Crested Butte Real Estate Market Report August 2017
Crested Butte Real Estate Market Report AUGUST 2017 Transactions Up, Volume Up, “Most” Prices Up. The Crested Butte Real Estate Market remains brisk with rising price points in all categories and areas. The ”lower end” of the Crested Butte Real Estate Market has shifted – and the segment of homes below $1.1M is very active – especially for quality inventory which is getting harder to find. (Currently there are 24 homes under contract between $525,000 and $1.1M). There are four single family homes under Contract between $1.1M and $1.5M, and 5 homes under contract between $1.5M and $2M, and 3 between $2M and $3M.
The Affordable housing development at the corner of Highway 135 and Brush Creek Road is getting lots of people stirred up in the Skyland Larkspur area as the fear that the density of this development will negatively affect the area. The site is somewhere between 13 and 17 acres. The land is owned by the Town of CB, the Town of Mt. CB, Gunnison County and CBMR. The current proposal is to develop this land to put approximately 240 apartment units and a transit center at this location.
The proponents position is this is much needed to support the need for workforce housing. Many local businesses are unable to hire workers – the word is this is because there is a lack of workers, because there is a lack of affordable housing.
The opponents say – “Not in my backyard…” They argue that this project is too close to Skyland, and Larkspur. The real estate development is inconsistent with the surrounding use of single family homes sitting on ¼ to ½ acres in Skyland, Silver Sage, Rivergreen, and Larkspur. There will be too many people on too small of a site. There will be too much traffic at Brush Creek Road and Highway 135. The values of the surrounding real estate will be negatively affected.
I agree with both sides. When I hear we cannot hire new teachers or town staff because they cannot find affordable housing to live here – it seems there needs to be a better solution than having these folks commuting from Gunnison (which also has a similar issue). It appears we need more affordable housing apartments, but it does not appear that the density or this location is the best location geographically. In the article on my website I suggest the town site South of the school.
Crested Butte 2017 Real Estate Market Very Active
This Crested Butte Real Estate Market Report looks at the Crested Butte Real Estate Market through the Month of August 2017 and compares previous years.
2017 YTD results are well above the same period in last year. Given the the current properties under contract, year to date numbers, and the buzz in the Crested Butte Real Estate Market the remainder of 2017 will be very active. YTD numbers show 13% above 2016 in transactions, and 30% up in Volume. We are seeing increases in price point in most segments.
There were 256 transactions Year to Date compared with 226 for the same period in 2016. This represents a volume of $135.4M compared with a volume of $104.4M for the previous year. The majority of these transactions were condos and town homes (qty. 115) with Average Sold price of $311,000. Of the 32 single family homes sold YTD the Average Sold price was $1,115,000. There have been 15 luxury Single Family homes sold above $1M with an Average Sales Price of $1.9M and price per sq. ft. of $570.
There have been 36 lots sold YTD with an average sold price of $223,000, and the highest price parcel sold for $1.3M in the Verzuh Ranch annexation. Only three outlying 35 acre parcel has been sold YTD – one in the Danni Ranch and Roaring Judy both for $225,000, and one outparcel in Almont for $400,000. There are 52 parcels for sale that are in 35 acre developments. Local architects suggest building for $300 per square foot in Crested Butte is unlikely – expect $350 to $400 per sq. ft. minimum.
CRESTED BUTTE LUXURY SINGLE FAMILY HOME SALES
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 Luxury Crested Butte Single Family Homes show us that through the end of August the overall market by price points are seeing a steady rise. Looking at the table and chart you will see a 5.6% increase in price per sq. ft. year over year for a similar number of transactions.
Year to date we see there are 25 Luxury Single Family homes sold (above $1M) in Crested Butte which is a slight increase in the number or homes sold for the same period in 2016 (21). As mentioned the bell curve is shifting to above $1M for quality Single Family homes. There will be fewer transactions below $1M, because of the lack of inventory. There are currently 67 Single Family homes for sale above $1.5M with the Average price point at $2.78M and Median Price point at $2.28M. The Average price per sq. ft. for these homes is $710 per sq. ft. (Interesting: of the 8 luxury homes under contract Avg. $ per Sq. Ft. is $552). Also of note there have been only 12 homes sold YTD above $1.5M. Do the math, with 67 other homes for sale there are not many transactions on the horizon. It is a beauty contest and a price war – as a seller you have to win both (or be patient and wait a while for the market to come to you).
CRESTED BUTTE SINGLE FAMILY HOMES
Price Points Higher due to Inventory Levels – There are currently 45 Single Family homes for sale between $1M and $1.5M. The Avg. Asking price per sq. ft. for homes between $1M and $1.5M is … <READ MORE>
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CRESTED BUTTE HOMES FOR SALE
Active Listings – There are currently 562 properties For Sale in the Crested Butte Real Estate Market representing $505M. This is a slight decrease from recent inventory levels. There are a total of 230 Crested Butte Homes For Sale. There are 145 Crested Butte Single Family Homes For Sale, and 85 Crested Butte Condos and Town Homes for Sale. The table below shows the historic inventory and Under Contract levels a the end of the Months of August.
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For more questions regarding Crested Butte Real Estate Market Report August 2017 or the Crested Butte Real Estate Market contact:
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