Crested Butte Real Estate Market Report May 2017
SUMMER IS HERE, VISITOR FORECAST IS UP
It has been very nice to get out on the mountain bike trails and see the wildflowers popping up everywhere. The warm nights and sunny days are melting the snow in the high country and the rivers and streams are near their high water marks with run-off, the Rotary Rubber Duck ticket sales have begun – it must be Summer! The forecast based on hotel bookings is that the majority of the summer will also see high water marks with projections running 50% – 70% above last year.
High Summer Visitor counts are a blessing and a curse for real estate – with the number families in town and/or short-term rentals it can be problematic to coordinate showings of homes. It is very common for me to get calls the afternoon or the night before a family is leaving with the expectation that they can see some homes the next morning prior to their departure.. This can be very difficult. The best practice is to coordinate at least a day in advance so that a convenient time can be scheduled.
The Mirror Palace Construction has Started – It took a while for the giant pile of snow to melt, but it is gone, the ground has been leveled and the Crested Butte Music Festival’s Mirror Palace building is being constructed. If you did not attend an event or performance there last year, you missed out as the venue is historic, quaint and intimate.
The Clubhouse at The Club at Crested Butte has finished the remodel of the main level. The bar and dining room areas have been totally upgraded and this a great improvement. The Turn has also been remodeled and includes a larger space and seating.
Reminder – The Assessor has sent out updated property valuations – increase in property values in the 20%+ range are common. The revaluation, or reappraisal, occurs in odd-numbered years, and are based on transactions that occurred between July 1, 2011 and June 30, 2016. Appeal or protest process – – see http://www.gunnisoncounty.org/680/Appeals-Process
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 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).
Crested Butte Real Estate Market Report May 2017
OVERALL CRESTED BUTTE REAL ESTATE MARKET RESULTS
Summer Crested Butte Real Estate Activity Expected to Be Hot
This Crested Butte Real Estate Market Report looks at the Crested Butte Real Estate Market for the Month of MAY 2017 and compares previous years.
Given the current trends with the year to date numbers, the increase in visitors, and a buzz in the Crested Butte Real Estate Market it is expected that the Summer of 2017 will be very active. YTD numbers show 13% above 2016 in transactions, and 16% up in Volume. We are seeing slight increases in price point in most segments (YTD SF Home $ per sq. ft. up 6.5%).
There were 127 transactions Year to Date compared with 112 for the same period in 2016. This represents a volume of $66M compared with a very similar volume of $56M for the previous year. The majority of these transactions were condos and town homes (qty. 67) with Average Sold price of $321,000. Of the 32 single family homes sold YTD the Average Sold price was $1,150,000. There have been 12 luxury Single Family homes sold above $1M with an Average Sales Price of $1.9M and price per sq. ft. of $601.
There have been 27 lots sold YTD with an average sold price of $202,000. As previously noted 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. Also moving through final County approvals. These lots allow for over 5,000 sq. ft. home to be built.
CRESTED BUTTE REAL ESTATE LUXURY SINGLE FAMILY HOME SALES
How is the Luxury Crested Butte Real Estate Market?
2017 Year to Date – As the tables and the detailed charts below show Average Prices of Crested Butte Single Family Homes show us that the overall market by price points are seeing a steady rise. As previously noted looking at my 2016 Year in Review Market Report you will see the trend lines show a fairly flat market over the past 5 years.
Year to date we see there are 12 Luxury Single Family homes sold (above $1M) which matches the same number or homes sold for the same period in 2016 (there were also 2 ski-in/ski-out condos sold above $1M in West Wall and Silver Ridge). 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 (below $1M, because of the lack of inventory. The Average Asking to Selling discount % for Luxury Single Family homes at 6.5%. The column showing totals for “All Years” reflects Jan 2013 through May 31, 2017.
Of note – there is a rare bank owned 8,000 sq. ft. home in Red Mountain Ranch on 35 acres listed for $2.7M. This pristine log home was once listed for $6.95M.
