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Chris Kopf Coldwell Banker Mountain Properties

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Crested Butte Real Estate Market Report – Q1 2013

April 3, 2013 By Chris Kopf

Crested Butte Real Estate Market Report – Q1 2013

Q1 Sales Show Strong Results

Crested Butte Real EstateVolume Q1-2013As 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.

Crested Butte Real Estate Luxury Homes Q1 2013Looking 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?

Crested Butte What is Selling Q1 2013

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 chriskopf@bighornrealty.com

Thanks,

Chris.

 

Author:  Chris Kopf

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Chris Kopf, Coldwell Banker Mountain Properties
305 6th Street
Crested Butte, CO 81224
  • Chris.Kopf@CBMP.com
  • (970) 209-5405

Testimonials

Bobby Nichols

"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "

 
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:45:19-07:00
"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "  
https://chriskopf.com/testimonials/bobby-nichols/

Jeff Hollings

Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:46:48-07:00
Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
https://chriskopf.com/testimonials/jeff-hollings/

James Brennan

This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
Crested Butte Real Estate by Chris Kopf
2014-10-14T17:59:24-06:00
This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
https://chriskopf.com/testimonials/james-brennan/

Jane Saltzman

Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:49:37-07:00
Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
https://chriskopf.com/testimonials/jane-saltzman/

Georges Lussier

The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:40-06:00
The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
https://chriskopf.com/testimonials/georges-lussier/

Frank Stringer

Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:51:04-07:00
Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
https://chriskopf.com/testimonials/frank-stringer/

Paul & Julie Keesee

Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:59-06:00
Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
https://chriskopf.com/testimonials/paul-julie-keesee/

Jim & Sandra Wickham

Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:18-06:00
Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
https://chriskopf.com/testimonials/jim-sandra-wickham/

Tom & Mary Aton

It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:31-06:00
It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
https://chriskopf.com/testimonials/tom-mary-aton/

Dan Aquaviva

This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:26-06:00
This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
https://chriskopf.com/testimonials/dan-aquaviva/
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Crested Butte Real Estate by Chris Kopf

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