Crested Butte Real Estate Market Report February 2017
The End of theWinter Crested Butte Real Estate Season and Winter Ski Season Approaches
Crested Butte Real Estate Market Report February 2017 – the numbers of visitors this year has been significant. The demographics have shifted and the majority of skiers this year are not air travelers, but drivers from the front range… (visitors from Ft. Collins, Boulder, Denver, Colorado Springs). This in large part to the Rocky Mountain Super Pass + that includes Crested Butte, and the marketing campaigns done by CBMR (promotions and billboards on I-70 and in Denver) as well as the Tourism Association marketing Crested Butte and the Extreme skiing Crested Butte has to offer.
I have had the opportunity to talk with many of these visitors, and working with a number of front range clients, they are excited to reconnect with Crested Butte. They tell stories of their visits to “the Butte” many years ago, and they appreciate the charm of area, and are complimentary of the people, the vibe and the skiing. They also comment about the great skiing, lack of tons of people, and lack of long lift lines as a plus and worth the trip.
It will be interesting whether this front range visitor group will turn into a solid demographic of new real estate buyers? In some recent development meetings I have been in, there are some here in CB that predict that the front range millennials will be condo buyers in the $400,000 – $600,000 price point for cool new modern base area development. Also that the front range boomers will be attracted to buy a $1.5M ski chalet product that is under 3,000 square feet with 3-4 bedrooms and skier access… It feels like timing may be right for some new construction projects, since it has been over a decade since we have seen anything. Given the pain and suffering endured by the Sixth Street Station group for over 5 years by the town of Crested Butte it is likely that any new development will not be in town, but more likely to happen in Mt. Crested Butte.
Aperture in Crested Butte
23 home sites are being marketed on the land just north of town (bordered by Gothic, the Cemetery and the Rec Path). There was back and forth with the town and ultimately it did not get annexed into the Town of Crested Butte, but did get water and sewer access. Developed by Cypress Equities (Dallas) they are taking “reservations” and still awaiting county approval. Benefits include spectacular views, proximity to the Slate River, and town via the bike path and a new bridge that will be constructed. These parcels range from 1/3 of an acre to nearly 1 acre and the ability to build a larger home than is permitted in town (up to 5,750 sq. ft. under roof). Prices start at $1M. See Aperture site plan provided by the agents representing the developer. Contact me with questions, and for more info on the Aperture development.
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 Crested Butte Real Estate Agent.
I have consistently been among the top real estate agents in Crested Butte 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 the Link to download the Full 9 Page .pdf CB Real Estate Market Report 2016 in Review, and you will get my Monthly Newsletter emailed to you with the market reports!
Previews® Property Specialist
Coldwell Banker Bighorn Realty
OVERALL CRESTED BUTTE CO REAL ESTATE MARKET RESULTS
Momentum in Crested Butte Real Estate Market Continues into 2017
This Crested Butte Real Estate Market Report looks at the Crested Butte Real Estate Market for the Month of February 2017 and compares previous years.
The momentum over the past four years following the downturn continues for the first two months of 2017, and there does not appear to be any reason this will not be another strong year for 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 41 transactions Year to Date compared with 34 for the same period in 2016. This represents a volume of $18.4M compared with $16.7M for the previous year. The majority of these transactions were condos and town homes (qty. 19), and 10 single family homes. There have been 3 luxury Single Family homes sold above $1M with an Average Sales Price of $1.425M.
As well there was a ski-in / ski-out condo sold at the base area in Silver Ridge – this 3 bedroom, 4 bath end unit condo with garage and 2,800 sq. ft. sold for $1.55M or $552 per sq. ft.
There were 11 lots sold YTD. Of note a ski-in/out lot at the top of Anthracite with access to Homeowner’s run sold for $540,000. A skier access lot in the Prospect development sold for $350,000, and a skier access lot on the top of The Summit sold for $325,000.
LUXURY CRESTED BUTTE SINGLE FAMILY HOME SALES
So how is the Luxury Crested Butte Real Estate Market?
