Crested Butte Real Estate Market Report 2016 in Review
Three Years of High Activity and Demand Equals a Healthy Crested Butte Real Estate Market
CRESTED BUTTE COLORADO REAL ESTATE OVERVIEW SUMMARY
2016 result are in and exceed the previous two years in total transactions and volume. Crested Butte Real Estate Market Report 2016 in Review. The Crested Butte Real Estate Market is active and healthy. In 2016 we saw a slight increase (4%) in the overall number of transactions sold (371), and a greater increase (11%), in the total volume ($183M). Further investigation will show you that the inventory and mix of what is selling has changed a bit to a higher price point (not a significant rise in prices).
I have modified the format of this report and you will see each page showing details for a specific segment of the market. This is a comprehensive look at the Crested Butte Real Estate Market. You will see that in this report I cover Crested Butte Luxury Single Family Homes, Crested Butte Single Family Homes, Crested Butte Condos, Crested Butte Town Homes and Crested Butte Land. One of the benefits of the Crested Butte Real Estate Market is that it has so many options for Buyers. In addition to the variety of real estate types, there are many options in price point, location and quality. The challenge is that this also makes it hard to look at the overall market and make a broad brush statement about How the Crested Butte Real Estate Market is doing, and what can I expect when looking for Crested Butte Homes for Sale…?
While I attempt to answer that question for all readers, you will see all segments represented here in this comprehensive market report. While I focus the majority of my efforts and time with the luxury segment of the market, if you see a segment of the market that you would like additional help with understanding – please contact me.
Crested Butte Snowpalooza, Showpocalypse, Snowglobe… these are all made-up words to describe the reality of what we have seen mother nature deliver to Crested Butte so far in 2017. The snow is epic and awesome for skiing, and we are getting lots of new skiers show up (and Press!)… but so much snow also requires shoveling… If you have not had your roof shoveled, then you should do this because the snow and ice are very heavy. I recently had my roof shoveled and our 4,000 sq. ft. home in Mt. Crested Butte with a 3 car garage took 3 guys a full day to clear. The bill was $1,100. Ouch! But, this is way less expensive than a roof repair, or interior water damage from a leak caused by the ice build-up.
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. I have consistently been among the top real estate agents in Crested Butte 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).
Click the Link to download the Full 9 Page .pdf CB Real Estate Market Report 2016 in Review, and you will get my Monthly Newsletter emailed to you with the market reports!
Previews® Property Specialist
Coldwell Banker Bighorn Realty
OVERALL CRESTED BUTTE CO REAL ESTATE MARKET RESULTS
So how is the Crested Butte CO Real Estate Market doing?
People ask if it is a “Buyer’s Market” or “Seller’s Market”? Right now I would say we are neutral – but the needle could swing toward a seller’s market in 2017. As we review 2016 and compare to previous years we continue to see strong Buyer demand, a reduction in inventory, and great values in Crested Butte compared with other resort ski markets.
With the backdrop of a strong economy, a 20,000 DOW, oil prices that have “recovered” to $50 a barrel, and prospects with Trump in office that there will be a focus on improving the US Economy, jobs and national security – we will hopefully see prosperity continue.
Seller’s Market – Drilling down and looking at specific home examples – What makes it a Seller’s Market? If there is a quality home that does not need upgrades to the kitchen and bathrooms and it is priced to the market that home will sell “quickly” and at an above average price point.
Buyer’s Market – Specifically what home scenarios shift the leverage to the Buyer? If there is a home, where upgrades are a “must”. This will negatively affect the Days on Market of the home at any price point. A Buyer’s perspective is the Home Cost $ + Upgrade Cost $ + 20% Fudge Factor for the unknown = Actual Purchase price. Hence, the market has shown that homes that need major projects will sit on the market longer and sell at a below average price point. Why/ Because “most Buyers” will keep looking for the quality home that fits their needs, and pocketbooks. We have seen many major and minor home remodels, and other Buyers who have determined to find the perfect parcel of land with the quest to build their dream home (evidenced by the increase in land sales the past 2 years).
LUXURY CRESTED BUTTE SINGLE FAMILY HOME SALES
So how is the Luxury Crested Butte Real Estate Market?
These are interesting tables and charts. I try to drill down and should be of interest to the Buyer asking about Crested Butte Homes For Sale and what to expect. As well a Seller who want to understand the Crested Butte Real Estate Market. The table Sold Crested Butte Single Family Home Average Price Year over Year and the detailed chart below Average Prices Crested Butte Single Family Homes Grouped by Price Point tell us that the overall market by price point is fairly flat. In fact in most price point categories for single family homes there was actually a reduction in the selling prices as compared to 2015, but very similar to 2014.
