Year to Date Shows Strong Overall Results – Crested Butte Real Estate Market Report – October 2014
Crested Butte Real Estate Results for 2014 started out weak – but Spring skiing brought Buyers, and the active Summer carried over into strong Fall results.
The real estate market in Crested Butte has been very active this year and YTD Volume has surpassed previous years at $131M. Total, YTD Transactions are on par with last year at 277 (compared with 283 for same period in 2013). Results are always seasonal with clear “Summer and Winter peaks” but looking at the monthly results – the three months of August, September and October were significant. These three months represent 57% of the overall Volume for the year and 50% of the total transactions Sold YTD as well. Looking at the properties currently Under Contract (40 properties representing $16.7M) – it appears the overall 2014 totals will likely finish similar to the annual totals from 2013. Interesting stat – Days on Market for all properties Sold YTD is 303 days – but for the properties still For Sale that number jumps to 475 Days! (It is key to price properly).
Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million + Year to Date
There have been 25 properties sold for over $1M YTD – 18 of 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. I represented the seller on the sale of a Single Family luxury home at 152 Evergreen Drive, Trappers Crossing at Crested Butte – this closed in October for $3.9M (5 bedrooms, 5.5 baths, fully furnished). The Luxury volume of $45.2M sold YTD represents 34.3% of the total volume, and the Luxury Single Family Homes Sold total of $33.9M makes up 25.7% of the overall market volume YTD. The average sold price for the high-end homes was $1.9M; median price $1.52M, and Average Price per sq. ft. was $477. I was just in Vail – where similar properties carry a price of well over $1,500 per sq. ft. (see info at end of report).
Luxury Properties For Sale in the Crested Butte Area
There are a total of 110 properties Listed for over $1M for a total Volume of $224M, including 72 Single Family Homes for sale with Asking Prices over $1M representing $140M in total volume. There are 2high-end luxury condos and town homes for sale in Mt. Crested Butte – one at 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.
High-end Land / Riverfront Home sites – There are a few high-end land developments offering 35 Acre parcels and multiple miles of live water fishing access as well as equestrian amenities – these lots are primarily located in The Reserve on the East River and Wilder on the Taylor (two Wilder riverfront home sites closed in October – #3 and #13 at $1.65M & $1.6M respectively).
The majority of the high-end parcels are in Mt. Crested Butte in the ski-in/out Prospect Subdivision – 22 for Sale from $395,000 to $985,000. There have been two recent Prospect Lot sales (both owned by the Muellers) – Parcel E-3 & E-1 on Gray Fox Drive, Asking Prices of $1,027,700, and $1,046,000 respectively — both sold separately for $500,000 each.
Median and Average Prices for Condos & Townhomes shows that there has been a bit of a rise in price points — given the YTD data we see Median Condo Sales Price at $192,000 and Average at $238,700. Avg. Price per sq. ft. for Condos & Town homes is up from $212 (2013) to $248 year to date.
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 $515,000 to $655,000 and Average SF Home price has risen from $766,000 to $850,000. Given the mix of homes sold this may be a result of the sample set. Avg. Price per sq. ft. for SF Homes is up from $294 (2013) to $330 year to date.
What Real Estate is Selling in the Crested Butte area? Condos and Townhomes represents the most transactions (143) and 52% of all transaction, with Single Family homes making up the second largest count (88). Land /Lots Sold (46) represent 17% of the count but 12% of the total dollar volume sold YTD. Comparing previous years Land/Lots results are lagging 2013 (54) but similar to 2012 YTD results. Driving around there are many constructions crews working on both remodels and new home starts which is great to see for the community.
Under Contract Of the 40 properties Under Contract, 21are Condos/Townhomes, only 5 are Single Family homes and 14 are lots. At the end of October these 40properties Under Contract represent a total volume of $16.7M (compared with $40M at the end of last month).
Active Listings There are 651 properties For Sale in our market (down from 720 last month) representing $418M. We have seen a steady decrease in local inventory for sale, but we still have a strong active inventory of properties – and some great values.
Q: “How are you doing?” A: “Living the Dream!”
Go visit some other mountain resort towns and reflect on the overall amenities, benefits, and relative values of beautiful Crested Butte… I just did. Conclusion: We are all living the dream (and for a lot less).
I was invited again for the 3rd year in a row to attend the Coldwell Banker Previews® Conference in Vail – a two day conference and meeting of the top producing agents in Colorado who are servicing the luxury home market and affluent clientele. There were numerous speakers who were flown in from all over the country – including top producing agents from Miami, and Southern California, and a Global VP of Coldwell Banker Previews®. It is great to have the support of the most successful residential real estate company in Colorado, as well as the #1 Real Estate Brand in the US and across the world.
I had the opportunity to tour 3 high-end homes while in Vail – a 5,800 sq. ft. Duplex listed for $10M, an 8,000 sq. ft. Single Family home that had 8 bedrooms and 11 bathrooms with an asking price of $15M and a 5 bedroom 6,500 sq. ft. penthouse condo in Vail Village (that is very similar to the quality of the West Wall in Crested Butte), with an asking price of $19.2M. Vail is a very cool place, with lots of amenities, and certainly a major real estate market – but the real estate prices in Vail (and Beaver Creek, Aspen, Telluride, Jackson…) are off the charts when compared to Crested Butte.
Crested Butte Real Estate Market Report – October 2014 – Download Full Report as a .pdf file (more data and charts).
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. 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
Chris Kopf
Previews® Property Specialist
Coldwell Banker Bighorn Realty
(970) 209-5405
chriskopf@bighornrealty.com
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