Crested Butte Real Estate Market Report April 2017
Summer is Slow to Arrive
Crested Butte Real Estate Market Report April 2017 – Every year I forget how the month of May can be a variable month for weather – one day it is sunny and 55 degrees and the next it could be snowing sideways… The warm days are melting the giant piles of snow, and it will be a great wildflower year once we can get on the trails. The high country is still a winter wonderland and it will take a while for all the snow to melt and allow access via trails and roads to those special places…
Expectations are for a strong Summer Visitor count and that will translate into an active real estate market. We have seen slightly rising price points and slightly dropping inventories in some categories of Crested Butte real estate. There continues to be a lack of single family homes under $1M, and the middle of the bell curve is moving upward to the $1M – $1.5M range for a quality 4 Bedroom, 3+ Bath home. There are many condos and town homes and single homes in CB South and outlying areas and still some great values out there – especially compared to so many other mountain towns that have very high price points, and lots of people.
Short Term Rental (STR) changes – In addition to the Town of Crested Butte continuing to wrestle with a change in the allowable STR ordinance, the Glacier Lily and Wildhorse in Prospect Homeowners voted to enforce their restriction on STR. My belief is long term all these market areas will see rising price points as a more affluent buyer demographic (who don’t want to have renters next door) will move in…
The Assessor has sent out updated property valuations – and most have seen an increase in their property values in the 20% range. Some higher. This does not necessarily lead to a corresponding % increase in taxes, but likely they are going up. Remember that the revaluation, or reappraisal, occurs in odd-numbered years, and the property valuation notices sent out are based on transactions that occurred between July 1, 2011 and June 30, 2016. The Assessor uses an automated Multiple Regression Analysis comparison approach and not an individual property analysis. There is an appeal or protest process – see http://www.gunnisoncounty.org/680/Appeals-Process
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 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).
Crested Butte Real Estate Market Report April 2017
OVERALL CRESTED BUTTE REAL ESTATE MARKET RESULTS
Market Momentum will Continue into Summer 2017
This Crested Butte Real Estate Market Report looks at the Crested Butte Real Estate Market for the Month of April 2017 and compares previous years.
The momentum over the past four years following the downturn will continue into the Summer of 2017. We are currently tracking along similar lines to 2016. It will be another active year for Crested Butte real estate. As noted we continue to see higher volume and transaction count, but only slight increases in price point in most segments.
There were 96 transactions Year to Date compared with 81 for the same period in 2016. This represents a volume of $41.8M compared with a very similar volume of $42.8M for the previous year. The majority of these transactions were condos and town homes (qty. 50) with Average Sold price of $330,000. Of the 16 single family homes sold YTD the Average Sold price was $975,000. There have been 6 luxury Single Family homes sold above $1M with an Average Sales Price of $1.69M and price per sq. ft. of $508.
There were 24 lots sold YTD with an average sold price of $195,000. Sixth Street Station in downtown Crested Butte is moving through final approval process and after many many years may become a reality. As previously noted there is a new subdivision called Aperture just North of downtown Crested Butte (adjacent to the cemetery, rec path and slate river) with home site asking prices between $1M and $1.2M. Also moving through final County approvals. These lots allow for over 5,000 sq. ft. home to be built.
CRESTED BUTTE REAL ESTATE LUXURY SINGLE FAMILY HOME SALES
So how is the Luxury Crested Butte Real Estate Market?
2017 Year to Date – As the tables and the detailed charts below show Average Prices of Crested Butte Single Family Homes show us that the overall market by price points are seeing a slight historical rise. Given the small sample set the data is variable. Going back and looking at the 2016 Year in Review you will see the trend lines show a fairly flat market over the past 5 years.
Year to date we see there are 6 Luxury homes sold (above $1M) compared to 11 for the same period in 2016. This is also down from 2015 (qty. 9), but double the results in 2014 (qty. 6). 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 4.35%. The chart showing All Years reflects Jan 2013 through April 30, 2017.