We saw a slight increase in the overall number of Single Family homes sold above $1M when compared to 2015, but these results doubled from 2014. As mentioned the definition of luxury single family home is shifting, and 2017 will see very few transactions at the lower end of the market because of the lack of inventory. The market is also tightening up with Average Asking to Selling discount % for Luxury Single Family homes at 6.5%.
Of the 39 Crested Butte Homes Sold in 2016 the Average Price per sq. ft. = $548. The market is also tightening up with Average Asking to Selling discount % for Luxury Single Family homes at 6.5%.
CRESTED BUTTE SINGLE FAMILY HOMES
Inventory and Price Point Shift – One look at the charts on the right showing Single Family Home Prices over the past 5 years and most people would suggest Crested Butte Single Family home prices are skyrocketing.
Not so, there is a lack of inventory and resulting homes sold below $500,000 and this is skewing the overall price points. See detailed Crested Butte Homes table and charts showing Crested Butte Homes with breakdown showing historic count sold, and median price point ranges. This is one reason there is a boom in construction right now many permanent residents are building vs. buying because there is a lack of quality inventory in the lower price ranges.
CRESTED BUTTE CONDOS
There is a great variety of condos in the Crested Butte area. All Condo Sales show the Average and Median Price points with a downward trend from 2014 and 2015. Price per sq. ft. has increased from $231 to $264 per sq. ft. in 2016.
Looking at the high-end there were 4 condos sold at the Lodge at Mountaineer Square between $375,000 and $533,500 with Average price per sq. ft. of $398.
There were also 4 condos sold in the West Wall Lodge between $725,000 and $1.58M with average price per sq. ft. of $480.
CRESTED BUTTE TOWN HOMES
There were 17 Town Homes sold in 2016 (vs. 14 in 2015). 2016 Average Sold Price ($517,000) vs. 2015 ($414,000). Town Home price per sq. ft. ranged from $163 to $452 with an Average of $287 in 2016. Town Homes offer a great option – most are 3 or 4 bedrooms with comfortable floor plan, and include 1 or 2 car garage. There are 13 Town Homes for Sale in Mt. Crested Butte and Skyland with Average Asking Price of $705,000, and Avg. price per sq. ft. of $345.
CRESTED BUTTE LAND
Comparing Land Sales in 2016 to previous years we see that the number of land sales are down as compared to 2015 (86 vs 110) but up significantly as compared with 2012, 2013 and 2014. Interesting though the % of overall sales has been pretty consistent in the 20% – 23% range (except for 2015 which was 31% of the overall number of transactions).
Average Land Sales show the Average Sold Price in 2016 was $221,807 which is similar to 2015, but below a spike in 2014. Median Price points shows the sold price point at $137,500 compared to $98,500 in 2015 and $172,600 in 2014.
High-End Crested Butte Land Sales
There was 1 lot in downtown Crested Butte that sold for over $1M – this was on Ruths Road in the Kapushion Annexation. There were 3 riverfront lots sold at The Wilder on the Taylor for $1.75M each, one was to an owner/executive with the developer (Jackson Shaw).
Prospect – There were only two lots sold in the ski-in ski-out Prospect development in 2016 with an average and Median Price point of $275,000. Since the lawsuit between a group of Prospect landowners and the Muellers was settled in late 2016 the expectation is the land sales will rebound in 2017. There are currently 20 lots for sale with an Average Asking Price of $500,750 and a Median Asking Price of $552,500. There is also a 20 Acre parcel for sale allowing for up to 50 home sites near the top of the Gold Link, Painter Boy and Prospect ski lifts.
CRESTED BUTTE PROPERTIES UNDER CONTRACT
Of the 38 properties in the Crested Butte area Under Contract at the end of 2016, 20 are Condos/Town homes, 9 are Single Family homes and 9 are lots. At the end of December these 38 properties under contract represents $19M, compared with the same time in 2015 when there were 62 properties and $25.6M. At the end of 2014 there were 33 properties and $10M Under Contract.
HOMES FOR SALE IN CRESTED BUTTE – ACTIVE LISTINGS
At the end of 2016 there were 490 properties For Sale in the Crested Butte Real Estate Market representing $473M. Combining Condos & Town homes and Single Family homes we see there are 194 Homes for Sale in Crested Butte. We have seen a steady decrease in local inventory for sale, and the table in the full Market Report for download shows over 630 properties on the market at the end of 2013.
Click the Link to download the Full 9 Page .pdf CB Real Estate Market Report, and you will get my Monthly Newsletter emailed to you with the 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)
How can I help you? This Crested Butte Real Estate Market Report – 2015 in Review 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).
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 – 2015 Review or the Crested Butte Real Estate Market contact:
Previews® Property Specialist
Coldwell Banker Bighorn Realty