Crested Butte Real Estate Market Report – Year to Date through June 30, 2015
Crested Butte Visitors and Real Estate Market Strong
Estimates had 15,000 visitors on Elk Avenue to watch the annual 4th of July parade in historic downtown Crested Butte. With record number of visitors enjoying the culture, beauty and recreational wonders of the Crested Butte area many are also investigating and buying real estate here. As the charts and numbers show the Year to Date (YTD) trends in the Crested Butte Real Estate market up year over year and continue to be nearly identical to the results in 2013 YTD.
Comparing the YTD results in 2015 we see that Total Number of Properties Sold is up 33% over last year, Total Volume is up 25%. There continues to be strong demand for quality homes at the low-end of the market, and now very little inventory below $700,000 for a single family home in the Crested Butte area. There continues to be a huge increase in lot sales with one third of all properties sold or 56 lots sold YTD vs. 20 for the same period last year. This should buoy the design and construction business in Crested Butte as well with many locals dependent on this segment.
The luxury single family home space over $1 Million offers many options in quality homes for the second homeowner, in a variety of locations (qty. 91) in the Crested Butte area. Buyers are cherry picking in this segment and the average price is $1.5M. There are double the homes sold this year (qty. 15) vs. the same period last year (qty. 7), and results are similar but exceed YTD results in 2013 (qty. 11) when average price per home sold was $1.7M.
Crested Butte Luxury Real Estate Market
Homes Sold for $1 Million + Year to Date – There have been 15 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 more than double the this same period in 2014, and also exceeds the numbers from 2013. The average sold price for these homes was $1.488M, median price of $1.175M, and Average Price per sq. ft. was $437 (well below replacement cost). The total volume of $22.3M makes up 36% of the overall market volume YTD.
Luxury Properties For Sale in the Crested Butte Area There are a total of 91 Single Family Homes Listed for over $1M for a total Volume of $175M. There are six condos listed at over $1M (two in West Wall, two at The Villas, and two downtown Crested Butte – one is a penthouse spec condo to be built in the 100 block of Elk Ave. ).
High-end Land – There are 34 parcels of land listed for over $1M. Of these the majority are in rural Crested Butte in The Reserve or Wilder on the Taylor offering 2 miles of premium private fly fishing access. There is also a luxury home site listing in East River Ranches that has a unique riverfront home site on the East River with 1.5 Miles of fishing access and located only 4 miles from downtown Crested Butte. All the lots in Prospect Subdivision offered by developer CBMR are now under $1M – there are 21 total parcels for sale in Prospect and for ski-in/ski-out and skier access with phenomenal views Prospect is a great location.
Floresta Ranch – $25M – Of note is phenomenal property known as the “Floresta Townsite” located on the top of Kebler Pass only 20 minutes (winter or summer) from Downtown Crested Butte. There is a 4,800 sq. ft. lodge and a 1,760 sq. ft. barn. This ranch is 1,650 scenic acres (inholding) surrounded by National Forest on three sides and the 5 acre Lilly lake and terrain that supports back-country skiing on northern exposure. This could turn into another high end cat skiing destination or a sweet private ranch.
Averages for Single Family Homes & Condo prices per sq. ft. 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 9% from $310 to $338 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 $426, Mt. Crested Butte $296, and CB South $218 averages per sq. ft.
Condos and Townhomes The Average Price per sq. ft. for Condos and Townhomes was $228 compared to $244 for the same period in 2014.
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”.
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 (53), with Single Family homes making up the second largest count (43). 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 10% of the Volume and 37% of the total transactions sold YTD.
Trends show Prices for Single Family Homes and Condos & Townhomes 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 $618,000 in 2014 to $644,000 YTD 2015. Average SF Home price has risen slightly from $760,00 to $796,000. This may be a result of the sample set – as there were only 31 Single Family Homes Sold YTD in 2014 compared with a larger sample set of 43 YTD in 2015. The mix of homes in the Crested Butte area varies given the location, the age, and the quality of the home. Drive around and you will see new construction next to a home that was built in the 1980s. 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 Town homes has risen slightly to $188,000 when compared to the same period in 2014 ($175,000) but is similar to 2013 at $182,000. The Average Price YTD in 2015 is $234,600 compared with $251,400 in the 2014. As previously mentioned price per sq. ft. is also lower – again likely due to the mix of what sold.
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 nearly tripled from 2014. As the table shows there have been 56 parcels Sold YTD compared with 20 in 2014, and 30 in 2013 for the same period. There have been 10 home sites sold above $450,000 including four in downtown Crested Butte. Three parcels were of the 35 acre variety, including another primo riverfront parcel at Wilder on the Taylor which sold for $1.7M.
Under Contract At the end of June 2015 there were 54 properties Under Contract (compared with 38 from the same time 1 year ago) representing a total volume of $30.6M. Of the 54 properties Under Contract 21 are Condos/Townhomes, 22 are Single Family homes and 11 are lots.
Active Listings There are 665 properties For Sale in our market (compared with 746 this time last year) representing $475M.
Crested Butte Summer – Crested Butte continues to break records in tourism in the Summer months. The calendar is packed with something for everyone – there are festivals, art walk evenings, non-profit gala events, great options in Music Festival performances, Cattleman’s Days Rodeo in Gunnison, fun Tour de Forks dinners supporting the Center for the Arts, free Alpenglow concerts on Mondays in town and Wednesdays up on the mountain, a full social and recreational schedule at The Club at Crested Butte to name a few. Combine this with one of the most awesome years of wildflowers everywhere you look or walk or bike and surrounded by beautiful mountain peaks, flowing streams and rivers, waterfalls, and pristine mountain lakes. The recreational opportunities and family adventures abound.
What is missing? Crowds. Traffic jams. Smog. Noise. Glitz. Trappings.
Crested Butte is a laid-back community with a healthy mix of permanent and second-home owners. We attract those who like the vibe and culture and unpretentiousness of Crested Butte. Unlike other mountain towns, there are great values available in the many real estate offerings.
Download the full Crested Butte Real Estate Market Report – YTD through June 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