Crested Butte Real Estate Market Report March 2017
A Winter to Remember
Crested Butte Real Estate Market Report March 2017 – Crested Butte is a special place and this was a special Winter to remember. There were a record number of feet of snow in January – and Crested Butte made the news for having so much snow that CBMR had to “close the mountain”. Many news outlets picked up this story, and the visitors continued to come ski. Friends who are ski patrol or ski instructors said they were skiing terrain and lines they had not skied in years. Thanks and kudos to CBMR and the ski patrol for all their hard work in keeping the terrain safe and open.
Visitors to Crested Butte are good for Crested Butte Real Estate.
With the convergence of the Texas and Oklahoma Spring Breaks we saw many of the Spring Break visitors turned into lookers and buyers – and at the end of March there were 76 properties Under Contract which is significant (and only slightly below the same period in 2016 when there were 82 properties Under Contract – but the majority were lower-end condos in the new Timbers Building). We have a very active market and I expect this to continue through the Summer and the remainder of 2017 (unless North Korea and/or Trump do something crazy).
As noted we saw the number of Winter visitors from the front-range increase in large part due to the Winterpark Rocky Mountain Super Pass Plus (includes Crested Butte Mountain Resort). As well, as we have seen the past couple of summers there have been a lot of visitors coming to Crested Butte and the Gunnison Valley (especially July).
Interesting News from the beginning of April: $1.5 billion deal rocks Colorado ski industry as Aspen Skiing Co. acquires Steamboat and operator of Winter Park resort. Aspen Skiing Co. and Denver’s KSL Partners acquired Intrawest Resorts. Link to article in Denver Post
So unclear if the Rocky Mountain Super Pass Plus will continue next year? And you may remember that there was a strong “rumor” that Intrawest Resorts and Cypress Equities were partners who were looking to buy CBMR a few years ago…
How can I help you? This Crested Butte Real Estate Market Report March 2017 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 Crested Butte 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 the Link to download the Full 9 Page .pdf CB Real Estate Market Report 2016 in Review, and you will get my Monthly Newsletter emailed to you with the market reports!
Global Luxury Property Specialist
Coldwell Banker Bighorn Realty
OVERALL CRESTED BUTTE CO REAL ESTATE MARKET RESULTS
Active Buyers in Crested Butte Real Estate Market Continue into 2017
This Crested Butte Real Estate Market Report looks at the Crested Butte Real Estate Market YTD through the Month of March 2017 and compares previous years.
The momentum over the past four years following the downturn continues for the first quarter of 2017, and I predict this will be another strong year for Crested Butte Real Estate. As noted we continue to see high volume and transaction counts, but only slight increases in price point in most segments.
There were 66 transactions Year to Date compared with 60 for the same period in 2016. This represents a volume of $30.2M compared with $30.3M for the previous year. The majority of these transactions were condos and town homes (qty. 35) with Average Sold price of $328,000. Of the 16 single family homes sold YTD the Average Sold price was $968,000. There have been 4 luxury Single Family homes sold above $1M with an Average Sales Price of $1.74M and price per sq. ft. of $550.
There were 14 lots sold YTD with an average sold price of $220,000. Of note there is a new subdivision called Aperture just North of downtown Crested Butte (adjacent to the cemetery, rec path and slate river) with home site asking prices between $1M and $1.2M. The developer is working through final County approvals, and is taking “reservations” for these lots that allow over 5,000 sq. ft. home to be built. The developer Cypress Equities says they have 7 reservations to date.
LUXURY CRESTED BUTTE SINGLE FAMILY HOME SALES
So how is the Luxury Crested Butte Real Estate Market?
The Crested Butte Real Estate Market is doing very well. We are seeing slightly rising prices in some segments of the market. Since the inventory of Crested Butte homes for sale under $1M is drying up – there will be more buyers in the $1M – $1.5M price point, and more homes for sale in this price range. If you are a Seller – it is a good time to sell, especially if you have a quality home. But best to realistically price your home to the market. If you are a Buyer – there are still very good values, but this winter I had a number of clients who found their perfect home – and waited, only to find out that the home went under contract.
Statistically there is still a very small sample set of the number of transactions Year To Date through the end of March. If you only looked at the 3 Luxury Homes sold for example and compared them to the transactions YTD in 2016 you would think the sky is falling… I think it is informative to review the 2016 numbers as indicators of the current Crested Butte Real Estate Market. Next Month I will prepare a Winter Report as I do each May looking at the November to April Ski Season results and comparing previous years.
2016 in Review – These are interesting tables and charts. I try to drill down and should be of interest to the Buyer asking about Crested Butte Homes For Sale and what to expect. As well a Seller who want to understand the Crested Butte Real Estate Market. The table Sold Crested Butte Single Family Home Average Price Year over Year and the detailed chart below Average Prices Crested Butte Single Family Homes Grouped by Price Point tell us that the overall market by price point is fairly flat. In fact in most price point categories for single family homes there was actually a reduction in the selling prices as compared to 2015, but very similar to 2014.
