Crested Butte Real Estate Market Report – 2011 – 2012 Ski Season

This Crested Butte Real Estate Market report analyzes the properties sold during the Ski Season – December 1, 2011 through April 30, 2012 and compares these results with previous years results of the same period.  To Download the Full Detailed Report click here Crested Butte Real Estate is Attracting Buyers It was a down year for snow, and Winter skier revenues across the country, and Crested Butte was no different.  The numbers suggest about a 10% reduction vs. last year in terms of Visitors and Dollars Spent – but the Crested Butte area Real Estate numbers show a different story.   Both the Total Number of Properties Sold (+26%) and overall Volume (+28%) are up. Single Family homes make up the lions share of the volume at 62% of all properties sold, with Condos and Townhomes comprising 23% and Land the remaining 15%.  Geographically it is no surprise that in the Winter selling season the majority of the properties sold were on the mountain, with Mt. Crested Butte seeing 46% of all the transactions (Condos & Town Homes make up a big part of this), and Crested Butte at 15% of all transactions. In the $1M+ Category, there were 6 properties Sold totaling nearly $11M in Volume (5 SF Homes, 1 Condo), and these were sold at an average of $543 per sq. ft.  Standing at the top of this list was a 6,500 sq. ft. ski-in/out Home in Prospect that closed for $4M. Perhaps a sign that we are nearing the bottom or are seeing signs of a plateau as the following numbers suggest – Average prices for Single Family homes have increased (6.7%), but price per sq. ft. has decreased (5%).  In the Condo & Town Home segment we are see a decrease in Average prices (4.7%) but price per sq. ft. has increased (2.4%). Comparing Asking with Selling Price and What is Realistic? As always these are some of the most informative numbers in this market report…  Most Buyers read national headlines or see data for depressed areas and expect a “Steal” in Crested Butte.  Sellers see the opposite numbers when reading about flourishing areas in the country, and hope to sell their property above the current Crested Butte Market prices, and at their Asking Price – but what is realistic? 10% is Realistic (given the data).  The numbers in the table – and more evident from the charts show that compared with two and three years ago – there are great deals for properties in the Crested Butte Area with prices well below the prices in 2008 – 2009 ski season (and well below the highs of 2006 & 2007).  The data for the Crested Butte Area shows that Average Discount from Asking Price to Sold Price is right around 10% (9.9% for SF Homes, and 11.3% for Condos & Townhomes).  10% is the Average – but I am here to help you determine what is realistic for a specific property. Average Price Per Square Foot is a useful metric.  It is true that no two properties are identical – given location, quality, lay-out, style, views…etc.  Like it or not, price per sq. ft. is the variable that is most often used to compare like properties.  As well, when taking a step back and comparing many transactions over similar periods it does give us insight.  As the current data shows we have  fairly flat trend with regard to the overall price per sq. ft. – Single Family homes are down a bit (-5%) from last year, and Condos & Town Homes are seeing a slight rise (2.5%) when compared with last year. What is the long-term outlook for CB?  It is hard to predict what the future will hold for Crested Butte, but there was an article in the Wall Street Journal over the weekend stating that many other vacation home markets are also seeing an increase in Real Estate activity as Buyers take advantage of low prices, rock bottom mortgage rates (4%) and in some areas dwindling inventories… http://online.wsj.com/article/SB10001424052702303877604577382002073347624.html The Crested Butte area is a market dependent on the second-homeowners primarily from out of state – with some positive indicators in the national economy and sure positive signs that Buyers are buying here, indicates that this could be a strong Summer Season. The Crested Butte Real Estate Market continues to be a great value – we have great Winter & Summer amenities, outdoor beauty, a neat culture, a warm community, and the opportunity to share time here with family and friends to create memories for a lifetime. 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 at chriskopf.com.  You always reach me at: (970) 209-5405 or chriskopf@bighornrealty.com To download full report – click link here: Thanks, Chris Kopf Broker Associate Coldwell Banker Bighorn Realty (970) 209-5405