Crested Butte Real Estate Market Report YTD July 31, 2013 – Sales Up
As expected the positive trends continue in the Crested Butte Real Estate Market. As the charts and numbers show the trends are rising in all categories, and inventory is falling. Total Number of Properties Sold is up 22%, Total Volume is up 28%. We are also seeing Price per square foot for both Single Family homes and Condos and Town homes on the rise. The businesses in Crested Butte are reporting record Summer sales and the Arts Festival Week was a success. While still a Buyer’s market in Crested Butte – many would agree these positive trends are in part due to a burgeoning stock market and oil & gas industry. As well in many metro Residential Real Estate markets there continues to be extremely high demand for a shrinking inventory of single family homes.
Year to date Single Family homes made up 65% of the total volume representing $51.2M and 68 transactions with an average sales price of $754,000 and median price of $520,000. There were 79 Condos & Town home transactions YTD and this represented $21.2.M in volume and an average sales price of $269,000 and median sales price of $210,500. The quantity of Land – lots and parcels has increased the past two years (YTD 34 in 2012, 35 YTD 2013) despite the large inventory of homes.
Crested Butte Luxury Real Estate Market – Homes Sold for $1 Million + Year to Date
There have been 15 Single Family homes Sold for $1M or more YTD 2013, this is compared with 6 during this same period in 2012, and11 in 2011. The average sold price for these homes was $1.7M, median price of $1.49M, and Average Price per sq. ft. was $417. The total volume of $25.5M makes up 33% of the overall market volume YTD.
The distribution of these 11 homes sold was spread out – there were 3 in Crested Butte, 4 in Mt. Crested Butte, and 1 in Glacier Lily, Buckhorn Ranch, Roaring Judy Ranch, and Rural Crested Butte (on Slate River Road), and 1 Ranch property on the East River near Jack’s Cabin.
Luxury Properties For Sale in the Crested Butte Area There are a total of 119. Single Family Homes for sale with Asking Prices over $1M for a total Volume of $287M. Of these there are 28 Homes for sale over $2M with the most expensive home being $5.5M. Of note there have only been 4 transactions at $4M or above ever sold in the Crested Butte Real Estate Market (2 at the height of the market in 2006).
High-end Land– There are 48 properties (Land) for sale listed at over $1M. 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 private fly fishing on the Taylor River with 2,100 shared acres total on the ranch.
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 $267 per sq. ft. to $284. 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 $351 as averages per sq. ft. and these numbers are up from previous years.
Condos and Town homes 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 (79) – but close behind is Single Family homes (67). 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 (33%).
Under Contract There are 50 properties Under Contract representing a total volume of $20.4M. Of the 50 properties Under Contract 22are Condos/Townhomes, 17 are Single Family homes and11 are lots.
Active Listings There are an even 750 properties For Sale in our market representing $527M – we continue to see inventory dropping – a year ago inventories were in the 900 range..
Crested Butte – Giving Back… I have had the opportunity to attend some great events this summer – one of my favorite is the Tough Enough to Wear Pink concert – thanks to songwriter Dean Dillon for hosting and inviting this year’s singer / songwriters Kellie Pickler and Kyle Jacobs. The Crested Butte Music Festival hosted a fantastic gala event in the Big Mine Ice Rink (no ice, but there were former Cirque du Soleil acrobats!). I also helped sponsor an evening with opera singers including world renowned tenor Marcello Giordani. Mixing business with pleasure is a wonderful way to spend some time fly fishing – and RMBL hosted events at the Estess Ranch and Wilder on the Taylor which included interesting talks from scientists about stream and river biology. I am proud to be a Rotarian and we had a very successful Rubber Duck Race – all 5,000 of our ducks were floating!
I would like to say THANK YOU to the many generous donors who give back to our community. As a previous second homeowner and now a full time resident here in Crested Butte, I know that the work being done at so many of our non-profits in the valley is incredible, and does contribute to a sustainable economy here. The Mt. Crested Butte Performing Arts Center will be a “game changer”, the science work at RMBL is inspiring, the Center for the Arts is integral to our community, the Wooden Nickel Open supports Youth Hockey, the Adaptive Sports Center, the Land Trust, … the list goes on. To those who give back with their time and money – thank you. For those who do not yet – I hope you will reconsider, and take a moment to thank those neighbors who do.
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).
If you have not visited my website, one nice feature people say they like is the Advanced MLS Search. I also frequently publish new interesting Crested Butte area content and videos to the News/Blog section – check it out.
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Previews® Property Specialist
Coldwell Banker Bighorn Realty
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Author: Chris Kopf