Crested Butte Real Estate Market Report MAY 2016
Strong Crested Butte Real Estate Market poised for Summer
Crested Butte Real Estate Market Report MAY 2016
As the charts and numbers show the Year to Date (YTD) trends in the Crested Butte Real Estate market are up year over year (except for YTD Number of Properties Sold. There is an expectation that this will be a very strong Summer selling season as the projections are that visitors will be fleeing the heat in the Southwest in search of cool temps, mountain family fun and the charm of Crested Butte. Visitor trends correlate to real estate transactions that will follow.
Comparing the YTD results in 2015 we see that Total Number of Properties Sold is down over last year, but Total Volume is up 12.6%. As I have reported over the past year we are seeing a void at the lower-end of the single house market with very little quality inventory under $1M. So while fewer transactions compared with YTD 2015 the dollar volume is up.
There are an abundance of new homes being built and renovated or remodeled. There is virtually no long-term rentals and housing in the Crested Butte area at this point is for summer workers is scarce. For an economy built on tourism, and real estate construction/property management – these are healthy times for the Crested Butte economy.
Crested Butte Luxury Real Estate Market – Luxury Homes Sold for $1 Million + Year to Date
Through the month of May, there have been 12 Single Family homes and one high-end parcel Sold (in town) for $1M or more YTD 2016. While the number of transactions matches YTD 2015 the volume is up with higher price points and higher price per sq. ft. (and number of transactions is double the this same period in 2014). The average sold price for these homes was $1.8M compared to 1.37M in 2015, median price was %1.67M vs $1.125M in 2015, and Average Price per sq. ft. was $537 vs. $378 in 2015. The total volume of $21.5M makes up 38% of the overall market volume YTD.
Luxury Properties For Sale in the Crested Butte Area There are a total of 81 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $170M. The largest numbers are between $1M – $2M with Qty. 51, and $2M – $3M Qty. 20, $3M – $4M Qty. 5, $4M+ Qty. 6. There are 8 condos or townhomes with Asking Prices between $1M-$2M (Westwall, Villas, Silver Ridge, and one in Skyland).
High-end Land – There are 34 parcels of land listed for over $1M. Of these the majority are in Mt. Crested Butte in the Prospect Subdivision – offering Ski-in / Ski-out lots. There are also numerous home sites offering 2+ miles of private fishing. The Reserve on the East River has 11 homesites for sale between $1.6M and $2M – this is a unique offering because of the high-end lodge and guesthouse amenity. There is also a 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.
Trends show Prices for Single Family Homes Rise and Condos & Townhomes flat
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 from $600,000 to $817,000 and the Average SF Home price has risen from $814,000 to $1,092,000. This may be a result of the sample set and as the year progresses we should see these trends crystalize. 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 average percentage discount from Asking Price to Selling Price for Single Family homes has been dropping over the past few years and is now at 5.5%.
Condos & Townhomes – Price points for condos and townhomes have been fairly flat over the previous years, and results show these numbers higher. The Median Price for Condos and Townhomes has risen from $195,000 to $247,000 when compared to the same period in 2015 ($195,000). The Average Price was $297,000 compared with $223,000 in the 2015.
Crested Butte Land Sold
While inventories have been dropping for finished homes – the activity in the Land/Lots category has shot up over the past two years. While it has slowed a bit from the same period in 2015 – it is still double from 2014. As the table shows there have been 34 parcels Sold YTD compared with 45 in 2015, and 14 in 2014 for the same period. 13 of these home sites were purchased for under $100,000 vs. 25 in 2015. Five of the six parcels sold above $400,000 were in downtown Crested Butte. None of the land sold YTD were 35 acre parcels – which can be hard to see for Buyers in the winter.
Averages for Single Family Homes & Condo prices Starting to Rise
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 12% from $338 to $384 per sq. ft. Looking at the full report and the details in the tables you will see these prices per sq. ft. vary based on the area – as example Downtown Crested Butte shows $580, Mt. Crested Butte $349, and CB South $249 as averages per sq. ft.
Condos and Townhomes The Average Price per sq. ft. for Condos and Townhomes was $270 compared to $220 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 Townhomes this category represents the most transactions (48), with Single Family homes making up the second largest count (30). As the table shows the Luxury Single Family Homes Sold over $1M represents 38% of the dollar volume in our market, and Land or Lots represents only 13% of the Volume and 30% of the total transactions sold YTD.
Three things to remember about 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.
Under Contract At the end of May 2016 there were 79 properties Under Contract representing a total volume of $32.4M. Of the 46 properties Under Contract 49 are Condos/Townhomes (skewed by the Timbers Condos from remodeled Marcellina Apts.), 20 are Single Family homes and 8 are lots.
Active Listings There are 569 properties For Sale in our market similar to 2015 and previous years representing $425M. Inventory has shrunk since the same period in 2013 when we had 750 properties for Sale and many more single family homes under $1M.
Welcome Crested Butte Summer – Visitors are starting to show up and enjoy early wildflowers and hiking and biking on lower trails as our peaks are still full of snow and Spring run-off is in full force – water levels are high in the rivers and steams. The Club at Crested Butte golf course is in great shape and with the oversight of Troon Golf there will quality changes in all aspects of the Club.
The Crested Butte Music Festival’s Mirror Palace is under construction at the base area (temporary venue for the next 3 summers) and a buzz in the air for the many events to be held there. The Tourism Association is not promoting July 4th with the thought being we cannot support more people on Elk Avenue and maintain the quality experience. They are promoting central booking of lodging, the recreational opportunities via “Work Hard, Play Harder”, 750 miles and 150 trails in our valley, the many amenities and events and throughout the summer.
Gather with family and friends, enjoy the cool weather, hiking, fly fishing, rafting, biking, golf, Alpenglow concerts, the Arts, Tour de Forks… or just relax on the mountain or in town and make a new friend.
See the Full Crested Butte Real Estate Market Report MAY 2016 – Get Full Crested Butte Real Estate Market Report MAY – 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 April 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 April 2016 or the Crested Butte Real Estate Market contact:
Previews® Property Specialist
Coldwell Banker Bighorn Realty