Crested Butte Real Estate Market Report January 2016 – Will 2016 Repeat the Previous Three Years Momentum?
This Market Update looks at the Crested Butte Real Estate Market for the Month of January 2016 and compares previous years.
January 2016 – There were 17 transactions in January compared with 14 for the same period in 2015. At the end of January there were 78 properties Under Contract. The Crested Butte Real Estate Market has been very strong for three years and the question given the oil and gas prices and volatile stock market is whether this momentum will continue. The past three years from 2013 through 2015 represented a significant increase over 2011 and 2012 in both Volume and Transactions.
Looking Back – Crested Butte Luxury Home Sales – We also saw strong results from the luxury homes segment – the detailed table view below shows there were 38 luxury single family homes sold over the past two years, combined with the 27 sold in 2013 gives us a average of 22 Luxury Homes sold per year (the majority in the $1M – $2M Range).
Inventories have been holding steady at around 600 for the past three years – and currently there are 596 properties for sale: 127 Single Family Homes (69 above $1M), 206 Condos & Townhomes and 263 parcels of land. There are 52 Single Family Homes for sale under $1M and the Average Asking Price is $724,000, Median Asking Price is $787,000.
Most properties are being priced closer to the Market and the Average Difference from Asking to Selling Price for all properties was 6.83% for all of 2015.
Crested Butte Luxury Real Estate Market Detail View – Single Family Homes Sold for $1 Million + in 2014 & 2015
The above tables provide an interesting look at the Crested Butte Luxury Single Family Home Market over the past two years. You will see the lion share of the homes sold in the past two years are in the $1M – $2M Range (38 vs. a total of 14 above $2M). The average sold price was $1.31M and Median Sold Price was $1.27M. Also of note the Average Days on Market (DOM) for the luxury homes in this category was 372 for the previous two years (425 in 2015), the Average price per sq. ft. was $433, and the average discount from Asking to Selling was 7.62%.
There are currently 69 Single Family Homes for sale greater than $1M but less than $2M, 22 greater than $2M but less than $3M, 6 greater than $3M but less than $4M, and 4 above $4M.
What is Selling YTD in the Crested Butte Area
Under Contract There are a whopping 78 properties Under Contract (compared with 45 at the same time in 2015, and 62 at the end of December). There are 58 Condos/Townhomes, 10 Single Family homes and 10 lots. At the end of January these 45 properties under contract represent $28M. Of note: there are 4 single family homes and 1 condo under contract between $1M and $2M, and one single family home under contract with an asking price of $2.5M.
Active Listings There are 596 properties For Sale in the Crested Butte Real Estate Market representing $413M. 127 Single Family Homes, 206 Condos & Townhomes and 263 parcels of land.
There is a Buzz about Crested Butte
The annual Santa Ski and Pub Crawl broke the World Record for most Skiing Santas. The Fat Tire World Championship Race drew over 300 participants in it’s first year – and this seems to be a sport perfect for Crested Butte. The Mountain High Music Fest in it’s second year was a big success and included The Marshall Tucker Band (put this on your calendar for 2016). The annual Crested Butte Alley Loop draws Nordic skiers from the Western US and for many a great opportunity to ski, dress in costume (and party!). The Biery-Witt Center (MCBPAC.org) is closing in on the $27M goal and this will be a phenomenal facility to draw performing arts, concerts, conferences and will be an economic engine for decades to come.
Colorado’s team the Denver Broncos won the Superbowl! There was lots of orange and blue and celebrating in CB for the Broncos! We have been blessed with tons of great powder, the mountain is skiing great. The new Umbrella Bar at the top of the Painter Boy, Gold Link and Prospect lifts is a new cool spot to relax, warm-up, have a beverage, and a meal (and a the old “outhouse” has been replaced with a nice warm clean bathroom).
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).
Click here to see the Crested Butte 3D Walkthrough Home Tours
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