Crested Butte Real Estate Market Report April 2016

Crested Butte Real Estate Market Report April 2016 

Crested Butte Real Estate Market Continues Momentum

Crested Butte Real Estate Market Report April 2016

This Crested Butte Real Estate Market Report April 2016 looks at the Crested Butte Real Estate Market Year to date through the Month of April 2016 and compares previous years.

The Crested Butte Real Estate Market has seen three strong years of steady activity and a high volume of transactions. The results year to date for 2016 are impressive especially when comparing similar result from the past three strong years. The report last week from the National Association of REALTORS® (NAR) 2016 Investment and Vacation Home Buyers Survey shows US vacation home transactions dropped from 21% to 16% but still historically high. 19% of all Vacation Buyers purchased in the Mountains. There are high expectations that the Summer season will be very active in Crested Butte as well.

Total Number of Properties Sold (81) YTD is down from 2014 (95). Year to Date Total $ Volume is $42.8M which is up significantly 22% over 2015 ($33.2M), and short of the total volume of $44M for the same period in 2013.

The good news is there has consistently been a flurry of activity over the Summer months with the high influx of visitors especially in July and early August – there are 86 properties Under Contract representing a volume of $36.3M.

Year to date Single Family homes made up 61% of the total volume representing $26.1M and 20 transactions. There have been 11 Luxury Single Family Homes sold over $1M representing $20.2M in volume. There were 33 Condos & Townhome transactions YTD with $11.6M in volume.

Crested Butte Luxury Real Estate Market – Luxury Homes Sold for $1 Million + Year to Date

There have been 11 properties sold for over $1M YTD – all of them have been Single Family Homes. The total high-end volume of $20.2M makes up 47% of the overall market volume YTD but only 14% of the total transactions. The average sold price for the homes was $1.8M; median price $1.7M, and Average Price per sq. ft. was $551. There are 6 luxury single family homes under contract – of note a beautiful home overlooking Grant Lake in Skyland ($3.2M Asking Price).

Luxury Properties For Sale in the Crested Butte Area There are a total of 73 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $150M. Average Asking price is $2.1M, and Median Asking Price of $1.63M. Average price per sq. ft. is $579. Highest priced home is the aforementioned Prospect home with asking price of $4.4M.

High-end Land / Riverfront Home sites For Sale – With all the land that has sold there are still a total of 275 current listings for Land – 10% (qty. 25) of those are luxury residential lots for sale above $1M. The Average Asking Price is $1.8M and Median Asking Price is $1.9M – these lots are scattered around with the majority located in The Reserve on the East River and Wilder on the Taylor, but there are 4 lots in downtown Crested Butte (1 is Under Contract – a lot in the Kapushion area), and others on Mt. Crested Butte and outlying areas. There are 22 ski-in / ski-out, or skier access lots for sale in the Prospect development in Mt. Crested Butte and all are below $1M (only 3 are below $500,000), and a unique offering of 20 acres (50 homesites) near the top of the Painter Boy lift with asking price of $8.9M. There are also some nice 35 acre lots in Trappers Crossing and one opportunity to own a contiguous 70 acres with panoramic views.

What Real Estate is Selling in the Crested Butte area?

Year to Date the totals by category are Single Family Homes (20), Condos and Townhomes (33) and Lots (27). Year to date Single Family homes made up 61% of the total volume representing $26M. Condos & Townhome made up 41% of the total transactions and 27% of the YTD Volume, while land/lots represents $5M in volume, and 33% of the transactions year to date.

Under Contract There are 86 properties Under Contract. There are 55 Condos/Townhomes, 22 Single Family homes and 8 lots. At the end of April these 86 properties under contract represent $35.4M compared with April 2015 when there were 46 properties Under Contract representing $29.7M in volume.

Active Listings There are 609 properties For Sale in our market representing $436M. This is up from 558 properties and $378M from April of 2015.

Ski Season was Good number of visitors was constant

The snow came in a few big storms, but the visitors consistently streamed in throughout the ski season. There were lots of visitors from the front-range as marketing to this area continues. Including Crested Butte as part of the other passes is paying off. The ski season is over – but mother nature continued to drop snow on Crested Butte – and the snowfall is much needed to fill the reservoirs.

Sumer in CB is huge – with temperatures over 100 in Texas and the Southwest there are many visitors who fly and mostly drive to visit CB in the summer. July is certainly the busies time and there are actually efforts to not promote the Crested Butte 4th of July this year because the volume of people exceeds the ability to provide a great experience in town, restaurants, the rental market, camping… etc. The long-term rental market is also non-existent, and reports are that people are even filling the RV parks in Gunnison and near Blue Mesa to have a place to live.

The Crested Butte Community School once again received a Gold Medal rating from U.S. News and World Report and this is a major magnet for families to re-locate to Crested Butte and benefit from the mountain lifestyle AND provide an excellent education for their kids (I know – this was our experience with our 3 daughters – one who just graduated from CU in Boulder – yeah!!).

Be sure to get your tickets to the summer Crested Butte Music Festival Events that will be held in the Mt. Crested Butte new Victoria Mirror Palace venue or spiegeltent that is to be constructed every summer for the next three years until the Biery-Witt Center is completed.