Crested Butte Real Estate Market Report – November 2014

Crested Butte Real Estate Market Report – November 2014 – All Good.   2014 Totals Look Similar to 2013 Results The Crested Butte Real Estate Market started off with a whimper, but is ending similar to 2013 as a result of a very strong Summer and Fall. We see that the 2014 YTD Volume of $141M is a slight increase (3%) over the 2013 total of $137M, and the number of total properties sold YTD in 2014 is 302 vs. 310 in 2013. While the length of the “off-season” shrunk a bit this Fall thanks to a number of Fall events, beautiful autumn colors, and continued visitors. We are in a holding pattern now until the beginning of the year – the ski resort is open and lifts are spinning – but primarily servicing local skiers until the Holidays.  There is typically light activity through Christmas – and things start to pick-up around New Years eve. Comparing the monthly totals from 2014 to 2013 we see that while we have arrived at about the same destination, the strong Fall results in 2014 made up for the slower start at the beginning of the Year. Looking at the properties currently Under Contract (33 properties representing $9.9M) the month of December results will likely be around $6M – and the overall 2014 totals will barely exceed the annual totals from 2013. Interesting Stat – The Inventory of the number of Properties for Sale has been dropping over the past few years – looking at the snapshot from November of the previous years we we see: 2012 = 743, 2013 = 648, 2014 = 614  Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million +  Year to Date There have been 27 properties sold for over $1M YTD – 20of them have been Single Family Homes, 2 ski-in/out condos (West Wall and Silver Ridge) and 5 riverfront home sites at Wilder on the Taylor.  The most expensive single family home sold in the past 16 months has been the $3.9M luxury home sold in Trappers Crossing at CB (5 bedrooms, 5.5 baths, fully furnished).   The Luxury volume of $47.2M sold YTD represents 33% of the total volume, and the the 20 Luxury Single Family Homes Sold total of $36.4M comes short of the 27 sales and $46.3M for the same period in 2013. The average sold price for the high-end homes sold is $1.82M; median price $1.48M, and Average Price per sq. ft. was $476. Luxury Properties For Sale in the Crested Butte Area  There are a total of 106 properties Listed for over $1M for a total Volume of $217M, including 68Single Family Homes for sale with Asking Prices over $1M representing $134M in total volume. In historic downtown Crested Butte there are 12 luxury homes for sale with prices ranging from $1.1M to $2.7M and median Asking Price of $1.25M, and Average Price per Sq. Ft. of $570.  There are 21 Single Family Homes for sale on Mt. Crested Butte – and a handful representing ski-in/ski-out including 2 in the Prospect Subdivision.  There are 2 high-end luxury condos and town homes for sale in Mt. Crested Butte – oneat the ski-in/out West Wall (Penthouse unit A-403 Listed for $2.095M), and two across the street at The Villas, there is also 1 luxury condo for sale in downtown Crested Butte at the corner of Gothic & 7th for sale for over $1.1M. Median and Average Prices for Condos & Townhomes shows an increase in price points — given the YTD data we see Median Condo Sales Price at $192,000 and Average at $233,000. Avg. Price per sq. ft. for Condos & Town homes are up 15% year over year from $214 in 2013 to $247 year to date 2014. Median and Average Prices for Single Family Homes  We see a greater price increase in the Single Family (SF) homes category – Comparing Year to Date (YTD) results from 2014 to prior years we see that the Median Price for Single Family homes has risen from $530,000 to $667,500 and Average SF Home price has risen from $780,000 to $854,000. Given the mix of homes sold this may be a result of the sample set.   Avg. Price per sq. ft. for SF Homes are up 12% from $295 (2013) to $330 year to date. What Real Estate is Selling in the Crested Butte area? Condos and Townhomes represents the most transactions (155) and 51% of all transaction, with Single Family homes making up the second largest count (93). Land /Lots Sold (54) represent 18% of the count but only 12% of the total dollar volume sold YTD.  There have been 20 single family homes sold for over $1M, and this represents 26% of the overall Volume, but only 7% of the total number of transactions. Under Contract  Of the 33properties Under Contract, 17are Condos/Townhomes, only 6 are Single Family homes and 10 are lots. At the end of November these 33 properties under contract represents $9.9M compared with 40 properties Under Contract and $16.7M at the end of October and $40M at the end of September. Active Listings  There are 614 properties For Sale in our market representing $400M.  We have seen a steady decrease in local inventory for sale, but we still have lots of properties for sale – and some great values.

Crested Butte Real Estate Market Report – November 2014 – Download Full Report as a .pdf file (more data and charts).

Winter Ski Season is Here – CBMR & Many Businesses are Bullish It is a common theme every year at this time that bookings are up and forecasts look good, and this year is no different.  We have great snow and lots of events throughout the Crested Butte Ski Season – it is a great time to be in CB!  The only real metric for measuring the Winter Economy are the final Sales Tax Revenue results month to month and final results for the season in May. The more visitors to our valley in the Winter result in Real Estate activity – and the more Showings, Offers, Contracts, results in more Sold properties 30-90 days later. Upcoming Crested Butte Winter Events of Note: – December 13 – Crested Butte Santa Ski & Pub Crawl. – December 20 – Winter Solstice Yurt Dinner. events@cbnordic.org – December 24 – Christmas Eve Torchlight and Santa’s Sleighride at Base area. – December 31 – New Year’s Fireworks, Torchlight Parade and Party at Base area – January 14-18 – MountainHigh Music Festival. mountainhighmusicfest.com Air Deals on American Airlines to/from Gunnison. Fly Gunnison (GUC) to Dallas (DFW) 12/18-12/25 and Dallas to Gunnison 1/1-1/11, round trip fares including taxes and fees starting as low as $319.00.   Ask about other destinations and pricing when you call!  Reservations can be made by calling Crested Butte Travel at 970-349-2287. #1 Agent in Crested Butte, Kopf Rises to the Top – I am very excited to announce that through much hard work, good fortune, and many great clients I rose to the top as the #1 Real Estate Agent in Crested Butte (based on a total Volume of $21.3M at the end of November for the preceding 12 months). 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, 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). For everything Crested Butte Real Estate– visit chriskopf.com.  Contact me at: (970) 209-5405, or chriskopf@bighornrealty.com Thanks, Chris Kopf
Previews® Property Specialist
Coldwell Banker Bighorn Realty
(970) 209-5405
chriskopf@bighornrealty.com