Crested Butte Real Estate Market Report October 2016 – Crested Butte Market Remains Active
Crested Butte Real Estate Market Report October 2016. As I write this there are two days remaining before the Nov. 8, 2016 election and the end of this crazy Presidential Race. Colorado may be a swing State for the winner and as of now the pundits say it is too close to call. The Crested Butte Real Estate Market is the canary in the mineshaft and if the national economy is good, then there are more people who feel good about investing in Crested Butte Real Estate and buying a second home in this beautiful resort mountain town. The economy has a direct impact as well on the winter tourism, and those willing to fly their family here for a ski vacation. In general there are fewer, but a more affluent visitor and real estate buyer who will be here in the Winter. They fly, they buy lift tickets, rental gear, ski lessons, ski apparel shopping (”dad, I need a new ski jacket, and I lost my goggles…”) lodging (no camping), and because high occupancy in base area hotels – more eating out. More expensive…
As the charts and numbers show the Crested Butte Real Estate market Year to Date (YTD) trends are up year over year but similar to 2015. The number of transactions are equal to last year with 266 total YTD. Total volume is up a bit (7%) at $145M vs. $135M for the same period in 2015. Total transactions are up slightly (3%) at 313, vs 303 YTD 2015.
Crested Butte Single Family Home Market – Grouped By Price Range
Crested Butte Luxury Home Market
There continues to be a lack of quality inventory at the lower end of the single family (SF) home market – only 4 homes below $500K, 8 between $500K – $750K. For Sale North of CB South there are: 24 SF homes between $750K and $1M, 31 between $1M and $1.5M, 19 between $1.5M and $2M, and 14 homes between $2M and $3M. There is a slight increase in price points from 2015 but the Average and Median selling prices in all price ranges shows results to be flat or down compared with prior years. For sellers: “It is a Price War and Beauty Contest, and you have to win both”.
Averages Price per Sq. Ft. for Single Family Homes & Condos Rising
Single Family (SF) homes – Comparing YTD 2016 results to prior years we see that the price per sq. ft. for Single Family homes has risen from $336 YTD in 2015 to $401 per sq. ft. Looking at the details in the tables you will see these prices per sq. ft. vary based on the area. Downtown Crested Butte shows the highest average price per sq. ft. at $544, Mt. Crested Butte $359, Skyland $353, and CB South $251 per sq. ft.
Condos and Town homes The Average Price per sq. ft. for Condos and Town homes is up, YTD results are $270 compared to $231 for the same period in 2015.
Disclaimer about price per sq. ft. – There are many variables in the Crested Butte market with location, age of home, finishes (updated or not), views, number of bedrooms, layout… With rising median and average Single Family Home prices rising – this has an upward impact on all price per sq. ft. 1) It is useful to compare “similar” homes, but the overall numbers are impacted by the mix of what is sold (see page 3 of this report). 2) The more transactions – the better the data. 3) A small home on a highly desirable piece of land will skew the numbers and show a very high price per sq. ft.
What Real Estate is Selling in the Crested Butte area?
Given the inventory and price points of Condos and Town homes this category represents the most transactions 160, and Single Family homes show a count of 80, and Land/Lots at 73. As the table shows the Luxury Single Family Homes Sold over $1M (28) at $48.4M represents 33% of the dollar volume in our market, and 9% of the Volume sold YTD.
Trends Continue to Show Overall Prices for Single Family Homes Rising, and Condos & Town homes Mixed
Single Family (SF) homes 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 $666,000 YTD 2015 to $813,000 YTD 2016. Average SF Home price has risen from $889,000 to $1,029,000. 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.
Condos & Town homes Sold– The Median Price for Condos and Town homes has dropped slightly from $215,000 to $205,000. The Average Price YTD in 2016 is $299,000 compared with $266,000 in the 2015.
Crested Butte Land Sold
While overall land/lot transactions are down from 2015, they are still up compared to previous years. The activity in the Land/Lots category has continued to be an active segment of the market. 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 73 parcels Sold YTD compared with 90 YTD in 2015. There have been 9 lots sold in the outlying 35 Acre developments – with Average Selling Price of $212,000 and Median price of $150,000. Nine lots have been sold in downtown Crested Butte with a median price of $595,000. Twelve lots have been sold in Mt. Crested Butte with a median price of $205,500 – two in Prospect for $250,000 and $495,000 (Wildhorse).
Crested Butte Real Estate Under Contract
At the end of October 2016 there were 50 properties Under Contract (compared with 74 from the same time 1 year ago) representing a total volume of $38M. Of the 50 properties Under Contract 20 are Condos/Townhomes, 19 are Single Family homes with 11 above $1M, and 12 are lots.
Crested Butte Homes For Sale
There are 591 properties For Sale in our market (compared with 645 this time last year.)
Crested Butte Ski Season only days away…
It has been an “Indian summer” with warm temperatures continuing into early November. Visitors continued to visit through late October. Many on mountain bikes, hiking, fishing and hunting. Warm temps kept elusive elk herds up high and bedded down in the dark timber.
I hosted my annual event in Dallas at the beginning of November and despite the World Series game 7 the same night, the room was full with people interested to hear from Nancy Osmundson – Executive Director of Gunnison Valley Health Foundation (GVH) about the quality health care we are fortunate to have in our valley.
We also heard from Cameron Aderhold from Cypress Equities regarding their plans to release residential lots for sale in the downtown Crested Butte area just North of town. These lots have the benefit of great proximity to town and the Rec Path and the Slate River. Officially located in the County (so no BOZAR), net net – great location, great views, larger home sizes.
See the Details page in the full Crested Butte Real Estate Market Report as a .pdf download.
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This Crested Butte Real Estate Market Report October 2016 and the level of detail is representative of what you can expect from me as your Crested Butte 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).
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For more questions regarding Crested Butte Real Estate Market Report October 2016 or the Crested Butte Real Estate Market contact:
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Coldwell Banker Bighorn Realty