This YTD Crested Butte Real Estate Market Report analyzes the properties sold January 1, 2012 through August 31, 2012 and compares these results with previous years results. At this point the 2012 Market Volume and the number of Transaction Totals appear to mirror 2011, but the tale of the tape shows otherwise. 2012 started off with a bang, but has tapered this Summer, with total transaction volume down for June, July and August nearly $10M compared with 2011. 
As detailed later in this report $1M+ Home sales are down YTD ($14.4M vs. $22.7M) and this almost completely makes up the difference in the Summer numbers. There is a strong list of 44 properties Under Contract (20 Condos, 19 SF Homes, 5 Lots), totaling $23.4M including 6 SF Homes with Asking Prices over $1M. While there has been a fair amount of activity and showings in town – surprising that last Summer there was a flurry of SF Homes sold in town above $1M, but there has been only 1 home sale in downtown Crested Butte so far this Summer, and none currently Under Contract. Average Discount from Asking Price to Selling Price for all properties is 12%, Condos and Town homes (C&T) are at 10.75% and SF Homes at 9.7%. Sold properties are also showing an Average Discount from Original Price to Selling price of $28% (34% for C&T and 23% for SF Homes). While these % are down significantly from 2011, it shows that Sellers are still “testing the market” with initial Asking Prices, and there is typically an Asking Price reduction prior to successful sale. Average Days on Market is 337 Days for all Residential properties (351 for SF Homes). Average Price Per Sq. Ft. – Single Family Homes, Condos & Town homes Condos & Town homes price per sq. ft. has remained pretty constant throughout the year at just under $200 per sq. ft. but down from previous years. For the first 6 months of this year we saw Average Price per sq. ft. for SF Homes at $280, and this was an increase over the same time in 2011 which indicated a positive sign that perhaps we reached the bottom…? 
There is still quite an inventory in the MLS (Currently 253 SF Homes for sale, Avg. Price of $1.1M, Median Price of $860K). Market for $1M+ Homes trailing previous years Interesting that there have only been 8 properties that sold for > $1M YTD compared with 14 this time last year (and only 1 had sold before the middle of May in 2011). The list is a mixture of 1 West Wall Condo, and 7 Single Family Homes (3 in town, 2 on Mt. CB, and 2 in outlying areas). 
The good news is that there were still 11 $1M homes sold last year after August, and there are 6 homes with Asking Prices > $1M that are currently under contract (it is possible that 2 of these may close for under $1M). Looking at the details of these high-end properties we see that the Average Price per sq. ft. for these homes was $430 (compared to all SF Homes which was $270). The % Difference Asking Price vs. Sold Price for these homes was 14% compared with 12% for All properties sold. There are currently 106 Active Listings for SF Homes, Condos & Townhomes > $1M in the MLS with Average Days on Market of 296 Days. Average Price per sq. ft. for these homes was $430 (compared to all SF Homes which was $270). The % Difference Asking Price vs. Sold Price for these homes was 14% compared with 12% for All properties sold. There are currently 106 Active Listings for SF Homes, Condos & Townhomes > $1M in the MLS with Average Days on Market of 296 Days. Buyer or Seller Market? The majority of Buyers that I am working with are realistic, but scouring the market for properties that represent value. I typically show 10+ similar properties to Buyers before they narrow down their choices. Unlike 2 and 3 years ago where the majority of Buyers were unrealistic and anticipating a “steal” vs a “deal”. The properties that are priced close to market with Sellers that are also reasonable are selling. Buyers nor the Market unfortunately does not care what a seller bought the property for, what they have in it, or what the loan amount is. As well 28% of all transactions this year were distressed sales as either Short-sales or Foreclosures (compared with 49% YTD in 2011), and given the large inventory of properties in every category the message to Sellers is accurately price your property to the market and expect some wiggle room, as this is still a Buyer’s market. Download the Full Crested Butte Real Estate Market Report with all tables, charts and graphs HERE View all the 166 Properties that have Sold in the Crested Butte Market How can I help you? This 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 property is worth, or want me to help you search for that perfect mountain property – I would appreciate the opportunity to earn your business (or a friend you think I could help). To see featured properties or search the MLS – visit my new website chriskopf.com. You always reach me at: (970) 209-5405 or chriskopf@bighornrealty.com Thanks, Chris Kopf
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