The 2015 Ski Season is Over, but the Real Estate is Just getting Started
This Market Update looks at the Crested Butte Real Estate Market for the Month of February 2015 and compares previous years.
The Crested Butte Real Estate Market has seen two strong years of steady activity and a high volume of transactions. The results year to date for 2015 are impressive especially when comparing similar result from the past two strong years. The report last week from the National Association of REALTORS® (NAR) 2015 Investment and Vacation Home Buyers Survey shows US vacation home transactions soaring. There are high expectations that the Summer season will soar in Crested Butte as well.
Total Number of Properties Sold (69) YTD is up just slightly over 2013 (66) but 53% over Q1 2014 (45). Year to Date Total $ Volume is $23.8M which is also up nearly 27% over 2014 ($16.6M), but short of the total volume of $27.3M for the same period in 2013.
The good news is there has consistently been a flurry of activity over the Spring Break weeks – there are 55 properties Under Contract representing a volume of $30.4M.
Year to date Single Family homes made up 56% of the total volume representing $13.3M and 20 transactions. There have been only 5 Luxury Single Family Homes sold over $1M representing $5.9M in volume. There were 21 Condos & Townhome transactions YTD and this represented $4.6M.
Luxury Properties For Sale in the Crested Butte Area – There are a total of 74 Luxury Single Family Homes for sale with Asking Prices over $1M ranging from $1,050,000 to $4,600,000. The Average price point for all of these homes is $1.9M and the Median price is $1.6M. Average Price per sq. ft. is $539 – of note the 20 Luxury Homes sold in 2014 had a very similar average price per sq. ft. and with a discount from Asking to Selling price of 11.6% the resulting sold price per sq. ft. was $476. There are 11 Luxury Single Family homes for sale in downtown Crested Butte, and a total of 27 SF Homes for sale in Mt. Crested Butte, with 13 of them boasting ski-in/ski-out access. There are 4 Condos or Town homes listed for over $1M on Mt. Crested Butte – 2 in the West Wall Lodge, 2 in The Villas.
Land / Lots Market – There has been a huge increase in this category of properties sold with 28 lots that sold YTD compared with only 8 sold for the same period in 2014 and 11 sold YTD in 2013. There were no 35 acre parcels sold YTD, all the lots sold are less than 5 acre lots up and down the North end of the valley. With an increasing decline in inventory of finished homes, the tide may be turning as it seems buyers now consider the economics better buying a lot and building a new home vs. buying a home and remodeling.
What Real Estate is Selling in the Crested Butte area? There were 14 transactions in January and 21 in February, and 34 in March. Year to Date the totals by category are Single Family Homes (20), Condos and Townhomes (21) and Lots (28).
Year to date Single Family homes made up 56% of the total volume representing $13.3M. Condos & Townhome made up 30% of the total transactions and 20% of the YTD Volume, while land/lots represents $5.9M in volume, and 28 parcels representing 25% of the transactions year to date.
Under Contract There are 55 properties Under Contract. There are 23 Condos/Townhomes, 17 Single Family homes and 15 lots. At the end of March these 55 properties under contract represent $30.4M compared with March 2014 when there were 44 properties Under Contract representing $21.9M in volume.
Active Listings There are 551 properties For Sale in our market representing $383M. This is down from 628 properties and $440M from March of 2013.
Ski Season was one of the Best
The snow came in a few big storms, but the visitors were consistently streamed in throughout the ski season. CBMR made a good move by including Crested Butte as part of the Rocky Mountain Super Pass+. There were many visitors from the front range who were excited to get the opportunity to visit and ski Crested Butte, and the tax receipts show an increase over last years revenues of over 20%. The ski season is over – but the snowmobiles are rolling into town. CBMR is hosting The Ultimate Snowmobiler Event April 9 – 12 with the 3rd Annual snowmobile contest that will crown the Ultimate Snowmobiler. With the big hill climb event being cancelled in Jackson, WY due to a lack of snow Crested Butte is the beneficiary. The shoulder seasons are slowly shrinking… but the majority of locals typically head out of town once the lifts stop spinning seeking warm climates, and the majority of restaurants in town have already closed for the off-season.
It may be a little early to be looking forward to Summer events – but just a warning that the Arts Fest Weekend will be extra busy this year due to the Enduro World Series of mountain bike racing is making the hallowed mountain biking trails of Crested Butte the only US venue. Evidently there will be approximately 300 racers and the race teams are said to show up at least a week in advance and the race dates are July 31 – August 2. This is a big deal and another event like the Pro Cycling Challenge that increases the visibility of the beauty of Crested Butte.
Download the full Crested Butte Real Estate Market Report – March 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 considering Selling your home and 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