CRESTED BUTTE REAL ESTATE SINGLE FAMILY HOMES
Price Points Higher due to Crested Butte Homes For Sale Inventory Levels
Many buyers will learn that $1M does not buy what it used to in the Crested Butte area. The category of quality Single Family Homes under a $1M is evaporating. Most homes in this price range will need some updating, will be smaller, or will be located in the rural Crested Butte and rural Mt. Crested Butte areas… There was a bump in the $750,000 – $1M range with 10 transactions YTD. New construction building costs start around $300 per sq. ft. and assuming a 2,500 sq. ft. home plus land, design fees, permitting, landscaping, furnishings… most buyers are now looking at higher price points for buying their dream home in Crested Butte whether buying and remodeling or buiding new.
There are 134 Single Family homes for sale in the Crested Butte area – and 36 of them are under $1M. There are 37 Single Family Homes for sale between $1M – $1.5M, and 30 between $1.5M – $2M. The line charts below show the slight increase in price points over the same periods YTD previous years.
CRESTED BUTTE REAL ESTATE CONDOS
2017 YTD Condo Results – Condo Sales show a slight rise in the Average and Median Price points. Average Price has increased from $297,000 to $321,000 year over year and Median Price has increased from $247,000 to $281,000 year over year . There is a great variety of condos in the Crested Butte area. Looking at the high-end there were 2 three bedroom, 3.5 bath ski-in-out condos that sold at West Wall $1,280M, and Silver Ridge for $1,550,000 or $551 per sq. ft.
CRESTED BUTTE REAL ESTATE TOWN HOMES
2017 YTD Town Home Results – Town home sales results in the Crested Butte area appear to be fairly flat historically . There were 9 Town Homes sold in YTD in 2017 with an Average Sales price of $600,000 and Average price per sq. ft. of $350. Town Home price per sq. ft. ranged from $281 to $386 YTD.
There are currently 13 Town Homes for Sale with an Average Asking Price of $669,000 and Median Asking Price of $695,000.
CRESTED BUTTE REAL ESTATE LAND
2017 YTD Land Results – Comparing Land Sales for the past two years we see the YTD results are down a bit (qty. 27 for YTD 2017, and 34 for YTD 2016), but well behind the results for the same period in 2014 (qty. 45).
There have still been no sales of land in downtown Crested Butte but there are 4 lots under contract, and a total of 21 parcels for sale. This area represents a high price point with Average asking prices at $1.5M, and Median prices at $925,000.
High-End Crested Butte Area Land
Prospect Ski-in / Ski-out Home sites – There are currently 22 lots for sale with an Average Asking Price of $502,000 and a Median Asking Price of $542,000. 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. Prospect offers a unique opportunity to own land and a home with primo ski-in / ski-out access. The view of the East River valley are endless and the quality of the homes that have been built in Prospect are top shelf.
Private Fly Fishing Home sites – For the Buyer looking to own a quality parcel of land to build their dream home on there are a number of opportunities to also have the benefit of two miles of pristine fly fishing. The Reserve on the East River and the Wilder on the Taylor are two premier shared ranches that provide a wonderful experience and opportunity to create a legacy of family memories.
CRESTED BUTTE REAL ESTATE ACTIVE LISTINGS
Active Listings – At the end of April 2017 there were 603 properties For Sale in the Crested Butte Real Estate Market representing $494M. While this is a slight increase from recent inventory levels, overall we have seen a fluctuation but overall decrease in local inventory of homes for sale below $1M. The table below shows the inventory and Under Contract levels a the end of the Months of May.
CRESTED BUTTE REAL ESTATE UNDER CONTRACT
Under Contract – Of the 69 properties in the Crested Butte area Under Contract at the end of May, 30 are Condos/Townhomes, 22 are Single Family homes and17 are lots. At the end of May these 69 properties under contract represented over $40M.
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 with Your Crested Butte Co Real Estate Needs?
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 May 2017 or the Crested Butte Real Estate Market contact:
Global Luxury Property Specialist
Coldwell Banker Bighorn Realty