $254,400 and median sales price of $194,000. As the table shows the Single Family Home and Luxury Properties over $1M purchased by the Second Homeowner represents a large percentage of the dollar volume in our market (29%).
Crested Butte – Fall I recently represented a client who had only been to Crested Butte in the Winter – once they saw the beauty and variety of activities, events and opportunities to recreate in this beautiful valley they were hooked and decided they would buy a second home here in the Crested Butte area. If you have never experienced Fall in the mountains – I highly recommend you plan a trip back here. As I write this the aspen leaves have just started to turn and I estimate that less than 1% of the aspen leaves have changed color. Typically this means you have until the end of September to get here! Everything you can do in the Summer is still available to you here in the Fall – with the added benefit of the crisp mountain air, and the visual paintbrush of Splendor in September.
Looking at the calendar of events – This Saturday Sept. 7 at the base area is the Fall Festival of Beers and the Chili Cook-off, The Crested Butte Film Festival is September 26 -29, The Adventure park – zip-line, bike-park, and chairlifts are still running until Sept. 29th. The Sunday Farmers Market goes through the middle of October, Vinitok is Sept. 15-21, The Wooden Nickel Golf Classic is Sept. 8-9 benefiting Crested Butte Youth Hockey, and the Club at Crested Butte golf course is typically open through mid October.
The water levels in the rivers is down, the trout are still there, making many summer fishing spots more accessible. The Kokanee salmon are running up the Gunnison and East Rivers which is a very fun fishing experience.
Download the Full Crested Butte Market Report with all the details as a .pdf
How can I help you? This Crested Butte Real Estate Market report and the level of detail is representative of what you can expect from me as your Crested Butte Real Estate Agent. If you are contemplating selling and interested in finding out what your existing property is worth, or if you are considering me to represent you as a Buyer, I would appreciate the opportunity to earn your business (or that of a friend you think I could help).
To see featured properties or search the MLS – visit chriskopf.com. Contact me at: (970) 209-5405, chriskopf@bighornrealty.com, and be sure to check out the Crested Butte Real Estate G+ page for all things Crested Butte.
Author: Chris Kopf
