Crested Butte Real Estate Market Report YTD July 2015 – Crested Butte Tourism and Real Estate Market Buzzing
The Crested Butte area has been buzzing since early July with restaurants filled nightly and sales tax receipts for June reporting 15-20% increase over 2014. Statistics shows that with a growing economy and an increase in visitors the Crested Butte real estate market is also very active.
As the charts and numbers show the Year to Date (YTD) results in the Crested Butte Real Estate market are up year over year, and similar to the same period in 2013. This Crested Butte Real Estate Market Report compares the YTD numbers through the end of July with the previous years for the same period.
Comparing the YTD results in 2015 we see that Total Number of Properties Sold is up 26% over last year (5.2% over 2013), Total Volume is up 31% (4.7% over 2013). The majority of the single family homes under $750,000 have sold, there are 34 remaining between $340,000 and $750,000 with 11 Under Contract (32%). Of the 23 remaining there are a number of projects, 5 in Almont, 6 in CB South, and a handful of nice homes that are good value. Of note there are many very nice townhomes or condos in this price range.
There have been 18 luxury single family homes sold YTD (over $1 Million). This is probably the most competitive space with 94 homes currently for sale. Of these there are 10 above $3M, 18 between $2M and $3M, and 66 between $1M and $2M. Average Days on Market for these homes is 280.
A Look at The average Days on Market – An interesting statistic when comparing the properties For Sale and the Properties that Have Sold. Sold Properties through July show 303 Average Days on Market – and the The Properties for Sale that have not yet sold the Average Days on Market is 400.
Homes Sold for $1 Million + Year to Date – There have been 18 Single Family homes, one West Wall condo and one high-end parcel Sold at Wilder on the Taylor for $1M or more YTD 2015. This is similar to the activity in 2013 and more than double the this same period in 2014. There are 5 additional single family homes Under Contract over $1M. The average sold price for these homes was $1.660M, median price of $1.325M, and Average Price per sq. ft. was $456 (well below replacement cost).
Luxury Properties For Sale in the Crested Butte Area There are a total of 94 Single Family Homes Listed for over $1M for a total Volume of $180M. There are 31 luxury home listings on Mt. Crested Butte, 17 in downtown Crested Butte, 9 in Skyland and 18 in surrounding 35 acre developments.
Averages for Single Family Homes & Condo prices Starting to Rise
Single Family (SF) homes – Comparing YTD 2015 results to prior years we see that the price per sq. ft. for Single Family homes has risen about 14% from $293 to $342 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 the highest prices per sq. ft. at $433, Mt. Crested Butte $293, and CB South $218 averages per sq. ft. As mentioned the luxury homes above $1M have an average price per sq. ft. of $456.
Condos and Townhomes The Average Price per sq. ft. for Condos and Townhomes was $229 compared to $236 for the same period in 2014.
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), with Single Family homes making up the second largest count (57). As the table shows the Luxury Single Family Homes Sold over $1M represents 36% of the dollar volume in our market, and Land or Lots represents only 15% of the Volume and 34% of the total transactions sold YTD.
Reminder about price per sq. ft. – 1) It is an interesting metric to compare “similar” homes, but it is impacted by the mix of what is sold. 2) The more transactions – the better the data. 3) A small home on a highly desirable piece of land will skew the numbers and show a very high price per sq. ft. not representative of the value compared with other homes on “less valuable land”.
Trends show Prices for Single Family Homes and Condos & Town homes rise
Single Family (SF) homes – Comparing Year to Date (YTD) results from 2015 to prior years we see that the Median Price for Single Family homes has risen consistently, and from $590,950 in 2014 to $635,000 YTD 2015. Average SF Home price has risen slightly from $720,00 to $892,000. This is a result of the sample set – and the mix of homes in the Crested Butte area varies given the location, the age, and the quality of the home. The Crested Butte market is unique with new construction next to a home that was built over 100 years ago. This is a great reason to reach out to a quality Crested Butte Real Estate Agent for help understanding the values in the market and specific properties.
Condos & Townhomes –The Median Price for Condos and Townhomes has risen slightly to $188,750 when compared to the same period in 2014 ($170,000) but is similar to 2013 at $187,500. The Average Price YTD in 2015 is $233,700 compared with $234,300 in the 2014.
Crested Butte Land Sold
While inventories have been dropping for finished homes – the activity in the Land/Lots category has continued to be a hot segment of the market – the transactions have nearly tripled from 2014. As the table shows there have been 65 parcels Sold YTD compared with 26 in 2014, and 35 in 2013 for the same period. Only 11 parcels sold over $300,000 and 50 of the parcels sold were under $200,000 and 39 below $100,000. Perhaps with so many home for sale in $1M – $2M range – and the lack of inventory of homes below $750,000 this is have an impact on the land sales.
Under Contract At the end of June 2015 there were 62 properties Under Contract (compared with 54 last month) representing a total volume of $33.5M. Of the 54 properties Under Contract 27 are Condos/Townhomes, 27 are Single Family homes and 8 are lots.
Active Listings There are 717 properties for sale – this compares with 665 properties For Sale last month. Total volume of property for sale is $505M.
Crested Butte Activity – This has been an unusual summer of weather – lots of rain has not deterred the visitors and real estate activity. Many have said the wild flowers and mushrooms have never been better, and all are hopeful of an indian summer to stretch out the beauty of this time of year before snow starts falling in late October.
There are still 8-10 weeks of great the summer/fall weather and selling season with many family vacations resulting in couples returning for the autumn colors with a focus to look at real estate.
Mt. Crested Butte large parcels of land for sale – Of note CBMR has listed a number of their developable properties including the North Village (Promontory Ranch) reduced to $9.2M, the 50 home sites on approximately 20-acres near the top of the Gold Link, Painter Boy and Prospect ski lifts $8.9M. Interesting…
Download the full Crested Butte Real Estate Market Report – YTD through July 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