CRESTED BUTTE REAL ESTATE SINGLE FAMILY HOMES
Inventory and Price Point Shift Continues – Looking at the historical Count of Single Family Homes sold in the Crested Butte area shows the majority were below $750,000. Current YTD numbers show a fairly even distribution of homes sold in each price range. As previously stated if one only looked at ALL Single Family Home Prices over the past 5 years the determination may be that Crested Butte Single Family home prices are skyrocketing. Not so, there is a lack of inventory at the low-end of the Single Family home market – and with building costs around $300 per sq. ft. most buyers are now looking at higher price points for buying their dream home in Crested Butte.
There are 117 Single Family homes for sale in the Crested Butte area – and only 29 of them are under $1M. There are 36 Single Family Homes for sale between $1M – $1.5M, and 24 between $1.5M – $2M. The charts below represent a slight decrease in price points – see the additional detailed info to explain these wacky results as a function of the law of small numbers…
Wacky Results – So what is going on with Single Family homes and the decrease in Average and Median Price point? The devil is in the details and so I did some additional analysis. As you will see below the mix of transactions and the “law of small numbers” is the culprit here. Looking at YTD numbers at the beginning of the year always introduces some wacky results but also can be revealing. YTD 2016 numbers are higher because there were more high-end homes sold $1M+ = 6 vs. YTD 2017 = 6, also CB SF Homes = 6 vs 4 in 2017. There was also only 2 CB South SF homes sold in 2016, vs 5 in 2017. See the charts below.
CRESTED BUTTE REAL ESTATE CONDOS
2017 YTD Condo Results – Condo Sales show a slight rise in the Average and Median Price points, but overall they are fairly flat. Price per sq. ft. has increased from $261 to $283 per sq. ft. year over year.
There is a great variety of condos in the Crested Butte area. Looking at the high-end there was 1 ski-in-out condo that sold at Silver Ridge for $1,550,000 or $551 per sq. ft.
There were also 9 base area condos that sold above $350,000 with average price per sq. ft. of $341.
CRESTED BUTTE REAL ESTATE TOWN HOMES
2017 YTD Town Home Results – Town home sales results in the Crested Butte area also appear to be fairly flat historically . There were 6 Town Homes sold in YTD in 2017 with an Average Sales price of $548 and Average price per sq. ft. of $353. Town Home price per sq. ft. ranged from $163 to $452 with an Average of $287 for the year in 2016.
There are currently 15 Town Homes for Sale with an Average Asking Price of $602,000 and Median Asking Price of $474,000.
CRESTED BUTTE REAL ESTATE LAND
Crested Butte area Land Market
2017 YTD Land Results – Comparing Land Sales for the past two years we see the YTD results are similar (qty. 24 for YTD 2017, and 28 for YTD 2016), but well behind the results for the same period in 2014.
Like in other categories of real estate in the Crested Butte area we are seeing a slight increase in price points.
While there were no recorded sales of land in downtown Crested Butte – this area represents a high price point with Average and Median prices in the $900,000 range.
High-End Crested Butte Area Land
For the Buyer looking to own a quality parcel of land to build their dream home on there are a number of opportunities to also have the benefit of two miles of pristine fly fishing. The Reserve on the East River and the Wilder on the Taylor are two premier shared ranches that provide a wonderful experience and opportunity to create a legacy of family memories.
Prospect – Prospect offers a unique opportunity to own land and a home with primo ski-in / ski-out access. The view of the East River valley are endless and the quality of the homes that have been built in Prospect are top shelf. 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 REAL ESTATE ACTIVE LISTINGS
Active Listings – At the end of April 2017 there were 565 properties For Sale in the Crested Butte Real Estate Market representing $478M. While this is a slight increase from recent inventory levels, overall we have seen a fluctuation but overall decrease in local inventory for sale. The table below shows the inventory levels a the end of the Months of April.
CRESTED BUTTE REAL ESTATE UNDER CONTRACT
Under Contract – Of the 71 properties in the Crested Butte area Under Contract at the end of April, 36 are Condos/Townhomes, 26 are Single Family homes and 9 are lots. At the end of April these 71 properties under contract represented nearly $50M.
For more questions regarding Crested Butte Real Estate Market – Click the Link to download the 2016 Year in Review: 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 March 2017 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 March 2017 or the Crested Butte Real Estate Market contact:
Global Luxury Property Specialist
Coldwell Banker Bighorn Realty