Crested Butte Real Estate Market Report – Year to Date through June 30, 2013
Crested Butte Real Estate Year to Date (YTD) Sales Continue to Show Strong Results 
We continue to see strong indicators in the Crested Butte Real Estate Market. As the charts and numbers show the trends are rising in all categories. Total Number of Properties Sold is up 16%, Total Volume is up 19%. We are also seeing Price per square foot for both Single Family homes and Condos and Town homes on the rise. Fourth of July visitors and activity was up, and given the external trends in the national Residential Real Estate – signs continue to foretell a very strong Summer season. Year to date Single Family homes made up 63% of the total volume representing $40.6M and 54 transactions with an average sales price of $752,000 and median price of $527,500. There were 70 Condos & Townhome transactions YTD and this represented $19.4M in volume and an average sales price of $278,000 and median sales price of $197,500. Crested Butte Luxury Real Estate Market – Homes Sold for $1 Million + Year to Date There have been 11 Single Family homes Sold for $1M or more YTD 2013, this is compared with 6 during this same period in 2012, and 6 in 2011. The average sold price for these homes was $1.74M, median price of $1.3M, and Average Price per sq. ft. was $417. The total volume of $19.1M makes up 30% of the overall market volume YTD. The distribution of these 11 homes sold was spread out – there were 2 in Crested Butte, 3 in Mt. Crested Butte, and 1 in Glacier Lily, Buckhorn Ranch, Roaring Judy Ranch, and Rural Crested Butte (on Slate River Road). 
Luxury Properties For Sale in the Crested Butte Area There are a total of 147 properties for sale with Asking Prices over $1M for a total Volume of $291M of these there are 94 Single Family Homes. There are 23 new listings in this category including a new luxury home listing in The Reserve for $5.5M. High-end Land – Of the 147 properties Listed for over $1M – 48 are Land. These represent some of the best opportunity for the Buyer who is looking to build their dream home. Of these the majority are in Mt. Crested Butte in the Prospect Subdivision – offering Ski-in / Ski-out lots (there are 3 homes under construction in Prospect). The next large category are developments offering fishing and equestrian amenities – these lots are located in both The Reserve on the East River, and Wilder on the Taylor. Wilder on the Taylor has a unique offering of 12 Riverfront Homestead Sites sitting along 2 miles of the Taylor River with 2,100 shared acres total on the ranch. With riverfront land increasingly hard to procure – these represent a rare opportunity to build a mountain home in a great river ranch setting (2 homes were completed in 2012, with 1 new home currently under construction at Wilder). Averages for Single Family Homes & Condo prices Continuing to Rise 
Single Family (SF) homes – Comparing YTD 2013 results to prior years we see that the price per sq. ft. for Single Family homes has risen from $270 per sq. ft. to $281. Looking at the details in the tables you will see these prices per sq. ft. vary based on the area – as example Downtown Crested Butte shows $408, Skyland $330 as averages per sq. ft. and these numbers are up from previous years. Condos and Townhomes have seen a greater volatility in price points in the past five years. Looking back at previous Market Reports for full years in 2011 to 2012 the Average Price per sq. ft. for Condos and Townhomes was $196 and $198 respectively. So the 2013 YTD Average price per sq. ft. of $209 is up. 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 (70) – but close behind is Single Family homes (54). As the table shows the Single Family Home and Luxury Properties over $1M purchased by the Second Homeowner represents the largest percentage of the dollar volume in our market (30%). 
Crested Butte Fun Summers Summer is a great time to be in Crested Butte – there is non-stop activities and events in town and up on the Mountain, or the solitude of a remote trail or mountain stream. Some of my family’s favorite weekly events are the free Alpenglow concerts in town on Mondays, and on the Mountain on Wednesday evenings, Farmers Market on Sunday mornings. There are many events: Bike Week, Fourth of July, Black & White Ball, Cattlemen’s Days – Tough Enough to Wear Pink, Music Festival Events, Tour de Forks dinners, Center for the Arts performances, Rafting, Fishing Hiking, Biking – and of course eating out at the many great restaurants in town also are favorites… Crested Butte Summers provide the chance to unwind, enjoy family time, and pick from many activities to enjoy together. As previously mentioned more and more families are “summering” here in paradise. We will continue to see a very strong Summer for Real Estate in Crested Butte. If you are a Seller – price your property to the market and Buyers will look and buy. If you are considering Buying – there are great values, but more competition for the properties you may want – and after 4 years of price adjustments the majority of properties are priced to the market. 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. Chris Kopf Previews® Property Specialist Coldwell Banker Bighorn Realty (970) 209-5405 chriskopf@bighornrealty.com Author: Chris Kopf
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