Crested Butte Real Estate Market Report November 2017
Crested Butte Real Estate Market Momentum
Crested Butte Real Estate Market Report November 2017 – demand is strong and 2017 YTD results are significantly above the prior years. YTD numbers show 17% above 2016 in total transactions, and 38% up in total Volume. YTD all Single Family home prices per square foot are flat – but looking at the SF homes between $1.5M – $2.5M shows a 10% increase in Average Price per sq. ft. ($621) over the same period in 2016. Condos and Townhome price per sq. ft. is up 15% year over year.
This Crested Butte Real Estate Market Report looks at the Crested Butte Real Estate Market through the Month of November 2017 and compares previous years.
There were 401 transactions Year to Date compared with 342 for the same period in 2016 (17% increase). This represents a volume of $228M compared with a volume of $165M for the previous year (38% increase). The majority of these transactions were condos and town homes (qty. 171) with Avg. Sold price of $374,000. Of the 120 single family homes sold 62 were between $750,000 and $1.5M and the Avg. Sold price for all was $1,155,000. A total of 41 luxury Single Family homes have sold above $1M with an Avg. Sales Price of $1.85M and Avg. price per sq. ft. of $525.
There have been 108 lots sold YTD compared with 81 in 2016 and 102 in 2015. Average sold price of $249,000, and the highest price parcel sold for $1.3M in the Verzuh Ranch annexation. There is only one lot in downtown Crested Butte below $900,000 (and only 2 others in Verzuh Annexation at $950,000 each). This is positive for the Crested Butte economy as Land Sales translate into new housing starts and those dollars filter into the community for many years. We have quality local architects and builders in Crested Butte and current building costs of $350 to $400 per sq. ft. are quoted as entry level costs for construction in Crested Butte area. Currently there is a backlog for design and build.
How is the Luxury Crested Butte Real Estate Market?
2017 Year to Date – Through the end of November the overall market of Luxury Single Family homes is very active. Average Prices of Luxury Crested Butte Single Family Homes (all homes sold above $1M) is $1.852M Average price per sq. ft. for these home is $525 which is down the same period in 2016 ($555). Of note Ski-in Ski-out home at 13 Kokanee in Prospect recently sold for $3.365M, $533 per sq. ft. (fully furnished).
Year to date we see nearly 39% of all the single family homes sold are above $1M. There have been 46 Single Family homes sold above $1M which is a significant increase in the number or homes sold for the same period in 2016 (35). As mentioned the bell curve is shifting to above $1M for quality Single Family homes. There will be fewer transactions below $1M, because of the lack of inventory. There are a total of 127 homes for sale, and 93 have Asking Prices above $1M.
Crested Butte Luxury Homes For Sale
There are 11 Single Family homes for sale between $2M and $3M with avg. price per sq. ft. of $515, and 8 also between $2M and $3M with median price per sq. ft. of $839. Of the 28 luxury homes above $2M currently there are two under contract. There have been 15 single family homes sold above $2M YTD with Avg. price per sq. ft. of $675 and Median price per sq. ft. of $637 compared with the 9 sold the same period in 2016), Average Days on Market
of 193. There are 9 Luxury Homes for sale above $4M.
Click below to see the Year to Date Results for Crested Butte Single Family Homes, Crested Butte Condos & Townhomes, Crested Butte Land…
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For questions regarding this Crested Butte Real Estate Market Report or the Crested Butte Real Estate Market in general contact:
Global Luxury Property Specialist
Coldwell Banker Bighorn Realty