Crested Butte Real Estate Market Report JUNE 2016

Crested Butte Real Estate Market Report June 2016
Crested Butte Visitors and Real Estate Market Steady

Crested Butte is a great place to be in the Summer! We are near record numbers of smiling visitors enjoying the culture, beauty and recreational wonders of the Crested Butte area. Estimates this year showed less than the 15,000 visitors on Elk Avenue last year to watch the annual 4th of July parade in historic downtown Crested Butte. Lots of visitors translates into interested potential real estate buyers. 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 be nearly identical to the results in 2013 YTD.

Yes, there are areas like Denver where the real estate market is on fire, the metro areas in Texas are hot, Florida real estate prices are over the peak prices…etc. Regardless of what you have heard (or think) about the Crested Butte Home Sales results, the facts are the Crested Butte Real Estate Market is healthy, and seeing lots of activity – but is not showing a huge inflection point on Single Family Home prices. Instead we are seeing relatively modest growth. See the detailed info on the Crested Butte 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 153, but Total Volume of $77M is up 18% year over year.

Crested Butte Homes – Luxury

The luxury single family home space over $1 Million offers many options in quality homes for the second homeowner, in a variety of locations (qty. 81) in the Crested Butte area. Buyers are cherry picking in this segment and the average Asking price is $1.6M. Homes sold this year over $1M (qty. 16) similar to the same period last year (qty. 15), and results are similar but more than double the results in 2014 (qty. 7) when average price per home sold was $1.4M.

Crested Butte Single Family Home Market – By Price Range (“Luxury” being Redefined)

Crested Butte Condos & Town homes –The Median Price for Condos and Townhomes has risen from $188,000 to $215,800 – and quite a jump when  compared to the same period in 2014 ($175,000).  The Average Price YTD in 2016 is $312,895 compared with 280,000 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. While overall transactions are down from 2015, they are similar to previous years.  As the table shows there have been 38 parcels Sold YTD compared with 57 in 2015. There have been 7 home sites sold above $400,000 in downtown Crested Butte including one above $1M. No parcels were of the 35 acre+ variety.

Crested Butte MLS

Crested Butte Co Real Estate Under Contract
At the end of June 2016 the Crested Butte MLS showed there were 76 properties Under Contract (compared with 54 from the same time 1 year ago) representing a total volume of $43M. Of the 76 properties Under Contract 36 are Condos/Townhomes, 24 are Single Family homes and 15 are lots.

Crested Butte Co Real Estate Active Listings 

The Crested Butte MLSThere are 569 properties For Sale in our market (compared with 665 this time last year and 746 in 2014.)

Crested Butte Summer  

For me the Crested Butte Summer gets better every year – maybe more this year because Winter lingered into Spring. I enjoy fly fishing, golf at the Club at Crested Butte, hiking and mountain biking for recreation. We are also in attendance at many of the evening events, and the calendar is packed with something for everyone. There are festivals, art walk evenings, non-profit gala events, great options in Music Festival performances in the (cool but temporary Victoria Mirror Palace), Cattleman’s Days Rodeo in Gunnison, fun Tour de Forks dinners supporting the Center for the Arts, free Alpenglow concerts on Mondays in town, and Wednesdays up on the mountain, a full social and recreational schedule at the Club at Crested Butte to name a few. Wildflowers are not as plentiful this year, but still awesome.

We are blessed with beautiful mountain peaks, flowing streams and rivers, waterfalls, and pristine mountain lakes. The recreational opportunities and family adventures abound.  Yes Crested Butte is cool in both temperature and vibe. If you want to get away from the few people here – hike up and enjoy the serenity and the awesome views!