Crested Butte Real Estate Market Report February 2016 – Strong Crested Butte Real Estate Market Activity Continues
This Market Update looks at the Crested Butte Real Estate Market for the Month of February 2016 and compares previous years.
Coming off the heels of a very robust 2015 and with a total of three years of increased volume, transactions we are seeing this trend continue into 2016. Volume and transactions are below the numbers we saw in 2012 and 2013 – but as noted YTD numbers are above the banner years of 2014 and 2015 so even given the backdrop of low oil and gas prices and volatile stock market we still see steady and strong activity.
The price points for Single Family Homes have been on the rise – primarily because there is a lack of inventory – only 20 homes for sale below $750,000 and of those only 11 in Almont or CB South and only 9 further North in Crested Butte or Mt. Crested Butte area. The majority of these homes are also in need of some remodel or addition. CB South has great values and predominantly a community of wonderful permanent residents, the majority of second homeowners desire homes up valley.
There are a total of 70 Single Family Homes For Sale above $1M, and the largest number (qty. 47) are between $1M – $2M with Avg. Asking Price of $1.45M and Median Asking Price of $1.395M and Avg. $ per sq. ft. of $456. There are 15 homes For Sale between $2M – $3M Avg. Asking Price and and Median Asking Price at $2.5M and Avg. $ per sq. ft. of $636.
The National Association of REALTORS® (NAR) 2015 Investment and Vacation Home Buyers Survey showed approximately 20% of all residential transactions in the US were vacation homes – and Crested Butte offers great values compared with many other resort towns in price points and amenities.
Luxury Properties Sold in the Crested Butte Area – There were a total of 37 Luxury Homes Sold in the past 12 months in the Crested Butte area. 36 of these were Single Family Homes and one condo sold in West Wall. Of these there were 27 Sold between $1M and $2M with with Avg. Selling Price of $1.25M and Median Selling Price of $1.17M, and Avg. $ per sq. ft. of $432. There were 7 Crested Butte are homes Sold between $2M and $3M with with Avg. Selling Price of $2.4M and Median Selling Price of $2.27M, and Avg. $ per sq. ft. of $514. The four homes sold above $3M had an Average Selling Price of $3.6M and Median Selling Price of $3.7M with an Avg. $ per sq. ft. of $603
Crested Butte Condos & Townhomes – There were a total of 118 Condos Sold in the past 12 months in the Crested Butte area – the majority in Mt. Crested Butte. Of the 118 there were 21 Sold between below $100,000. Of the 80 that were sold between $100,000 and $350,000 the Avg. and Median Selling Price was around $220,000, and Avg. $ per sq. ft. of $218. There were 15 condos sold between $350,000 and $750,000 with Avg. $ per sq. ft. of $347.
There were a total of 24 Townhomes Sold in the past 12 months in the Crested Butte area. The majority of these (qty. 17) were in the $250,000 – $560,000 range with Avg. $ per sq. ft. of $268
What is Selling YTD in the Crested Butte Area
What Real Estate is Selling in the Crested Butte area? There were 32 transactions Year to Date the totals by category are Single Family Homes (7), Condos and Townhomes (11) and Lots (14).
Year to date Single Family homes made up 22% of the total volume representing $8.9M. Condos & Townhome made up 34% of the total transactions and 24% of the YTD Volume, while land/lots represents $3.4M in volume, and representing 44% of the transactions year to date.
Under Contract – There are 77 properties Under Contract representing a total volume of $28.6M. Of these properties Under Contract 57 are Condos/Townhomes (22 are in the remodeled Marcellina Apt. Building – The Timbers), 8 are Single Family homes and 12 are lots.
Active Listings – There are currently 601 properties for sale representing $430M.
So Many Crested Butte Adventures – It is said that “Crested Butte is the Last great Colorado Ski Town”. We are a unique place and I continue to work with new Buyers that have just found Crested Butte and say they have “looked everywhere” and Crested Butte is truly special. This area has a lot to offer and I continually find new adventures here that add to my love of Crested Butte. I became a second homeowner in 1999 – and moved to Crested Butte with my wife and three daughters in 2009 and we have embraced the mountain lifestyle, the charm of our town, and the warm community here in Crested Butte.
I am very active and enjoy experiencing new adventures in and around Crested Butte. If you saw the article in my Blog – the newest addition is Fat Biking and a great event was hosted here in Crested Butte – The first ever Fat Bike World Championship race. Fat Biking in Crested Butte is one more thing that adds to the fun for everyone and many local shops offer fat bike rentals. I host an annual Boys Ski Trip and this year in addition to a Snow Cat day we got on Fat Bikes and all had a great time.
Give Back in Crested Butte – Another thing that makes Crested Butte a special place are the efforts of the many non-profits in the Crested Butte area. There are capital campaigns for both the Biery-Witt Center on Mt. Crested Butte and the new facility proposed by The Center for the Arts in Crested Butte. I have donated to both and I hope you will support these two great capital campaigns as well!
Both are great venues that we all will use and will spark economic impact in attracting events and visitors to our valley. I have donated to both, and hope you will support these two great campaigns as well!
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).
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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 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