We saw a slight increase in the overall number of Single Family homes sold above $1M when compared to 2015, but these results doubled from 2014. As mentioned the definition of luxury single family home is shifting, and 2017 will see very few transactions at the lower end of the market because of the lack of inventory. The market is also tightening up with Average Asking to Selling discount % for Luxury Single Family homes at 6.5%.
Of the 39 Crested Butte Homes Sold in 2016 the Average Price per sq. ft. = $548. The market is also tightening up with Average Asking to Selling discount % for Luxury Single Family homes at 6.5%.
CRESTED BUTTE SINGLE FAMILY HOMES – 2016 in Review
Inventory and Price Point Shift – One look at the charts on the right showing Single Family Home Prices over the past 5 years and most people would suggest Crested Butte Single Family home prices are skyrocketing.
Not so, there is a lack of inventory and resulting homes sold below $500,000 and
this is skewing the overall price points. See detailed Crested Butte Homes table and charts showing Crested Butte Homes with breakdown showing historic count sold, and median price point ranges. This is one reason there is a boom in construction right now many permanent residents are building vs. buying because there is a lack of quality inventory in the lower price ranges.
CRESTED BUTTE CONDOS – 2016 in Review
Looking at the high-end there were 4 condos sold at the Lodge at Mountaineer Square between $375,000 and $533,500 with Average price per sq. ft. of $398.
There were also 4 condos sold in the West Wall Lodge between $725,000 and $1.58M with average price per sq. ft. of $480.
CRESTED BUTTE TOWN HOMES – 2016 In Review
There were 17 Town Homes sold in 2016 (vs. 14 in 2015). 2016 Average Sold Price ($517,000) vs. 2015 ($414,000). Town Home price per sq. ft. ranged from $163 to $452 with an Average of $287 in 2016. Town Homes offer a great option – most are 3 or 4 bedrooms with comfortable floor plan, and include 1 or 2 car garage. There are 13 Town Homes for Sale in Mt. Crested Butte and Skyland with Average Asking Price of $705,000, and Avg. price per sq. ft. of $345.
CRESTED BUTTE LAND – 2016 in Review
Comparing Land Sales in 2016 to previous years we see that the number of land sales are down as compared to 2015 (86 vs 110) but up significantly as compared with 2012, 2013 and 2014. Interesting though the % of overall sales has been pretty consistent in the 20% – 23% range (except for 2015 which was 31% of the overall number of transactions).
Average Land Sales show the Average Sold Price in 2016 was $221,807 which is similar to 2015, but below a spike in 2014. Median Price points shows the sold price point at $137,500 compared to $98,500 in 2015 and $172,600 in 2014.
High-End Crested Butte Land Sales
There was 1 lot in downtown Crested Butte that sold for over $1M – this was on Ruths Road in the Kapushion Annexation. There were 3 riverfront lots sold at The Wilder on the Taylor for $1.75M each, one was to an owner/executive with the developer (Jackson Shaw).
Prospect – There were only two lots sold in the ski-in ski-out Prospect development in 2016 with an average and Median Price point of $275,000. Since the lawsuit between a group of Prospect landowners and the Muellers was settled in late 2016 the expectation is the land sales will rebound in 2017. There are currently 20 lots for sale with an Average Asking Price of $500,750 and a Median Asking Price of $552,500. There is also a 20 Acre parcel for sale allowing for up to 50 home sites near the top of the Gold Link, Painter Boy and Prospect ski lifts.
CRESTED BUTTE PROPERTIES UNDER CONTRACT
Under Contract – Of the 76 properties in the Crested Butte area Under Contract at the end of March, 36 are Condos/Townhomes, 22 are Single Family homes and 18 are lots. At the end of March these 76 properties under contract represented nearly $45M. The table below shows total Crested Butte CO Real Estate properties Under Contract at the End of March for 2017 and previous years.
HOMES FOR SALE IN CRESTED BUTTE – ACTIVE LISTINGS
Active Listings –
At the end of March 2017 there were 557 properties For Sale in the Crested Butte Real Estate Market representing $474M. While this is a slight increase from recent inventory levels, overall we have seen a fluctuation but overall decrease in local inventory for sale. The table below shows the inventory levels a the end of the Months of March.
For more questions regarding Crested Butte Real Estate Market – Click the Link to download the 2016 Year in Review: Full 9 Page .pdf CB Real Estate Market Report, and you will get my Monthly Newsletter emailed to you with the market reports!
See the big picture and all the details of the Crested Butte CO Real Estate Market – Download Full CB Real Estate Market Report as a .pdf file (more data and charts)
How can I help you? This Crested Butte Real Estate Market Report March 2017 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 see Crested Butte 3D Walkthrough Home Tours
Click here to do an advanced search the Crested Butte MLS for properties for sale in the Crested Butte area.
For more questions regarding Crested Butte Real Estate Market Report March 2017 or the Crested Butte Real Estate Market contact:
Global Luxury Property Specialist
Coldwell Banker Bighorn Realty