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)
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). Going forward I will re-define the “Luxury Segment” and will break down the transactions above $1M in more granularity.
Averages for Crested Butte Homes – Single Family Homes & Condo prices Starting to Rise
Crested Butte Area 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 about 10% from $340 to $392 per sq. ft. Looking at the details in the tables you will see these prices per sq. ft. vary based on the area – as example Downtown Crested Butte shows the highest prices per sq. ft. at $525, Mt. Crested Butte $352, and CB South $247 averages per sq. ft.
Crested Butte Area Condos and Town homes – The Average Price per sq. ft. for Crested Butte Condos and Town homes was $272 compared to $228 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 72 (vs 53 YTD 2015), with Single Family homes making up the second largest count (43). As the table shows the Luxury Single Family Homes Sold over $1M represents 37% of the dollar volume in our market, and Land or Lots represents only 11% of the Volume and 25% of the total transactions sold YTD.
Reminder about Crested Butte Homes price per sq. ft. – 1) It is an interesting metric to compare “similar” homes, but it is 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 Crested Butte Single Family Homes and Condos & Town homes Rise
Crested Butte Single Family (SF) 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 $644,000 to $875,000 YTD 2016. Average SF Home price has risen slightly from $859,00 to $1,065,000. Again this is a result of the shift in inventory and lack of inventory available at the ”lower end of the market”.
There is a fair amount of new construction – some on a lot next to a home that was built in the 1980s. This is a great reason to reach out to a quality Crested Butte Real Estate Agent for help understanding the values in the market and specific properties.
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!
See the Full Crested Butte Real Estate Market Report JUNE 2016
Get Full Crested Butte Real Estate Market Report JUNE – 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 June 2016 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).
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For more questions regarding Crested Butte Real Estate Market Report June 2016 or the Crested Butte Real Estate Market contact:
Previews® Property Specialist
Coldwell Banker Bighorn Realty