Crested Butte Real Estate Market Report March 2014

Crested Butte Real Estate Market Report – Year to Date through March 31, 2014 Q1 Sales Slow   As the numbers show there has been a decrease in activity – especially relative to the past two year for the same period.  Total Number of Properties Sold is down 32% over Q1 2013, and Total $ Volume is down 39%.  2014 so far is looking like 2011 and 2010 – except the Inventory levels are down approximately 30% from those years.  Looking at the Monthly Volume March was especially unusual with a total of only $3.8M in volume. The good news is there has been a flurry of activity over the Spring Break weeks – there are 44 properties Under Contract (more than double what we saw in February) representing a volume of $22M. Year to date Single Family homes made up 47% of the total volume representing $7.7M and 10 transactions with an average sales price of $772,000 and median of $558,000.  There were 27 Condos & Townhome transactions YTD and this represented $8.3M in volume and an average sales price of $309,000 and median sales price of $180,000. Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million +,  Previous 12 Months What Luxury Properties are Selling – Looking back over the past 12 months and the properties that have sold for greater than $1M we see there have been 22 Single Family homes sold, 1 Condo (Silver Ridge – Ski-in/out Condos), and 3 parcels sold (2 in town in the Kapushion area, and one 35 Acre homesite sold in The Reserve).  The total volume is $44.6M – which is roughly 1/3 of all the transactions in the Crested Butte Real Estate Market for this time period. Luxury Homes in Crested Butte that are Selling – The previous 12 months results show that the Average Price for the Luxury Homes  sold in the Crested Butte Real Estate Market was $1.9M, and the Median Price was $1.55M. with similar Average and Median price points for the same period last year. The majority of the distribution of the homes sold was split between Mt. Crested Butte, Crested Butte and the Outlying Areas – or Rural Crested Butte (3 in Skyland, 2 in Glacier Lily, 1 in Trappers Crossing at CB, 1 in Alpine Meadows, and 1 in Buckhorn Ranch). There are a total of 65 Single Family homes For Sale over $1M, with an Average Asking Price of $2.17M and Median Asking Price of $1.6M.  The Average Price per sq. ft. for these homes is $518. Under Contract  There are currently 44 properties Under Contract representing a total volume of $21.9M – this is up from January (34) and February (21) showing a good sign that the start of the year was hopefully nor representative of what is to come.  Of the 44 properties Under Contract 27 are Condos/Townhomes, 10 are Single Family homes and 7 are lots. Active Listings  There are 628 properties For Sale in the Crested Butte Real Estate Market (down from 748 properties For Sale this time last year) representing nearly $440M. Interesting that more than a 1/3 of the total Volume in the Market is made up of luxury Single Family homes ($1M+), representing nearly $141M in total value.

A Good Winter – As I write this the end of the Ski Season is upon us.  It seems like it went fast this year – probably because there was so much snow, and so many great powder days to ski.  Most businesses are reporting significant increases over 2013 which is great news for the Crested Butte economy.  Perhaps the Real Estate numbers are down a bit because the snow was so good that visitors were focused more on  skiing and less on looking into Crested Butte Real Estate.

There was a positive article in the Wall Street Journal on April 2^nd – “Wealth Effect Drives Vacation-Homes Sales” stating that the number of US Second Home sales jumped 30% in 2013 and referenced strong consumer confidence, a rise in the equities market and diversification as key motivators.  While the majority of the US 2^nd homeowner market is in the Sunbelt, this is a good trend and will trickle down to our market here in Crested Butte – especially since the majority of our second-homeowners are from HOT states like Texas, Oklahoma, Louisiana… and they enjoy great skiing and seek to escape the heat in the summer and enjoy the beauty of CB.  Many families now “summer” in Crested Butte. While the breadwinner travels to and from the other spouse and kids stay in CB where the kids play little league baseball and soccer and dance (and hike, bike, golf and fish…). 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.  If you are interested in finding out what your existing property is worth – call me. Click these links:

• To see the Full Crested Butte Real Estate Report – March 2014
• To see the 7 Page .pdf  Crested Butte Real Estate Market Report – 2013 in Review.

Click here to do an advanced search the MLS for properties for sale in the Crested Butte area.   If you are considering me to represent you as a Buyer, I appreciate the opportunity to earn your business (or that of a friend you think I could help). Thanks, Chris. For more information on the Crested Butte Real Estate Market contact: Chris Kopf Previews® Property Specialist Coldwell Banker Bighorn Realty Phone: (970) 209-5405 email:  chriskopf@bighornrealty.com   Author: Chris Kopf