Crested Butte Real Estate Market Report July 2016
Crested Butte Real Estate Market Shines
Welcome to my monthly market report providing a view at the big picture and all the details, this is the Crested Butte Real Estate Market Report July 2016. Visitors have been beating the heat in Crested Butte – with cool temperatures and clean crisp air. With an increase in visitors comes an increase in Crested Butte Real Estate Market activity. Many of these visitors are very excited and happy staying in short-term rental homes in downtown Crested Butte. Unfortunately the Crested Butte town council is considering a moratorium on business licenses that are required to offer a Crested Butte home for rent. The logic (?) being that that this will somehow increase the number of homes available for long-term renters (add lodging for local workers in town).
What affect will this have on Crested Butte downtown real estate values and the make-up of the town if this were to come to pass? My prediction is that there will be less of our core family visitor demographic staying in town spending money at shops and restaurants. For sure there will be more downtown Crested Butte second homeowners with vacant homes (when they are not here). As a result downtown Crested Butte homes will will not be occupied by families who come to Crested Butte to escape the heat, enjoy the autumn colors and ski champagne powder.
So how is the Crested Butte Real Estate Market doing?
Crested Butte Real Estate Market Year to Date Results
As the charts and numbers show the Year to Date (YTD) trends in the Crested Butte Real Estate market up year over year and continue to shine and outpace the results from 2015 YTD. As you will see in the charts and numbers the number of transactions is similar to last year, but volume is up due to a lack of inventory of single family homes and transactions below $750,000. See the detailed info on the Crested Butte area Single Family Home Market. Comparing the YTD results in 2016 we see that Total Number of Properties Sold is up consistent with last year at 191, but Total Volume of $89.4M is up 8% year over year. See the Full Crested Butte Real Estate Market Report July 2016.
Crested Butte Single Family Home Market – By Price Range (“Luxury” being Redefined)
Lots of interesting charts and graphs here, but you should note there is a lack of inventory and Sold Single Family homes at the “lower end” of the market. This makes it appear that Average/Median prices are on the rise. Looking at the Chart to the right the highest volume of transactions over the past 5 years has been below $750,000, but that segment of the market is void of quality homes. There are not many ”move-in” ready homes in the $500,000 – $750,000 range and the majority of the homes below $1M require remodel/update projects forcing buyers to consider and buy homes in the $1M+ range. Hence the shift in the price points (and land sales/construction of new homes). The majority of sales are shifting to the $1M – $2M range for Crested Butte Single Family homes.
Averages Price per Sq. Ft. for Single Family Homes & Condos Rising
Single Family (SF) homes – Comparing YTD 2016 results to prior years we see that the price per sq. ft. for Single Family homes has risen from $345 YTD in 2015 to $382 per sq. ft. Looking at the details in the tables you will see these prices per sq. ft. vary based on the area. Downtown Crested Butte shows the highest prices per sq. ft. at $521, Mt. Crested Butte $358, and CB South $249 averages per sq. ft.
Condos and Townhomes The Average Price per sq. ft. for Condos and Townhomes was $270 compared to $229 compared for the same period in 2015.
What Real Estate is Selling in the Crested Butte area?
Given the inventory and price points of Condos and Town homes this category represents the most transactions 97, and Single Family homes show a count of 49, and Land/Lots at 45. As the table shows the Luxury Single Family Homes Sold over $1M represents 35% of the dollar volume in our market, and 9% of the Volume sold YTD.
Reminder about price per sq. ft. and Crested Butte Homes
With rising median and average Single Family Home prices rising – this has an upward impact on price per sq. ft. 1) It is useful to compare “similar” homes, but the overall numbers are impacted by the mix of what is sold. 2) The more transactions – the better the data. 3) A small home on a highly desirable piece of land will skew the numbers and show a very high price per sq. ft. not representative of the value compared with other homes on “less valuable land”.
Trends show Prices for Single Family Homes and Condos & Town homes Rise
Single Family (SF) Crested Butte Homes
Comparing Year to Date (YTD) results from 2016 to prior years we see that the Median Price for Single Family homes has risen consistently, and from $639,000 to $835,000 YTD 2016. Average SF Home price has risen slightly from $904,000 to $1,035,000. Again this is a result of the shift in inventory and lack of inventory available at the ”lower end of the market”.
There is quite a bit of new construction of Crested Butte Homes which is an economic boom for the valley. Many Buyers choosing to build a new home vs. buy an existing home and remodel.
Crested Butte Condos & Town homes
The Median Price for Condos and Town homes has risen from $188,000 to $215,800. This is quite a jump when compared to the same period in 2014 ($175,000). The Average Price YTD in 2016 is$294,895 compared with $269,000 in the 2015. As previously mentioned price per sq. ft. is also lower – again likely due to the mix of what sold.
Crested Butte Land Sold
While inventories have been dropping for quality finished homes under $1M, the activity in the Land/Lots category has continued to be an active segment of the market. Overall transactions are down from 2015, they are similar to previous years. As the table shows there have been 45 parcels Sold YTD compared with 65 YTD in 2015. There have been 8 home sites sold above $400,000 in downtown Crested Butte including one above $1M. Two parcels sold were of the 35 acre+ variety both under $185,000. No lots in the ski-in ski-out development of Prospect have been sold YTD in 2016 (23 for sale).
Crested Butte Real Estate Under Contract
At the end of July 2016 there were 90 properties Under Contract (compared with 62 from the same time 1 year ago) representing a total volume of $48M. Of the 90 properties Under Contract 51 are Condos/Town homes, 23 are Single Family homes and 16 are lots.
Crested Butte Homes and Land – Active Listings
There are 647 properties For Sale in our market (compared with 717 this time last year.)
Crested Butte Summer
As we near the middle of August the majority of families summer vacations are winding down and thoughts turn to kids in school, and there are less people in the area. Generally we see couples return in the September timeframe to look at real estate. The fall can be a great opportunity to also enjoy the beautiful autumn colors.
Mid August through the beginning of October is a great time to be in Crested Butte. After 25 years of living in Texas, I appreciate the change in the temperatures and the cool crisp smell and feeling of the Autumn season. The trails are dry, fly fishing in the rivers is easier to walk-and-wade, and there are a number of events. The Crested Butte Sunday Farmers Market continues through October 2, the 18th annual Mt. Crested Butte Chili and Beer Festival is September 10, 2016. This will be the 6th year of current Crested Butte Film Festival which is a great event and scheduled for September 29, 2016 – October 2, 2016. www.cbfilmfest.org.
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Get Full Crested Butte Real Estate Market Report July 2016 here
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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This Crested Butte Real Estate Market Report July 2016 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 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).
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For more questions regarding Crested Butte Real Estate Market Report July 2016 or the Crested Butte Real Estate Market contact:
Previews® Property Specialist
Coldwell Banker Bighorn Realty