Crested Butte Real Estate Market Report – OCTOBER 2017
Has the Crested Butte Market Peaked?
Crested Butte Real Estate Market Report October 2017. I have been asked by clients whether the Crested Butte Market is “topping out”…? We continue to see demand on the Buyer side – people have discovered Crested Butte and overall we are still a great value compared with some other well know Mountain Ski Towns. An article in the Wall Street Journal last week talked about the rise in demand for “summer vacation homes” in Ski Towns. Depending on the property and location we are still approximately 20%+ below the peak price points during the 2006 – 2008 ½ era. There are some worried about changes in Homeowner Mortgage Tax Deductions (currently 65% of all our single family homes are financed). This may have a slight impact on some buyers but perhaps not when factored with all the other tax changes. I don’t have a crystal ball, and unless there is some major craziness in the world (North Korea, ISIS…) that affects world and national economic backdrop I don’t see a change to our continued and predictable positive market trends.
I recently spoke with a peer in Breckenridge/Winterpark area and they have a very limited inventory and seeing higher price points. We have similar inventory depletion at the lower end of our market (under $1M SF Home and Condos below $450,000), but in general lots of inventory and still great values. As stated previously many buyers are passing on homes that need updating, or circling back around after scouring the inventory of Crested Butte homes for sale realizing that location and views are hard to find, but kitchens and bathrooms can be remodeled. I think the more affluent Winter Skiing demographic will be active in the Crested Butte Real Estate Market – and the lifts start spinning in less than 3 weeks!
Crested Butte 2017 Real Estate Demand is Strong
This Crested Butte Real Estate Market Report looks at the Crested Butte Real Estate Market through the Month of October 2017 and compares previous years.
2017 YTD results are well above the same period last year and significantly above the prior years. There are over 60 current properties under contract, year to date numbers are up, and demand in the Crested Butte Real Estate Market is strong. YTD numbers show 15% above 2016 in total transactions, and 42% up in total Volume. YTD Single family home prices per square foot are up 2%, Condos and Townhome price per sq. ft. is up 14% year over year.
There were 361 transactions Year to Date compared with 313 for the same period in 2016. This represents a volume of $205M compared with a volume of $145M for the previous year. The majority of these transactions were condos and town homes (qty. 156) with Avg. Sold price of $378,000. Of the 106 single family homes sold YTD the Avg. Sold price was $1,158,000. 41 luxury Single Family homes have sold above $1M with an Avg. Sales Price of $1.86M and Avg. price per sq. ft. of $540.
There have been 96 lots sold YTD (which breaks the record from 2015) with an average sold price of $241,000, and the highest price parcel sold for $1.3M in the Verzuh Ranch annexation. It has been an unusual market for the larger outlying land sales. 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. As mentioned Local architects suggest building costs of $350 to $400 per sq. ft. minimum in Crested Butte area.
How is the Luxury Crested Butte Real Estate Market?
2017 Year to Date – Through the end of October the overall market of Luxury Single Family homes is very active, and price points show a steady rise. Average Prices of Luxury Crested Butte Single Family Homes is $1.865M Average price per sq. ft. is $539 which is up from the same period in 2016 ($496). Of note Ski-in Ski-out home at 13 Kokanee in Prospect just sold (11/3/17) for $3.365M, $533 per sq. ft. (fully furnished).
Year to date we see nearly 40% of all the single family homes sold are above $1M. There have been 41 Single Family homes sold above $1M which is a significant increase in the number or homes sold for the same period in 2016 (28). 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 96 current Crested Butte Homes for sale with Asking Prices above $1M (6 of these are Under Contract).
There are 9 Single Family homes for sale between $2M and $3M with avg. price per sq. ft. of $636, and 9 also between $2M and $3M with avg. price per sq. ft. of $981. Of the 28 luxury homes above $2M currently there are none under contract. There have been 14 single family homes sold above $2M YTD which is double the 7 sold the same period in 2016), with Average Days on Market of 197. There are 10 Luxury Homes for sale above $4M with Median Asking Price of $4.9M and Average Price Per sq. ft. of $837.
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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This Crested Butte Real Estate Market Report September 2017 and the level of detail is representative of what you can expect from me as your Real Estate Agent.
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For more questions regarding Crested Butte Real Estate Market Report August 2017 or the Crested Butte Real Estate Market contact:
Global Luxury Property Specialist
Coldwell Banker Bighorn Realty