Crested Butte Real Estate Market Report Ski-Season 2013-2014 Crested Butte Real Estate | Ski-Season Results: Ski-Season Results for 2013-2014 are Down We had great snow and skiing, but the the real estate results for this Ski-Season were lackluster compared to the previous 3 years. Looking at the same period last year we see a decreases in both Total Number of Transactions (down 28%) and Total Dollar Volume of Sold properties (down 38%). We have to go back 3 years to see similar performance. CBMR is reporting increases in skier days, and many local businesses said Winter business was up. Perhaps the Crested Butte visitors were busy skiing, eating and shopping, but real estate was not on the shopping list… Condos and Townhomes Sales $ Volume represents 56% of all properties sold, with Single Family home comprising 23% and Land the remaining 21%. Geographically it is no surprise that in the Winter selling season the majority of the properties sold were on the mountain, with Mt. Crested Butte seeing 39% of all transactions (Condos & Town Homes 50 units sold). In the Luxury Properties Category (over $1M), only 3 Single Family homes Sold totaling $4.8M in Volume, 1 Luxury Ski-in/Out Condo also sold). But this is down significantly from the same period last year – where there were 12 Luxury Homes sold with a volume of $17M. Averages for $ per sq. ft. for Single Family Homes Flat, Condos see Slight Rise Average Price per square foot is a useful metric to compare properties and it is especially useful to analyze data to identify patterns and trends. It also is a helpful metric many people use when considering building vs. buying an existing home. As the current data shows we have a fairly flat trend year over year with regard to the overall price per sq. ft. Single Family homes are down a bit (1%) from the same period last year, which is interesting considering the higher priced Luxury Homes do not make up much of the mix sold this year (3 sold vs. last year over $1M). Condos & Town Homes saw a rise in price per sq. ft. (+19%). We see the numbers are still below the averages from 4 years ago – but a nice increase given the mix of condos sold. What Real Estate is Selling in the Crested Butte area? As the table shows Condos & Townhomes lead the pack at 56% of the total count, and 46% of the volume. Single Family Homes are 23% of the count and 44% of the volume. Luxury Properties over $1M (typically purchased by the Second Homeowner) represent the smallest share of the dollar volume in recent years at 3% of the count, and only 15% of the volume in our market.
Trends show Prices for Single Family Homes Fall and Condos & Townhomes show slight Rise Single Family (SF) homes – Comparing Ski-Season results from 2013-2014 to prior years we see that the Median Price for Single Family homes has fallen from $622,500 to $545,000 and Average SF Home price has fallen from $793,000 to $672,000. As noted – this may be a result of the quality and location of homes sold as there are not many luxury homes in the mix. Given the history of Crested Butte – there are many areas where there is a 30 year old home that has not been updated, and a new 5 year old home right next door. This is the reason to reach out to a quality Crested Butte Real Estate Agent for help understanding the values in the market. Also of note is that the delta from Asking Price to Selling Price for Single Family homes has dropped from 9.85% to 5.7% in the past 3 years. Condos & Townhomes – As previously mentioned the market for Condos and Town homes was brisk – and prices seem to be recovering in price per sq. ft. and overall values. The Median Price for Condos and Townhomes was $183,000 compared with $170,000 last year, and the Average Price was $291,500 compared with $276,000 in the 2012-2013 ski-season. Crested Butte Luxury Real Estate Market – Homes Sold for $1 Million + As the table shows there have been only 3 Single Family homes Sold for $1M or more during this 2013 – 2014 Ski-Season compared with 12 during this same period last year, and 5 Sold in 2011-2012. Hence, the luxury home volume is down significantly from last ski-season. Average sold price for these homes was $1.6M, Average Price per sq. ft. was $442, and Average Days on Market was 272 days. The 4.7% Discount from Asking Price to Selling Price is lower than the rest of the market. Under Contract There are currently 39 properties Under Contract representing a total volume of $24M – the count is similar to March, but the volume is up from $19.4M. Of the 39 properties Under Contract 17 are Condos/Townhomes, 15 are Single Family homes and 7 are lots. Active Listings There are 592 properties for Sale – this is down from 696 properties one year ago. The volume of this Market is $418M. With a shrinking inventory it would seem we may see a scenario of multiple offers on some value properties and a decrease in Days on Market in the upcoming Summer Buying Season. Cautiously Optimistic for Summer Crested Butte Real Estate I am a glass half full guy – and I feel like this will be an active Summer for Crested Butte Real Estate transactions. We had really good numbers in 2013 and there is no significant external forces that lead me to believe that 2014 will not replicate. In fact as noted in previous reports there are many positive national economic forces that should help. Crested Butte is a great place in the Winter and I have a good friend who believes February is the best month of the year here. I also like February and March and all that Winter brings in the way of snow – but there are many more choices for recreating in the Summer once the snow melts and fills our streams, rivers and reservoirs. I enjoy the excellent fly fishing in the Crested Butte area but also paddling, hiking, biking, playing golf on the championship mountain course, and attending the many Events, Galas, and festivities in Crested Butte. Many come to Crested Butte to experience the wonders of the Rocky Mountains, a warm small town community, and create memories for years to come. 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 Crested Butte Real Estate Agent. If you are interested in finding out what your existing property is worth – call me. Click these links:
- To see the Full Crested Butte Real Estate Report – April 2014
- To see the 7 Page .pdf Crested Butte Real Estate Market Report – 2013 in Review.
Click here to do an advanced search the MLS for properties for sale in the Crested Butte area. If you are considering me to represent you as a Buyer, I appreciate the opportunity to earn your business (or that of a friend you think I could help). Thanks, Chris. For more information on the Crested Butte Real Estate Market contact: Chris Kopf Previews® Property Specialist Coldwell Banker Bighorn Realty Phone: (970) 209-5405 email: firstname.lastname@example.org Author: Chris Kopf