Crested Butte Real Estate Market Report September 2016
Crested Butte Market YTD Results Similar to 2015
Crested Butte Real Estate Market Report September 2016 – the autumn season has come and is almost gone. Surprising that the majority of the aspen leaves have fallen, some colors still exist and strange that some trees are still green. I like those stubborn green trees because I like the fall and want it to stick around. There are still visitors and real estate buyers in town and enjoying the crisp evenings and warm afternoons.
Short Term Rental Restrictions on Crested Butte Homes Downtown
Crested Butte town council is still looking into the taking of property rights by restricting short-term rentals in downtown Crested Butte. I predict their efforts will backfire. There are very few locals who’s income is from Crested Butte will allow them to buy a $1M+ home in town – so the buyers are second-homeowners and folks who relocate to CB as retirees or have a breadwinner with income derived from out of county. The Buyers needing to rent their second-home will disappear, and so the future buyers will likely be a more affluent tier of folks who don’t care about the rental income. Worse, the demand for short-term rentals that so many of our visitors desire will be curtailed. Supply and demand and the extra taxes the town adds will raise the costs and expense for our resort town tourist.
How is the Crested Butte Real Estate Market Doing?
As the charts and numbers show the Year to Date (YTD) trends in the Crested Butte Real Estate market up year over year and continue positive results. We are now looking very similar to 2015. The number of transactions are equal to last year with 266 total YTD. Total volume is up a smidgen (2.5%) at $122.6M vs. $119.6M for the same period in 2015. See the details page in the full report as a .pdf download.
Crested Butte Single Family Home Market – Grouped By Price Range
Crested Butte Luxury Home Market – As the lack of inventory at the lower end of the price range we are seeing the majority of sales of Crested Butte Single Family Homes are shifting to the $1M – $2M range. As you look at this category of homes, I believe you will infer that the market is flat. There is a slight increase from 2015 but the Average and Median selling prices between $1M and $2M are slightly below the previous years. There were 20 single family homes sold in the $1M – $2M range a significant increase from prior years.
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 $346 YTD in 2015 to $374 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 $529, Mt. Crested Butte $357, Skyland $353, and CB South $251 per sq. ft.
Condos and Townhomes – The Average Price per sq. ft. for Condos and Townhomes is up, YTD results are $272 compared to $229 for the same period in 2015.
Reminder about price per sq. ft. – 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. not representative of the value compared with other homes on “less valuable land”.
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 139, and Single Family homes show a count of 67, and Land/Lots at 60. As the table shows the Luxury Single Family Homes Sold over $1M represents 33% of the dollar volume in our market, and 9% of the Volume sold YTD.
Trends show Overall Prices for Single Family Homes Rising, and Condos & Town homes Mixed
Single Family (SF) homes – Comparing Year to Date (YTD) results from 2016 to prior years we see that the Median Price for Single Family homes has risen consistently, and from $667,000 to $822,000 YTD 2016. Average SF Home price has risen slightly from $921,500 to $1,008,000. 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. There is a lack of inventory available at the ”lower end of the single family home market”, and many homes have been purchased, remodeled and the back on the market for sale with very nice finishes. As well fewer miners cabins in need of total remodel.
Condos & Town homes – The Median Price for Condos
and Town homes has dropped slightly from $215,000 to $202,000. The Average Price YTD in 2016 is $301,000 compared with $257,000 in the 2015.
Crested Butte Land Sold
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. While overall land/lot transactions are down from 2015, they are still up compared to previous years. As the table shows there have been 60 parcels Sold YTD compared with 82 YTD in 2015. There have been 4 lots sold in the outlying 35 Acre developments – two in Red Mountain Ranch and 2 in Trappers Crossing. Eleven lots have sold above $400,000, and one in downtown Crested Butte including one above $1M. One ot sold in the ski-in ski-out development of Prospect YTD in 2016 (23 for sale).
Crested Butte Properties Under Contract At the end of July 2016 there were 75 properties Under Contract (compared with 78 from the same time 1 year ago) representing a total volume of $45.4M. Of the 75 properties Under Contract 35 are Condos/Townhomes, 25 are Single Family homes and 15 are lots.
Active Listings in Crested Butte Real Estate Market There are 647 properties For Sale in our market (compared with 682 this time last year.)
End of Autumn in Crested Butte
For me Summer is very busy and goes quickly, Autumn gives me the change to get out a bit more. I got the opportunity to go fly fishing with a client the other day. It was 37 degrees, and a bit of a wind, but blue skies and sunshine. We were warm, caught lots of trout, missed more, and had a great time. The golf course at The Club at Crested Butte has regular frost delays, and we had one inch of snow yesterday.
The Crested Butte Film Festival held at the end of September broke records for numbers of people and enjoyment. Great! Put it on your calendar for next year. www.cbfilmfest.org
Yes, the end of the autumn season is near. Wow – the lifts will start spinning in 48 days (Nordic skiing at Lily Lake even sooner).
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Get the Full September 2016 Crested Butte Real Estate Market Report as 7 Page .pdf file here
See the Full 2015 Crested Butte Real Estate Market Report – Download full Crested Butte Real Estate Market Report – 2015 Review to see the big picture and all the details of the Crested Butte CO Real Estate Market – Download Full Report as a .pdf file (more data and charts).
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