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Crested Butte Real Estate Market Report September 2017

October 11, 2017 By Chris Kopf

Crested Butte Real Estate Market Report September 2017

 

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 2017Crested 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.

Crested Butte Real Estate Market Report September 20172017 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?


Crested Butte Real Estate Market Report September 20172017 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).

Crested Butte Real Estate Market Report September 2017There 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…

How is the Crested Butte Real Estate Market Doing?   – Receive the Full Crested Butte Real Estate Market Report and you will get my FREE Monthly Newsletter emailed to you with the Crested Butte Real Estate Market Reports!

See the big picture and all the details of the Crested Butte CO Real Estate Market  – Download Full CB Real Estate Market Report as a .pdf file (more data and charts)

Chris Kopf Crested Butte Real Estate AgentHow 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).

Visit www.chriskopf.com. Phone: (970) 209-5405, or chriskopf@bighornrealty.com

Click here to see  Crested Butte 3D Walkthrough Home Tours

Click here to do an advanced search the Crested Butte MLS for properties for sale in the Crested Butte area.

For more questions regarding Crested Butte Real Estate Market Report August 2017 or the Crested Butte Real Estate Market contact:

Thanks,
Chris Kopf

Global Luxury Property Specialist
Coldwell Banker Bighorn Realty
(970) 209-5405
chriskopf@bighornrealty.com

 

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Chris Kopf, Coldwell Banker Mountain Properties
305 6th Street
Crested Butte, CO 81224
  • Chris.Kopf@CBMP.com
  • (970) 209-5405

Testimonials

Bobby Nichols

"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "

 
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:45:19-07:00
"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "  
https://chriskopf.com/testimonials/bobby-nichols/

Jeff Hollings

Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:46:48-07:00
Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
https://chriskopf.com/testimonials/jeff-hollings/

James Brennan

This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
Crested Butte Real Estate by Chris Kopf
2014-10-14T17:59:24-06:00
This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
https://chriskopf.com/testimonials/james-brennan/

Jane Saltzman

Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:49:37-07:00
Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
https://chriskopf.com/testimonials/jane-saltzman/

Georges Lussier

The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:40-06:00
The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
https://chriskopf.com/testimonials/georges-lussier/

Frank Stringer

Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:51:04-07:00
Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
https://chriskopf.com/testimonials/frank-stringer/

Paul & Julie Keesee

Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:59-06:00
Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
https://chriskopf.com/testimonials/paul-julie-keesee/

Jim & Sandra Wickham

Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:18-06:00
Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
https://chriskopf.com/testimonials/jim-sandra-wickham/

Tom & Mary Aton

It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:31-06:00
It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
https://chriskopf.com/testimonials/tom-mary-aton/

Dan Aquaviva

This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:26-06:00
This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
https://chriskopf.com/testimonials/dan-aquaviva/
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Crested Butte Real Estate by Chris Kopf

The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) program of Colorado Real Estate Network, Inc. (CREN), © Copyright 2016. All rights reserved. All data deemed reliable but not guaranteed and should be independently verified. This database record is provided subject to “limited license” rights. Duplication or reproduction is prohibited.

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