Crested Butte Real Estate Market Report November 2016 – Crested Butte Market Strong, Inventories Down
For four straight years we have seen impressive numbers in the Crested Butte real estate market. 2016 Year to date looks very similar to 2014 except for the number of lots sold in 2015 was much greater and an increase in the number of lots that have been purchased (110 vs. 81).
As mentioned previously the mix of single family homes has shifted to higher price points given the lack of inventory of single family homes below $750,000, currently 10 compared with 22 one year ago (and only 2 of the 10 are in CB or Mt. CB). Condos and Town home sales are up year over year (171 compared with 133).
The biggest segment of the Single Family bell curve is $1M – $2M with 49 homes for sale – 30 of these are between $1.045M and $1.5M, they average 3,150 square feet of living area, and have an Average Price per sq. ft. of $438. There are 32 Single Family homes for sale below $1M with Average Days on Market (DOM) of 302, and 18 have had price reductions.
Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million + Year to Date
There have been 37 properties sold for over $1M YTD – 35 of them have been Single Family Homes, 1 ski-in/out condo at West Wall and 1 lot sold in downtown Crested Butte. The total high-end volume of $61.4M makes up 30% of the overall market volume YTD but only 10% of the total transactions. The average sold price for the homes was $1.755M; median price $1.48M, and Average Price per sq. ft. was $554. At the end of November there were 5 luxury single family homes currently under contract.
Luxury Crested Butte Homes For Sale
There are a total of 79 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $173M. Average Asking price for Luxury Crested Butte Homes for Sale is $2.2M, and Median Asking Price of $1.8M. See additional breakdown of the Single Family Home market and the homes Sold in the $1M – $2M price range further in the Market Report.
Prospect Lawsuits Settled in mediation – There was an on-going dispute between some property owners in the luxury ski-in/ski-out Prospect development with Tim & Diane Mueller (owners of CBMR) regarding some complex issues of Metro District Tax utilization – this was settled in mediation and recently two parcels sold ($250,000 and $300,000 with another one under contract). There are 20 parcels for sale in Prospect with Average price points at $500,000.
Luxury Spec Homes – there are a number of Spec homes being offered for sale. Some examples of homes to be built or home under construction in the Crested Butte area include Wildhorse at Prospect ($1.45M), Wilder on the Taylor ($2.95M), The Bridges of Columbine (4.7M), and others under construction with average price point $1.5M.
Sold Crested Butte Single Family Home Market – Grouped By Price Range
Crested Butte Luxury Home Market – The majority of Crested Butte single family (SF) homes for sale are in the $1M – $2M range. There were 27 Crested Butte Homes sold in the $500,000 – $750,000 range and 26 sold between $1M and $2M, but given the lack of inventory at the low end there will continue to be more transactions above $1M. See the detailed breakdown and tables and charts showing the count, average price and median price points for the various price points.
There are 49 single family homes for sale between $1M and $2M. For sellers: “It is a Price War and Beauty Contest, and you have to win both”.
Trends Continue to Show Overall Prices for Single Family Homes Rising, and Condos & Town homes Mixed
Crested Butte Single Family homes (SF) Sold
Comparing Year to Date (YTD) results from 2016 to prior years we see that the Median Price for Single Family homes have risen consistently, from $690,000 YTD 2016 to $855,000 YTD 2016. Average SF Home price has risen from $912,000 to $1,083,000. Again this is a result of the total mix of homes sold –see page 3 of the full report), and note the shift in inventory and price points sold. As mentioned these numbers skewed due to lack of Crested Butte homes for sale available at the “lower end” of the SF home market. Many Crested Butte homes have been purchased, remodeled and the back on the market for sale with very nice finishes. We are also seeing an uptick in spec homes being built with target price point at $1.5M.
Crested Butte Condos & Town homes Sold
The Median Price for Condos and Town homes has dropped slightly from $216,500 to $205,000. The Average Price YTD in 2016 is $253,700 compared with $270,000 in the 2015.
Crested Butte Land Sold
The activity in the Land/Lots category has continued to be an active segment of the market. While overall land/lot transactions are down from 2015, they are still up compared to previous years. While inventories have been dropping for quality finished homes under $1M there have been quite a number of people looking to buy a lot and build their new dream home. As the table shows there have been 81 parcels Sold YTD compared with 110 YTD in 2015. There have been 9 lots sold in the outlying 35 Acre developments – with Average Selling Price of $288,000 and Median price of $181,000. Nine lots have been sold in downtown Crested Butte with a median price of $615,000. Thirteen lots have been sold in Mt. Crested Butte with a median price of $23000 – two in Prospect for $250,000 and $300,00.
Crested Butte Homes and Properties Under Contract:
At the end of November 47 properties Under Contract, 23 are Condos/Town homes, 15 are Single Family homes and 10 are lots. These 47 properties Under Contract represent a total volume of $28.6M compared with $37.2M compared to the the same time in 2015.
Crested Butte Homes For Sale and All Active Listings
Inventories of Crested Butte Real Estate for sale has been dropping. There are now 517 properties for sale, this is down from 641 properties one year ago. The majority of properties are land (301) and there are 86 Condos & Town homes, 112 Single Family Homes for sale. Total volume of Crested Butte Real Estate for sale represents $510M.
This has been an interesting year with the election campaigns and all the questions surrounding the outcome, what is best and what the future will hold. The equities markets are at all time highs, the interest rates are still at all time lows and the price of a barrel of oil around $50. Unless something crazy happens, we should continue to see a healthy Crested Butte Real Estate Market and demand for Crested Butte Homes to remain strong.
The holidays are a great time to be in Crested Butte. It is a festive time for us to gather with family and friends and enjoy the beauty that Crested Butte has to offer with great alpine and Nordic skiing, sledding, snowshoeing, snowmobiling, and if you haven’t tried FAT BIKING it may be your new favorite winter recreational pursuit… I especially enjoy the holidays with family and friends with all the Christmas and New Years events . If you are here – don’t miss the torchlight parade down the mountain.
I am thankful for my family, this great ski-town, and the opportunity I get to help many with their real estate needs.
See the Details page in the full Crested Butte Real Estate November 2016 Market Report as a .pdf download.
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