Crested Butte Real Estate Market Report – May 2014 Year to Date through May 31, 2014 Crested Butte Real Estate Year to Date (YTD) Lackluster As the charts and numbers show the Year to Date (YTD) trends in the Crested Butte Real Estate market are lagging the past 2 years, in a large part due to the 1st quarter results. However some ground was made up given the strong results in the month of May 2014 when compared to previous years. Comparing the YTD results in 2013 we see that Total Number of Properties Sold is down 22%, Total Volume is down 27%, but we see a rise in Price per square foot for both Single Family homes (5%) and Town homes and Condos (18%) purchased. Year to date Single Family homes made up 50% of the total volume representing $19.6M and 26 transactions with an average sales price of 755,000 and median price of $614,000. There were 58 Condos & Townhome transactions YTD and this represented $17.3M in volume and an average sales price of $254,000 and median sales price of $184,000. Crested Butte Luxury Real Estate Market – Homes Sold for $1 Million + Year to Date There have been 6 Single Family homes Sold for $1M or more YTD 2014; this is compared with 10 during this same period in 2013, and 5 in 2012. The average sold price for these homes was $1.46M; median price of $1.4M, and Average Price per sq. ft. was $394. The total volume of $8.7M makes up 23% of the overall market volume YTD. The distribution of these 10 homes sold was spread out – there were 3 in Crested Butte, 1 in Mt. Crested Butte, 1 in Skyland, and 1 in Alpine Meadows (near Nicholson Lake off Slate River Road). Luxury Properties For Sale in the Crested Butte Area There are a total of 121 properties Listed for over $1M. 73 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $150M. Condos and Townhomes make up 6 of these listings with total volume of $8M and Average Asking Price of $1.3M. High-end Land – Of the 121 properties Listed for over $1M there are 42 vacant parcels ready to build on. Of these the majority are in Mt. Crested Butte in the Prospect Subdivision – offering Ski-in / Ski-out lots. The next large category are developments offering 35 Acre parcels and multiple miles of live water fishing access as well as equestrian amenities – these lots are primarily located in The Reserve on the East River and Wilder on the Taylor (there has been quite a bit of activity and interest of late with a total of 4 riverfront home sites sold, 1 more under contract, and another home has been completed). There is a new luxury home site listing in East River Ranches that has a unique riverfront home site on the East River with 1.5 Miles of fishing access and located only 4 miles from downtown Crested Butte. Averages for Single Family Homes & Condo prices Starting to Rise Single Family (SF) homes – Comparing YTD 2013 results to prior years we see that the price per sq. ft. for Single Family homes has risen about 5% from $274 to $288 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 $433, Mt. Crested Butte $226, Skyland $403, and CB South $188 as averages per sq. ft. Condos and Townhomes have seen a steady rise in price points in the past four years. Looking back at previous Market Reports for full years in 2012 to 2013 the Average Price per sq. ft. for Condos and Townhomes was $191 and $213 respectively. So the 2014 YTD Average price per sq. ft. of $253 is quite a jump and may be more a factor of the mix of condos & townhomes sold. What Real Estate is Selling in the Crested Butte area? Given the inventory and price points of Condos and Townhomes this category represents the most transactions (58), with Single Family homes making up the second largest count (26). As the table shows the Luxury Single Family Homes Sold over $1M represents 23% of the dollar volume in our market, and Land or Lots represents only 5% of the Volume and 15% of the total transactions sold YTD. Trends show Prices for Single Family Homes Rise and Condos & Townhomes flat Single Family (SF) homes – Comparing Year to Date (YTD) results from 2014 to prior years we see that the Median Price for Single Family homes has risen from $520,000 to $614,450 and Average SF Home price has risen slightly from $724,000 to $755,000. This may be a result of the sample set – as there were only 26 Single Family Homes Sold in 2014 compared with a larger sample set of 44 in 2013. Interesting as well in the Crested Butte area – there are new homes sold – sitting next to 30-year-old homes that have not been updated. This is the reason to reach out to a quality Crested Butte Real Estate Agent for help understanding the values in the market and specific properties. Also of note is that the delta from Asking Price to Selling Price for Single Family homes has dropped from 9.6% to 6.2% in the past 3 years. Condos & Townhomes – As previously mentioned the activity for Condos and Town homes was up – and prices seem to be recovering in price per sq. ft. while overall values have stayed stable. The Median Price for Condos and Townhomes was identical to the same period in 2013 at $183,500,and the Average Price was $254,500 compared with $253,000 in the 2013. Crested Butte Land Sold – While inventories have been dropping for finished homes – the activity in the Land/Lots category has not picked up. As the table shows there have been only 15 parcels Sold YTD compared with 24 in 2013 and 29 in 2012 for the same period. Perhaps we will see this number increase in the Summer as more Buyers consider finding the perfect mountain home site to build their dream home on. Under Contract – Currently there were 24 properties Under Contract representing a total volume of $14.9M. Of the 24 properties Under Contract 8 are Condos/Townhomes, 10 are Single Family homes and 6 are lots. Active Listings – There are 652 properties For Sale in our market representing $456M – this is down from 2013 where we saw 750 properties for Sale. At the end of May 2013 there were 232 condos and townhomes for sale and 214 Single Family Homes vs. 196 and 172 respectively. We have also seen a slight reduction in Asking prices. Perhaps the perfect storm for a strong Summer? Crested Butte Summer is here – Spring run-off is in full force as water levels are high in the rivers and steams. There is still 4-5 feet of snow covering Kebler Pass Road – and the County says it will take up to 2 weeks to open the road because of some darned beavers that constructed dams in the culverts. Gothic Road is open to Gothic, but snow caused by avalanche covers the road at the Judd Falls trailhead. Taylor Canyon Road resurfacing was completed last year – and very nice – Cottonwood Pass is open. Many of the trails are open and flowers are popping up – I saw yellow, purple and blue flowers today. Up high there is still quite a bit of snow. The Club at Crested Butte golf course is in great condition and Friday evening dinners at the Brush Creek Grill start Friday June 13th with lunch service starting on June 16th. 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 – May 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: firstname.lastname@example.org Author: Chris Kopf