Crested Butte Real Estate Market Report through September 30, 2013
Crested Butte Real Estate Year to Date (YTD) Positive Results
The momentum from the Summer Real Estate Season carried over to the Fall and showed continued positive results. The Crested Butte area attracted record numbers of visitors for the warm months of the year. In addition to the leaf peepers there were a number of late season events like the Chili & Beer Music Festival, Crested Butte Film Festival, Colorado 500 sports car visit and others which translated into a final boost for commerce, and real estate interest saw better than normal activity. I expect the Crested Butte Real Estate Market will continue to show strong results into the Winter.
Total Number of Properties Sold is up 35%, Total Volume is up 32%. We are also still seeing Price per square foot for both Single Family homes and Condos and Town homes on the rise slightly. Average Days on Market for all properties is 320 days. While the delta from Asking to Selling Price is getting skinnier (8%) – it is still a Buyer’s Market. As we continue to see price reductions as Sellers position their properties ahead of the market and eyeing competing listings in the Crested Butte area. 87% of all properties sold below Asking Price. Nearly half of all properties sold had a price reduction from Original Price and of those that did not have price reduction only 7% exceeded the Average Days on Market. Inventories are down (746 total properties for sale) – but there are still many options and great values in every category of Crested Butte Real Estate market.
Crested Butte Luxury Real Estate Market – Homes Sold for $1 Million + Year to Date
There have been 19 Single Family homes Sold for $1M+ year to date – this is compared with 7 during this same period in 2012, and 20 in 2011. The average sold price for these luxury homes was $1.75M, median price of $1.48M, and Average Price per sq. ft. was $426. If you download the full Crested Butte Real Estate Report and look at the details page – you will see the average discount from Asking to Selling price was 14%. The luxury total of $33.3M makes up nearly 1/3 of the overall market volume YTD. Of note is a 7,000 sq. ft. home that sold in August in Trappers Crossing at Crested Butte for $3.7M, as well as a contemporary 3,500+ sq. ft. home sold at 4 Peakview Drive in Overlook on Mt. Crested Butte for $1.48M.
Luxury Properties Under Contract in the Crested Butte Area – There are currently 6 Single Family homes under contract that have Asking Prices above $1M, all are between $1.495M and $2M, including one ski-in/out home in coveted Elk Run on Anthracite Drive. Of this group – 4 are in downtown Crested Butte, 1 in Mt. Crested Butte, and 3 in outlying areas.
Luxury Properties For Sale in the Crested Butte Area There are a total of 80 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $171M. Of these there are 45 Homes for sale over $1.5M. There are 14 homes over $3M including a new listing at 152 Evergreen Drive in Trappers Crossing at Crested Butte – this luxury 5 bedroom, 5 ½ Bath mountain home was completed in 2006, designed by Sunlit Architecture and built by Fred Holbrook. Nearly 5,000 square feet, fully furnished with high-end furniture and furnishings, many custom details and quality craftsmanship throughout – offered at $3.9M.
Prices for Single Family Homes & Condos Continuing to Rise
Single Family (SF) homes – Comparing YTD 2013 results to prior years we see that the Median Price for Single Family homes has risen to $637,500 (average is $758,000) and average price per sq. ft. for Single Family homes has risen from $273 per sq. ft. to $291. 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 $413, Mt. Crested Butte $328 as averages per sq. ft. and these numbers are dependent on the mix of type and quality of homes sold for each period.
Condos and Townhomes – We continue to see price per sq. ft. for Condos & Townhomes over the $200 mark – YTD at $205. Median price for a condo is $250,000 compared with $230,000 for the same period in 2012.
Contact me with questions about your property, a category or area of the Crested Butte Real Estate Market for more detail.
What Real Estate is Selling in the Crested Butte area? Year to date Single Family homes made up 64% of the total volume representing $68.2M and 90 transactions. There were 108 Condos & Townhome transactions YTD and this represents $26.7M in volume. As the table shows the Single Family Home and Luxury Properties over $1M purchased by the Second Homeowner represents a large percentage of the dollar volume in our market (32%).
Crested Butte – Them becoming Us = We If the rising number of students at the Crested Butte Community School (CBCS) are any indication we continue to see a trend of visitors and second homeowners who are moving to Crested Butte full time. The local school is a great asset to our community – and ranks among the highest academic performing schools in the entire state. CBCS is not resting on their laurels and has embraced the Science Technology Engineering and Math (STEM) program – raising nearly $100,000 through grants, PTA, and private donations. The CB Rotary Club has donated $5,000 for a 3D printer and scanner. Having recently completed my term as President of the CB Rotary Club – I am proud that our Duck Race Fundraiser has helped CBCS and so many youth programs and college scholarships for deserving CBCS students.
We are fortunate to have a population of affluent permanent residents and second homeowners in Crested Butte who are very kind with their donations to support so many of our non-profits organizations – thank you. Our local economy and the incomes for so many of our local citizens benefits from this demographic. Assuming a minimum of $300 per foot for new construction and the average home at 3,500 sq. ft – next time you see a home being built – think about the millions of dollars that is spread around for architects, builders, carpenters, plumbers, electricians, furnishings, property management… As well as the permitting fees that are part of the local governments budgets. This is a great boost to the local economy – thank you.
Download the September 30, 2013 Full Crested Butte Market Report with all the details 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 contemplating selling and interested in finding out what your existing property is worth, or if you are 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, email@example.com, and be sure to check out the Crested Butte Real Estate G+ page for all things Crested Butte.
Author: Chris Kopf