Crested Butte Real Estate Market Report SKI-SEASON Results 2014 – 2015 and Comparing Previous Years
Ski-Season Results for 2014-2015 are Up but below 2012-2013
We did not have a great snow year, but visitors, skier days, lodging and sales tax revenue were all up (as much as 16% in Crested Butte through February) compared to last year. Visitors brings interest and activity to real estate and Crested Butte real estate market saw an overall rise in total transactions and volume as well.
As long-term renter demand has increased, there seems to be a lack of affordable or “lower-end” single family homes available with only six homes available between $400,000 – $500,000. There nearly 40 condos for sale under $250,000 but all come with higher burden of HOA fees. If you look further in this report you will see that there is not a significant rise in single family home prices, or price per sq. ft., but there is a lack of inventory available for sale at the lower end of the market right now which is why we have seen a significant number of lots sold, 45 vs 19 last year, and 27 two years ago.
Average Days on Market (DOM) for all properties was 324 and 307 for SF Homes.
The Assessor has sent out updated property valuations – and some have seen an increase in their property value which will lead to an increase in taxes. Remember that the revaluation, or reappraisal, occurs in odd-numbered years, and the property valuation notices sent out are based on transactions that occurred between July 1, 2009 and June 30, 2014. The Gunnison County Assessor uses an automated Multiple Regression Analysis comparison approach and not an individual property analysis. There is an appeal or protest process – see http://www.gunnisoncounty.org/132/Assessors-Office
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 up 10% 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 10% decline in price per sq. ft. when compared to the same period last year, but up compared to prior years.
What Real Estate is Selling in the Crested Butte area? As the table shows Condos & Townhomes lead the pack at39% (compared to 56% last year) of the total count, but only 25% (vs. 46% last year) of the volume. Single Family Homes are 25% of the count and 54% of the volume. Luxury Properties over $1M (typically purchased by the Second Homeowner) represent only a 7% share of the number of transactions, but 28% of the total dollar volume.
Trends show Prices for Single Family Homes Rise and Condos & Townhomes show slight Fall
Single Family (SF) homes – Comparing Ski-Season results from 2014-2015 to prior years we see that the Median Price for Single Family homes is flat at $542,000 and actually down from the ski-season from 2012-2013. We do see the Average SF Home price has risen to $723,000 and except for the sharp rise in 2012-2013 ski season it shows an increasing trend. As noted – we are not working with a huge sample set for the ski-season 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 the Crested Butte area – there are still 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 real estate agent for help understanding the values in the market. Also see Crested Butte Real Estate Market Report 2014 In Review for 12 month analysis.
Condos & Townhomes –prices continue to be fairly flat in this segment of the market. The Median Price for Condos and Townhomes was $175,000 compared with $183,000 last year, and the Average Price was down.
Crested Butte Luxury Real Estate Market – $1 Million +
As the table shows there have been 9 Single Family homes Sold for $1M or more during this 2014 – 2015 Ski-Season compared with only 3 during this same period last year, and 12 Sold in 2012-2013. Average sold price for these homes was $1.2M, Average Price per sq. ft. was $387. The 7% Discount from Asking Price to Selling Price is lower than the rest of the market.
Under Contract There are currently 46 properties Under Contract representing a total volume of $29.7M – the count and volume is similar to March of 2014. Of the 46 properties Under Contract 20 are Condos/Townhomes, 18 are Single Family homes and 8 are lots.
Active Listings There are 558 properties for Sale which is down from 592 one year ago. The volume of this Market is $377,000 compared to $418M last year.
Optimistic for Summer Crested Butte Real Estate
All indicators are that this will be an active Summer for Real Estate transactions. We have had really good numbers the past two years, and there are no significant external forces that lead me to believe that 2015 will not replicate. Interest rates are still low, there are national numbers supporting a renewed interest in Vacation Real Estate, there are lots of events again scheduled for the summer (including the Enduro World Series mountain bike series stop in Crested Butte). Compared with so many other mountain towns Crested Butte is a special place, and represents a great value in real estate.
There has been a lot of banter about short-term property rentals as “the reason” there is a lack of long-term rentals available especially in town. There is also talk of taking property rights away from homeowners who have invested in Crested Butte – not good. Short-term rental add to the charm of visiting our town. We have deed restrictions in place. We are a tourism and real estate economy – an increase in occupied short-term rentals is a good thing, and proof that people want to come here, use our airport, rent a house, ski, bike, hike, fly fish, relax, shop and eat. All Good!
Download the full Crested Butte Real Estate Market Report – SKI-SEASON 2014-2015 as a .pdf file
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, 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).
Previews® Property Specialist
Coldwell Banker Bighorn Realty