Crested Butte Real Estate Market Report – SEPTEMBER 2017
Market Demand is Strong, Crested Butte Real Estate Momentum Continues
Crested Butte Real Estate Market Report September 2017 – The Crested Butte Real Estate Market remains strong and as the full market report shows 5 year highs in all categories. Coming off the momentum from the Summer selling season – we continued to see Buyers looking for Crested Butte Real Estate throughout September. We have continued to see the Average and Median price points rise in all categories of Crested Butte homes.
There are still great values in every price point and category, but quality inventory at the lower price ranges is getting harder to find. Many buyers are passing on homes that need updating, or circling back around after scouring the inventory of Crested Butte homes for sale realizing that location and views are hard to find, but kitchens and bathrooms can be remodeled.
Increased Taxes on the November Ballot
The Gunnison County Clerk sent out a Notice for the November 7 Election Day detailing some tax increases. Of note are Ballot Issue 2A and 5A.
Ballot Issue 2A will affect the cost for visitors to stay in a short-term rental home in downtown Crested Butte with a 5% tax on the short term vacation rental. The goal is to raise $350,000 in 2018. The Crested Butte Town Council earlier in the Summer passed an ordinance restricting the Short-Term rentals in town. There are quite a number of rules, applications, cap on rental nights, compliance with noise, vehicles, number of occupants…etc. So to pay for the staff to oversee and administer this new regulation they need money – and this tax must be voted on.
The ballot Summary did not mention this, and only talked about the need for affordable housing in Crested Butte and how Short-term rentals have forced out long-term renters from downtown Crested Butte and there is a lack of workforce housing – so they propose a tax on the visitors, and the money will be going to help subsidize affordable housing in downtown Crested Butte (citing the commute from CB South or Gunnison takes time away from their families).
Ballot Issue 5A seeks to raise $1,056,655 annually through a real estate tax levy of 3.5 mills. The money will go to hire EMTs and Firefighters to provide essential life and safety services to the community do the the increasing inability to fully staff the department with volunteers. As well to construct or purchase affordable housing, and lastly to purchase additional equipment and vehicles as needed.
Crested Butte 2017 Real Estate Demand is Strong
This Crested Butte Real Estate Market Report looks at the Crested Butte Real Estate Market through the Month of September 2017 and compares previous years.
2017 YTD results are well above the same period last year and significantly above the prior years. There are over 80 current properties under contract, year to date numbers are up, and demand in the Crested Butte Real Estate Market is strong. YTD numbers show 18% above 2016 in transactions, and 40% up in Volume. Single family home prices per square foot are up 10%, Condos are up 13%.
There were 313 transactions Year to Date compared with 266 for the same period in 2016. This represents a volume of $172.6M compared with a volume of $122.6M for the previous year. The majority of these transactions were condos and town homes (qty. 141) with Avg. Sold price of $370,000. Of the 88 single family homes sold YTD the Avg. Sold price was $1,150,000. 34 luxury Single Family homes have sold above $1M with an Avg. Sales Price of $1.87M and Avg. price per sq. ft. of $550.
How is the Luxury Crested Butte Real Estate Market?
2017 Year to Date – Through the end of September the overall market of Luxury Single Family homes is very active, and price points show a steady rise. Average Prices of Luxury Crested Butte Single Family Homes is $1.865M Average price per sq. ft. is $550 which is up from the same period in 2016 ($496).
Year to date we see nearly 40% of all the single family homes sold are above $1M. There have been 34 Single Family homes sold above $1M which is a significant increase in the number or homes sold for the same period in 2016 (25). As mentioned the bell curve is shifting to above $1M for quality Single Family homes.
There will be fewer transactions below $1M, because of the lack of inventory. There are a total of 105 current Crested Butte Homes for sale with Asking Prices above $1M (12 of these are Under Contract).
There are 63 Single Family homes for sale above $1.5M and 6 of these are under contract – of these 6 the Median Price point is $2.2M with an average price per sq. ft of $567. There are 36 Single Family homes for sale between $1.5M and $2.5M – but only 3 under contract. As well there have been 10 single family homes sold in this price range YTD with Average Days on Market of 226.
Click below to see the Year to Date Results for Crested Butte Single Family Homes, Crested Butte Condos & Townhomes, Crested Butte Land…
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How can I help you with Your Crested Butte Co Real Estate Needs?
This Crested Butte Real Estate Market Report September 2017 and the level of detail is representative of what you can expect from me as your Real Estate Agent.
I have consistently been among the top real estate agents in CB and I strive to exceed client expectations. If you are interested in finding out what your 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).
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For more questions regarding Crested Butte Real Estate Market Report August 2017 or the Crested Butte Real Estate Market contact:
Global Luxury Property Specialist
Coldwell Banker Bighorn Realty