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Crested Butte Real Estate Market Report April 2016

May 12, 2016 By Chris Kopf

Crested Butte Real Estate Market Report April 2016 

Crested Butte Real Estate Market Continues Momentum

Crested Butte Real Estate Market Report April 2016

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.

Crested Butte Real Estate Market Report April 2016The 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

Crested Butte Real Estate Market Report April 2016 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?

Crested Butte Real Estate Market Report April 2016Year 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.

Crested Butte Real Estate Market Report April 2016Active 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.

See the Full Crested Butte Real Estate Market Report April 2016 – Get Full Crested Butte Real Estate Market Report April – 2016 here

See the Full 2015 Crested Butte Real Estate Market Report – Download full Crested Butte Real Estate Market Report – 2015 Review to see the big picture and all the details of the Crested Butte CO Real Estate Market  – Download Full Report as a .pdf file (more data and charts).

New 3D Walkthrough Home Tour 1060 County Road 12 Crested ButteClick here to see the Crested Butte 3D Walkthrough Home Tours

How can I help you?
This Crested Butte Real Estate Market Report April 2016 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 afriend you think I could help).

Visit www.chriskopf.com. Phone: (970) 209-5405, or chriskopf@bighornrealty.com

Crested Butte Colorado Real Estatae

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 April 2016 or the Crested Butte Real Estate Market contact:

Thanks,
Chris Kopf

Previews® Property Specialist
Coldwell Banker Bighorn Realty
(970) 209-5405
chriskopf@bighornrealty.com

 

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Chris Kopf, Coldwell Banker Mountain Properties
305 6th Street
Crested Butte, CO 81224
  • Chris.Kopf@CBMP.com
  • (970) 209-5405

Testimonials

Bobby Nichols

"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "

 
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:45:19-07:00
"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "  
https://chriskopf.com/testimonials/bobby-nichols/

Jeff Hollings

Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:46:48-07:00
Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
https://chriskopf.com/testimonials/jeff-hollings/

James Brennan

This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
Crested Butte Real Estate by Chris Kopf
2014-10-14T17:59:24-06:00
This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
https://chriskopf.com/testimonials/james-brennan/

Jane Saltzman

Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:49:37-07:00
Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
https://chriskopf.com/testimonials/jane-saltzman/

Georges Lussier

The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:40-06:00
The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
https://chriskopf.com/testimonials/georges-lussier/

Frank Stringer

Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:51:04-07:00
Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
https://chriskopf.com/testimonials/frank-stringer/

Paul & Julie Keesee

Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:59-06:00
Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
https://chriskopf.com/testimonials/paul-julie-keesee/

Jim & Sandra Wickham

Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:18-06:00
Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
https://chriskopf.com/testimonials/jim-sandra-wickham/

Tom & Mary Aton

It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:31-06:00
It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
https://chriskopf.com/testimonials/tom-mary-aton/

Dan Aquaviva

This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:26-06:00
This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
https://chriskopf.com/testimonials/dan-aquaviva/
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Crested Butte Real Estate by Chris Kopf

The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) program of Colorado Real Estate Network, Inc. (CREN), © Copyright 2016. All rights reserved. All data deemed reliable but not guaranteed and should be independently verified. This database record is provided subject to “limited license” rights. Duplication or reproduction is prohibited.

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