Crested Butte Real Estate Market Report YTD August 2015

Crested Butte Real Estate Market Report YTD August 2015 – Market Remains Strong and Active

Despite volatility in the stock market and the price of oil in the mid $40 per barrel the Crested Butte Real Estate market continues to be active and the Fall months of September and October have historically been good ones.

There continues to be a run on lots with 74 lots sold YTD vs. 31 for the same period last year. As well the lower end of the market is getting thin with 34 single family homes below $750,000 and 24% of them under contract. The high number of homes sold has pushed the the median price for a single family home down to $635,000, still a healthy historical trend line – but well below the peak of 2006 through mid-way through 2008.

Year to date through August we see Total Number of Properties Sold up 21%, Total Volume up 15.5% compared to 2014 and the metrics are similar but also up as compared with YTD in 2013. Looking at the monthly table over the past three years we see the variance from month to month.

Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million + Year to Date

There have been 21 properties sold for over $1M YTD – 19 of them have been Single Family Homes, 1 ski-in/out condo at West Wall and 1 riverfront home site at Wilder on the Taylor. The total high-end volume of $30.8M makes up 33% of the overall market volume YTD but only 8% of the total transactions. The average sold price for the homes was $1.62M; median price $1.32M, and Average Price per sq. ft. was $454. There are 7 luxury single family homes under contract compared with 12 in 2014 – of note there is a ski-in/ski-out home in Prospect ($3.45M Asking Price), the $1.9M ranch property with large barn on HWY 135, a $1.7M riverfront home site at Wilder on the Taylor, and and the remainder are below $1.5M.

Luxury Properties For Sale in the Crested Butte Area

There are a total of 96 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $184M. Of the 96 there are 76 between $1M and $2M, 20 between $2M and $3M, and the remaining 10 homes are above $3M with the two highest priced homes being ski-in/ski-out homes in Prospect. There are 4 high-end luxury condos and town homes for sale in Mt. Crested Butte at both the ski-in/out West Wall, and across the street at The Villas.

High-end Land / Riverfront Home sites For Sale – With all the land that has sold there are still a total of 321 current listings for Land – 35 of those are luxury vacant lots for sale above $1M – these lots are scattered around with the majority located in The Reserve on the East River and Wilder on the Taylor, but there are 6 lots in downtown Crested Butte, and others on Mt. Crested Butte and outlying areas. There are 21 ski-in / ski-out, or skier access lots for sale in the Prospect development in Mt. Crested Butte and all are below $1M (6 are below $500,000). There are also some nice 35 acre lots in Trappers Crossing (qty. 9)and one opportunity to own a contiguous 70 acres with panoramic views, and a Trappers Crossing homesite on the bench with an asking price of $1.5M.

Historical Look at Median and Average Prices for Crested Butte Area Single Family Homes and Condos

 

Price per Sq. Ft. Averages for Condo & Townhomes Starting to Rise

Single Family (SF) homes – In the Crested Butte area every home is custom built and different so comparing home values can be hard. Unlike suburban USA where there are many subdivisions with very similar homes all built nearly the same time with similar layouts, finishes… That being said Price per sq. ft. is one way to provide a metric to use to compare “similar” homes and as a general rule it provides a way to compare and historically it gives us a perspective over a large number of transactions (there have been 69 SF homes sold YTD compared with 56 YTD in 2014). So far in 2015 we have seen a slight price per sq. ft. increase in single family homes (again this is subject to the mix of what is sold). Current Price Per Sq. Ft. Averages are at $333 per sq. ft. 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 $432, Mt. Crested Butte $313, Skyland $324, and CB South $219 averages per sq. ft.

Condos and Townhomes The 2015 YTD Average price per sq. ft. of $227 is a slight decrease when compared to the same period in 2013 ($236 per sq. ft.).

What Real Estate is Selling in the Crested Butte area? Condos and Townhomes represents the most transactions (81 compared with 90 same period in 2014), with Single Family homes transactions at 69. There have been 19 Luxury Single Family Homes Sold for over $1M represents 33% of the dollar volume in our market, and Land or Lots represent 33% (a whopping qty. of 74) and 33% of the volume.

Under Contract: 74 properties Under Contract, 37 are Condos/Townhomes, 24 are Single Family homes and 13 are lots. At the end of August these 74 properties Under Contract represent a total volume of $37.9M compared with $41.6M in 2014.

Active Listings There are 700 properties For Sale in our market (compared with 748 in 2014) representing over $500M. This is a decrease in local inventory, and still some great values available in the market.

 

Crested Butte is a special place – and September and through mid October are some of the best days as Summer fades into Autumn and the burst of colors paints our valley and surrounding mountains. Labor Day is upon us and marks the end of summer. The days get shorter, the water level falls and the trout and salmon are more accessible for walk-and-wade in the rivers and streams. The trails are dry, the golf course is in fantastic condition, and the Crested Butte Film Festival is around the corner at the end of September.

This is our first year to be “empty nesters” and the first time we don’t have any daughters in the top ranked Crested Butte Community School. We are blessed that our three daughters are all enjoying their college experience and doing well.

I spoke before the Crested Butte Town Council two weeks ago – and put a letter in the paper hoping to educate some that Conservation Easements are a great thing – but it is very disappointing to to see millions of dollars of Public monies being used and NO recreational access in return.