2012 Crested Butte Real Estate Market Report
Continued Interest in Crested Butte Real Estate Shows Strong Results for 2012
This Crested Butte Real Estate Market Report reviews the results of 2012 and compares them to previous years, and the results for the Crested Butte Real Estate Market for 2012 are in, and all indicators show the market is on solid ground. Totals for 2012 were similar to 2011 and considering the election year and uncertainty in the future US political and economic policies there continues to be strong interest in Crested Butte real estate.
Single family homes made up nearly 60% of the total volume of $101 Million, Condos & Townhomes represented the class of properties with the most number of transactions, and 44% of all transactions were in Mt. Crested Butte. In the luxury market there were fewer properties sold over $1M this year vs. last year (17 vs. 24), but this segment still made up 26% of the overall volume for the year. There are approximately 33 properties under contract representing $16.5M, and there are 760 Active Listings in the MLS representing approximately $500M total. There were 50% fewer distressed sales (Foreclosures and Short Sales) vs. 2011 and the Active Listings show only 7% are distressed properties.
Crested Butte Homes Sold for $1 Million + in 2012
There have been 17 Single Family homes or Condos Sold for $1M or more in 2012*, this is compared with 24 in 2011, and 15 in 2010. Below is the detailed breakdown of these transactions; as well the pie chart shows the distribution by area.
Of the total transactions over $1M the majority of properties were sold close to the Asking Price as 8 transactions were sold within 6% of the Asking Price. While more properties are now priced to the market there are still some that are not or have sellers who are willing to deal resulting in some properties with large discounts realized. Overall the average price for homes sold over $1M was 11.4% below Asking Price. This is a bit higher discount when compared with all single family homes and condo/townhomes where the average was right at 9.5%. Also of interest is that 76% of these high-end transactions were recorded as Cash transactions – meaning there was not a lender involved in the closing (there may have been a line of credit or some other outside financing). Of the 7 transactions over $1M in Mt. Crested Butte, 3 of them were ski-in / ski-out condos (2 in the Westwall and 1 in the Silver Ridge Condos).
* There was also a Founders Lot sold in the Wilder on the Taylor subdivision for $1.5M in 2012. This ranch property boasts 2 miles of private gold medal fishing rights on the coveted Taylor River, and over 2,000 acres of shared ranch land and wilderness. This sale was not recorded in the MLS since the property was not listed in the MLS at the time (I represented the buyer on this transaction).
Averages for Single Family Homes Decline, Condos Increase
Asking Prices and Selling Prices for Single Family (SF) homes continue to decline. At the end of 2011 the Average Asking Price for a SF home Sold was $831,000 compared with $725,000 in 2012. Either Sellers are coming down to meet the Market or more likely Buyers are looking at, and buying more affordable homes (this is supported by the reduction in homes sold over $1M in 2012 – 17 in 2012 vs. 24 in 2011). The result is the Average Price per sq. ft. has dropped from $282 to $263 for SF Homes in the past year.
Condos and Townhomes on the other hand have seen a greater volatility in price points in the past three years but comparing 2011 to 2012 we see an increase in Average Price per sq. ft. from $171 to $191. Of the 265 properties Sold in 2012, 114 Condos or Townhomes sold. While this category of properties saw the greatest reduction in price from Original Price to Sold Price (39.4%), the Selling Prices averaged 9.5% below the Asking Price.
Foreclosures and Short-Sales Drop by 50% over 2011
- Of the total 265 transactions in 2012, 61 were either Short Sales or Foreclosures (23%).
- Of the 760 properties currently For Sale in the MLS, only 52 are either Short Sales or Foreclosures (7%).
- Of the 61 properties Sold that were either Short Sales or Foreclosures the Average Selling Price was 6.4% below Asking Price. Another indicator that properties are being price to the market.
If you and download the full market report you will see additional charts and graphs including a table showing the detail for the past three years data by category. Interesting note for both Buyers and Sellers: after 3 years of price decline, most properties are priced to the Market and offer great value, evidence by % Difference Original Price vs. Sold Price and the % Difference Asking Price vs. Sold Price by Category, on average 11.3% for all property types.
Crested Butte is a Special Place…
I get the opportunity to work with many Buyers who are new to Crested Butte. Many have spent years visiting and vacationing throughout the Rocky Mountains and the Western US. It is very common for real estate buyers to compare the various other ski areas/towns with Crested Butte. Not everyone has the same reasoning – but in general the conclusion is that Crested Butte offers better value and variety in Real Estate, and is a great place to create memories in Winter and Summer with their family and friends for years to come.
Crested Butte continues to see and increase in Summer tourism and families “summering” here for 4-8 weeks. This is a residential real estate market that is made up of second homeowners seeking an escape from the large metro areas where they live and work. I was once a second homeowner before moving here full-time with my family. I still cherish every day and hope to help others discover the wonders of this special place.
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 Real Estate Agent. If you are interested in finding out what your existing property is worth, or 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 start a conversation about the Crested Butte Real Estate Market, call Chris Kopf, Previews® Property Specialist, Coldwell Banker Bighorn Realty, 970-209-5405 or firstname.lastname@example.org, http://chriskopf.com or Contact Chris
Click here to perform an advanced search the MLS for properties for sale in the Crested Butte Real Estate Market area.
Coldwell Banker Bighorn Realty, 305 Sixth Street, PO Box 100, Crested Butte, CO, 81224
Author: Chris Kopf