Crested Butte Real Estate Market Report – Q1 2013
Q1 Sales Show Strong Results
As the numbers show there has been an increase in activity –Total Number of Properties Sold is up 12% over Q1 2012, and Total $ Volume is up 8%. It is worth noting as well that both metrics show nearly 3X increase over 2009. Looking at each month it also shows consistency with average of $9M per month in steady volume.
Year to date Single Family homes made up 65% of the total volume representing $17.8M and 22 transactions with an average sales price of 810,000 and median of $675,000. There were 33 Condos & Townhome transactions YTD and this represented $8M in volume and an average sales price of $243,000 and median sales price of $183,000. The following data will show us that price per sq. ft. is down compared with previous years, and properties that are priced to the market are being recognized by Buyers as a good value – and selling.
Crested Butte Luxury Real Estate Market – Homes Sold for $1 Million + Previous 12 Months
There have been 7 Single Family homes Sold for $1M or more Q1 2013, this is compared with 5 during this same period in 2012, and 1 in 2011. The average sold price for these homes was $1.48M, median price of $1.3M, and Average Price per sq. ft. was $368.
Looking back at the Previous 12 months we see that there have been 19 luxury properties sold in the Crested Butte Real Estate Market with similar Average and Median price points to Q1 2013. The majority of homes sold in either Mt. Crested Butte or Rural Crested Butte (2 in Danni Ranch, 2 in Buckhorn Ranch, and 1 in Red Mountain Ranch, Skyland, and Roaring Judy Ranch). Downtown Crested Butte has 17 Single Family homes For Sale over $1M, and after a lull of transactions – there have been a few of late and historically there is rise in activity in the Summer months in town.
Averages for Single Family Homes & Condo prices still below prior years
Crested Butte Single Family (SF) homes – Comparing Q1 2013 results to all of 2012 we see that the price for Single Family homes in 2012 was in line with what we are seeing in 2013 – in the $260 per sq. ft. price range as the Average price per sq. ft. for all Single Family Homes sold. Looking at the details of the Full Market Report you will see these prices vary based on the area – as example Downtown Crested Butte shows $369, Skyland $344 as averages per sq. ft. and these numbers are up from previous years.
Crested Butte Condos and Townhomes have seen a greater volatility in price points in the past three years but comparing results for the full years in 2011 to 2012 we see an increase in Average Price per sq. ft. from $171 to $191. So the Average price per sq. ft. of $173 for Q1 2013 is more a factor of the mix of condos sold. Interesting to note that as of the end of March there were 4 West Wall Condos Under Contract which will impact the metrics considering this is a coveted ski-in/ski-out luxury property.
What Real Estate is Selling in the Crested Butte area?
Given the inventory and price points of Condos and Townhomes – this category represents the most transactions – but close behind is Single Family homes. As the table shows the Single Family Home and Luxury Properties over $1M purchased by the Second Homeowner represents the lion share of the dollar volume in our market.
Crested Butte is a Special Place – Changes afoot…?
Talking with some of the “old-timers” it is common this time of year to hear rumors of major changes with the ski area – how did CBMR do financially, will there be an increase in ski pass prices, will they partner with other ski resorts, what will the airline service be for next year, and will there be a change in ownership? Even the CB News (who’s job it is to sell newspapers) seems to have lots of ink for printing such rumors, or giving advice on how to run a ski-area. Here’s what I know: Crested Butte is a Special place in the Winter and the Summer – planes will keep flying, lifts will keep spinning, trout will keep rising, and people will keep coming. If you haven’t noticed, the Residential Real Estate Market in the suburbs of most major Metro areas is “on fire”, the stock market is at an all time high, the Oil Industry is very profitable, 70% of our Transactions are Cash, and all indicators are that this will be a banner Summer for Real Estate in Crested Butte. If you are a Seller – price your property to the market and buyers will come, if you are a Buyer – there is more competition for the properties you may want –and after 4 years of price adjustments the majority of properties are priced correctly.
Download the Full Crested Butte Real Estate Report for YTD Q1 2013, it is a full color 5 page pdf file with all the detailed data and charts and graphs
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).
To see featured properties or search the MLS – visit chriskopf.com. Contact me at: (970) 209-5405, or firstname.lastname@example.org
Author: Chris Kopf