2016 in Review – These are interesting tables and charts. I try to drill down and should be of interest to the Buyer asking about Crested Butte Homes For Sale and what to expect. As well a Seller who want to understand the Crested Butte Real Estate Market. The table Sold Crested Butte Single Family Home Average Price Year over Year and the detailed chart below Average Prices Crested Butte Single Family Homes Grouped by Price Point tell us that the overall market by price point is fairly flat. In fact in most price point categories for single family homes there was actually a reduction in the selling prices as compared to 2015, but very similar to 2014.
We saw a slight increase in the overall number of Single Family homes sold above $1M when compared to 2015, but these results doubled from 2014. 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 6.5%.
Of the 39 Crested Butte Homes Sold in 2016 the Average Price per sq. ft. = $548. The market is also tightening up with Average Asking to Selling discount % for Luxury Single Family homes at 6.5%.
CRESTED BUTTE SINGLE FAMILY HOMES – 2016 in Review
Inventory and Price Point Shift – One look at the charts on the right showing Single Family Home Prices over the past 5 years and most people would suggest Crested Butte Single Family home prices are skyrocketing.
Not so, there is a lack of inventory and resulting homes sold below $500,000 and this is skewing the overall price points. See detailed Crested Butte Homes table and charts showing Crested Butte Homes with breakdown showing historic count sold, and median price point ranges. This is one reason there is a boom in construction right now many permanent residents are building vs. buying because there is a lack of quality inventory in the lower price ranges.
CRESTED BUTTE CONDOS – 2016 in Review
Looking at the high-end there were 4 condos sold at the Lodge at Mountaineer Square between $375,000 and $533,500 with Average price per sq. ft. of $398.
There were also 4 condos sold in the West Wall Lodge between $725,000 and $1.58M with average price per sq. ft. of $480.
CRESTED BUTTE TOWN HOMES – 2016 In Review
There were 17 Town Homes sold in 2016 (vs. 14 in 2015). 2016 Average Sold Price ($517,000) vs. 2015 ($414,000). Town Home price per sq. ft. ranged from $163 to $452 with an Average of $287 in 2016. Town Homes offer a great option – most are 3 or 4 bedrooms with comfortable floor plan, and include 1 or 2 car garage. There are 13 Town Homes for Sale in Mt. Crested Butte and Skyland with Average Asking Price of $705,000, and Avg. price per sq. ft. of $345.
CRESTED BUTTE LAND – 2016 in Review
Comparing Land Sales in 2016 to previous years we see that the number of land sales are down as compared to 2015 (86 vs 110) but up significantly as compared with 2012, 2013 and 2014. Interesting though the % of overall sales has been pretty consistent in the 20% – 23% range (except for 2015 which was 31% of the overall number of transactions).
Average Land Sales show the Average Sold Price in 2016 was $221,807 which is similar to 2015, but below a spike in 2014. Median Price points shows the sold price point at $137,500 compared to $98,500 in 2015 and $172,600 in 2014.
High-End Crested Butte Land Sales
There was 1 lot in downtown Crested Butte that sold for over $1M – this was on Ruths Road in the Kapushion Annexation. There were 3 riverfront lots sold at The Wilder on the Taylor for $1.75M each, one was to an owner/executive with the developer (Jackson Shaw).
Prospect – There were only two lots sold in the ski-in ski-out Prospect development in 2016 with an average and Median Price point of $275,000. Since the lawsuit between a group of Prospect landowners and the Muellers was settled in late 2016 the expectation is the land sales will rebound in 2017. 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 PROPERTIES UNDER CONTRACT
Under Contract – Of the 55 properties in the Crested Butte area Under Contract at the end of February, 34 are Condos/Town homes, 14 are Single Family homes and 7 are lots. At the end of February these 55 properties under contract represents $30.9M.
HOMES FOR SALE IN CRESTED BUTTE – ACTIVE LISTINGS
Active Listings – Active Listings – At the end of February 2017 there were 542 properties For Sale in the Crested Butte Real Estate Market representing $463M. While this is a slight increase from recent inventory levels( 490 at the end of December 2016), overall we have seen a steady decrease in local inventory for sale, and the table below shows the inventory levels a the end of each year – and you will see 634 properties on the market at the end of 2013.
Click the Link to download the 2016 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) and get Market Report and Newsletter delivered to your inbox monthly!
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 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 – 2015 Review or the Crested Butte Real Estate Market contact:
Previews® Property Specialist
Coldwell Banker Bighorn Realty