Crested Butte Real Estate Market Report March 2016 – The 2016 Ski Season just ended, but the Crested Butte Real Estate Market is Just getting Started.
This Market Update looks at the Crested Butte Real Estate Market for the Month of March 2016 and compares previous years.
The ski season here in Crested Butte just ended, but the real estate market for 2016 has momentum and is just getting started. The Crested Butte Real Estate Market has seen three strong years of steady activity and a high volume of transactions. The results year to date for 2016 are impressive especially when comparing similar result from the past three strong years. There are high expectations that the Summer season will soar in Crested Butte as well.
Total Number of Properties Sold (60) YTD is down just slightly from 2015 (69) but Year to Date Total $ Volume of $30.3M which is up significantly (21.3%) over 2015 ($23.8M).
There has consistently been a flurry of activity over the Spring Break weeks and 2016 saw a lot of activity in showings and resulting homes Under Contract – there are a whopping 82 properties Under Contract representing a volume of $34.6M.
Year to date Single Family homes made up 57% of the total volume representing $17.2M with 12 transactions, this is up from the same period in 2015 with volume of $13.3M but when 20 Single Family Homes sold. There have been 8 Luxury Single Family Homes sold over $1M (3 over $2M) representing $14.2M. There were 24 Condos & Townhome transactions YTD and this represented $8.4M.
Luxury Properties For Sale in the Crested Butte Area – There are a total of 77 Luxury Single Family Homes for sale with Asking Prices over $1M ranging from $1,250,000 to $4,400,000. The Average price point for these luxury homes is $2.1M and the Median price is $1.6M. Average Price per sq. ft. is $568. There are 12 Luxury Single Family homes for sale in downtown Crested Butte, 25 SF Homes for sale in Mt. Crested Butte, and 18 luxury homes sitting on 35 acre parcels. There are 6 Condos or Town homes listed for over $1M – 5 are on Mt. Crested Butte – 3 in the West Wall Lodge, 2 in The Villas, and one recently remodeled townhome in Skyland.
Land / Lots Market – There has been a huge increase in this category of properties sold with 24 lots that sold YTD compared with 28 in 2015, and only 8 sold for the same period in 2014. There were no 35 acre parcels sold YTD. The high price point was $715,000 for a lot sold in the Kapushion annexation in town. There were 4 other lots sold above the $400,000 range, 2 others in town, 1 in Prospect in Mt. Crested Butte, and one in Skyland. With all the lots sold in the past year, there is expected to be a higher than normal new housing starts up and down the valley this Spring and Summer.
What Real Estate is Selling in the Crested Butte area? Condos and Townhomes in Mt. Crested Butte represented the most transactions. But Single Family Homes lead by the Luxury Homes over $1M with 8 sold YTD. Homes Sold over $2M – Two homes in Mt. Crested Butte (Prospect and The Summit) and the highest price coming from a new unfurnished home sold in downtown Crested Butte which closed for $2.4M or $772 per sq. ft. There have been 24 Lots sold YTD which is similar to the same period in 2014 (28 sold).
There were 17 transactions in January and 17 in February, and 26 in March. Year to Date the totals by category are Single Family Homes (12), Condos and Townhomes (24) and Lots (24).
Under Contract There are 82 properties Under Contract. There are 53 Condos/Townhomes, 18 Single Family homes and 11 lots. At the end of March these 82 properties under contract represent $33.3M compared with March 2015 when there were 55 properties Under Contract representing $30.4M in volume.
Active Listings There are 624 properties For Sale in our market representing $450M.
Crested Butte Ski Season was one of the recent Best – Over 400,000 skier visits
I rode on the lift today with CBMR VP of Marketing Scott Clarkson who said the ski area exceeded 400,000 skier days which is up from around 300,000 in 2011-2012. We continue to see new visitors from the front range – Denver, Boulder, Colorado Springs… etc. who are enjoying the great skiing, warm community, cool mountain ski town, great restaurants, and short lift lines. The drive is comparable to what they are used to driving in traffic to the “big I-70 resorts” but they comment that the charm and vibe of Crested Butte is a great change of pace. The Fat Bike World Championships were a new addition to the Winter calendar – the only thing missing was a King, Queen and costume event. Ha, I am sure it won’t be long… J
The ski season is over – but the snowmobiles are rolling into town this week to climb the mountain. CBMR is hosting the Ultimate Snowmobiler event and this is a weekend full of snowmobile and motorsports mayhem right at the base of the resort, April 8-10.
Due to “mud season” the month of April and early May typically lack visitors and potential Crested Butte Real Estate buyers. Mid to late May and early June are a great time to schedule a trip to come look at property, due to lack of owners or renters occupying homes. Now is also a great time if you are considering Selling to get an update on the value of your property – and long-lead advertisers ad copy for Summer publications is coming due.
See the Full March 206 Crested Butte Real Estate Market Report – Get Chris Kopf’s Market Report 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).
Click here to see the Crested Butte 3D Walkthrough Home Tours
How can I help you? This Crested Butte Real Estate Market Report March 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).
Click here to do an advanced search the Crested Butte MLS for properties for sale in the Crested Butte area.
For more questions regardingCrested Butte Real Estate Market Report March 2016 or the Crested Butte Real Estate Market contact:
Previews® Property Specialist
Coldwell Banker Bighorn Realty