Crested Butte Real Estate Market Report – 2014 in Review
Back to Back Years of Strong Results
2014 result totals are very similar to 2013 with some interesting differences when drilling down into the numbers. The Crested Butte Real Estate Market started off slow and finished slow, but the Summer selling season resulted in big numbers in August, September and October (all over $22M). There were also fewer Luxury Homes Sold in Crested Butte 2014 (20 vs. 27 in 2013). Looking at the historical charts – we are seeing Single Family Home prices recover, and Buyers who have been on the fence may consider making a decision in 2015 if this trend continues. Condo & Town home prices are still relatively flat for the past 3 years.
2014 Total Volume was $148M which is similar to the 2013 total of $144M, but the Total Number ofProperties Sold in 2014 (329) was slightly lower than 2013 (335). Average Days on Market (DOM) for all Sold properties was 303 days (while Average DOM for all properties still For Sale is 503 days. Under Contract – only 19 properties representing $8.6M are currently under contract, but here have been record number of visitors here in Crested Butte over Christmas & New Years, and real estate activity has picked-up as well. Active Listings – There are fewer properties for Buyers to look at however as we continue to see a decline in Inventory – there are currently 611 properties for Sale:
- Single Family Homes (SF) = 286, of these there are 47 in Mt. CB, 24 in CB, and overall 73 Luxury Homes Listed for over $1M, and 19 SF Homes sitting on 35+ Acres.
- Condos & Town Homes For Sale = 174
- Parcels of Land For Sale = 286
So how is the Crested Butte Real Estate Market? These historic price points tell us that Single Family Home prices are on the rise, but Condos and Town home prices are flat. Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million + in 2014 There have been 27 properties sold for over $1M in 2014 – 20 of them have been Single Family Homes, 2 ski-in/out condos (West Wall and Silver Ridge) and 5 riverfront home sites sold in 2014 at Wilder on the Taylor. The most expensive single family home sold in 2014 (and the past 18 months was the $3.9M luxury home sold in Trappers Crossing at CB (5 bedrooms, 5.5 baths, fully furnished). The Luxury volume of $47.7M sold in 2014 represents 32% of the total volume, and the the 20 Luxury Single Family Homes Sold in 2014 totaling of $36.4M comes short of the 27 sales and volume of $46.3M in 2013. The average sold price for the high-end homes sold is $1.82M; median price $1.48M, and Average Price per sq. ft. was $476. See details of the Top 4 Luxury Homes sold in Crested Butte in 2014. Talking with architects, builders and contractors, construction activity is on the rise – and there are currently many new Luxury Homes being built, as well as a significant number of Remodel projects underway throughout the Crested Butte area. Top Crested Butte Luxury Single Family Homes Sold in 2014 Luxury Properties For Sale in the Crested Butte Area There are a total of 110 properties Listed for over $1M for a total Volume of $223M, including 73 Single Family Homes for sale with Asking Prices over $1M representing $424M in total volume. In historic downtown Crested Butte there are 17 luxury properties for sale with 12 Single Family Home prices ranging from $1.1M to $2.7M and median Asking Price of $1.25M, and Average Price per Sq. Ft. of $570, plus 4 high-end residential parcels in downtown Crested Butte ranging from $1.1M to $3.25M. There are 26 Single Family Homes for sale on Mt. Crested Butte between $1.1M and $4.6M, and a handful representing ski-in/ski-out including 3 in the Prospect Subdivision. There are 2 high-end luxury condos and town homes for sale in Mt. Crested Butte – one at the ski-in/out West Wall (Penthouse unit A-403 Listed for $2.095M), and two Town Homes across the street at The Villas. There are 32 parcels for Sale between $1.1M and $12.6M – the latter being the North Village “Promontory Ranch” parcel at the base of Snodgrass. The majority are either Ski-in/Out or Private Water Fishing parcels. Average Price Per Square Foot (Sq. Ft.) Price per sq. ft. is a metric – and one way to compare “similar” homes. The problem in Crested Butte is we have many homes that are next door or across the street that were built 20 years apart. As well there could be a small home on a fabulous 35 acre property that shows an astronomically high price per sq. ft. which is not a great representation of the value of the property when compared with other homes. As well – the mix of properties sold will vary – and with the small sample a handful of properties sold can sway the numbers. That being said – when looking at large numbers of properties and historic trends it can be an insightful metric to help understand what is going on in the Crested Butte Real Estate Market. We see that Single Family home Average Price per Sq. Ft. is on the rise – $326 in 2014 vs. $293 in 2013 and $270 in 2012. While Condo & Town Home Average Price per Sq. Ft. is also up $244 in 2014 vs. $213 in 2013 and $208 in 2012 (this is unusual considering the Average and Median Price points for Sold Condos & Town Homes has been flat for the past 3 years).
What is Selling in the Crested Butte area? Condos and Townhomes represents the most transactions (172) and 52% of all transaction and 32% of all Volume, with Single Family homes making up the second largest count (96) 29% of all transactions, and 55% of all Volume. Land /Lots Sold (61) represent 19% of the number of transaction but only 13% of the total dollar volume sold in 2014. There have been 20 single family homes sold for over $1M, and this represents 25% of the overall Volume, but only 6% of the total number of transactions.
What Land is Selling in the Crested Butte area? As we see from the table there have been a similar number of lots sold the past 3 years (61, 68, and 60) and this represents approximately 20% of the available inventory (a 5 year supply). Under Contract Of the 19 properties Under Contract, only 3 are Condos/Townhomes, 11 are Single Family homes and 5are lots. At the end of December these 19 properties under contract represents $8.6M compared with 40 properties Under Contract and $16.7M at the end of December 2013 when there were 17 properties Under Contract totaling $8.5M.
Active Listings There are 611 properties For Sale in our market representing $402M. We have seen a steady decrease in local inventory for sale, but many choices – and some great values. Crested Butte Real Estate Market Report – 2014 In Review – Download Full Report as a .pdf file (more data and charts).
What to expect in 2015 – Buyers– It may be time to put a stake in the ground – as evident from SF Home prices – condos and townhomes are sure to follow… If you are thinking of buying because you love it here in the Winter, you will be happy with your decision come Summer. What are your options – there are 110 Condos For Sale under $400,000, another 40 Condos & 9 Town homes up to $700,000 plus 34 Single Family (SF) Homes. From $700,000 to $1M there are 3 Condos, 4 Townhomes and 29 SF Homes, and from $1M to $2M there are 3 Condos, 2 Townhomes and 46 SF Homes, and finally from $2M+ you have 1 Condo and 27 SF homes available.
Sellers – If you have had your property on the Market for a while – your price is probably too high, but hold tight, it appears the market and prices are coming to you…
How will the Oil & Gas Markets Affect CB Real Estate in 2015? With many Crested Butte second-homeowners invested in the Oil & Gas Industry and oil at $53 (down from $87 one year ago), and Natural Gas at $3 (compared with $4.40 1 year ago and $5 in March) it will be interesting to see the impact here. Some suggest the pendulum will stop swinging and market forces will provide recovery. Conversely we have a 18,000 Dow, up from 12,000 three years ago…
Kopf #1 Agent in Crested Butte for 2014 – I am thankful to my many valued clients and the support at Coldwell Banker Bighorn Realty for a great year in 2014. I was involved in over 20 transactions and $21M in total Volume including the top home sold in 2014 – a $3.9M home where I represented the Seller.
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 Crested Butte 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). Visit chriskopf.com. Phone: (970) 209-5405, or firstname.lastname@example.org Thanks, Chris Kopf
Previews® Property Specialist
Coldwell Banker Bighorn Realty