Crested Butte Real Estate Market Report YTD May 2015
The Crested Butte Real Estate Market is Active poised for Summer
As the charts and numbers show the Year to Date (YTD) trends in the Crested Butte Real Estate market up year over year and nearly identical to the results in 2013 YTD. There is a buzz in the air as many anticipate another strong Summer season for visitors in town and real estate transactions that will follow.
Comparing the YTD results in 2015 we see that Total Number of Properties Sold is up 28% over last year, Total Volume is up 21%. There has been a run at the low-end of the market and a huge increase in lot sales (predominantly less than ½ acre lots in developed subdivisions) – also representing the lower end of the land offerings as buyers put a stake in the ground with anticipation of building their home in the near future. The belief is that the majority of this activity is lead by locals who are seeing inventories of homes below $600,000 vanishing.
There is a lack of long-term rentals – either due to conversion to short-term rentals or more renters (nobody knows), but a good problem to have. Gone are the stories of families forced to leave the valley due to foreclosures and a lack of work. For an economy built on tourism, and real estate construction/property management – these are healthy times for the Crested Butte Community.
Crested Butte Luxury Real Estate Market
– Homes Sold for $1 Million + Year to Date – There have been 11 Single Family homes and one high-end parcel Sold for $1M or more YTD 2015, this is double the this same period in 2014, and 10 in 2013. The average sold price for these homes was $1.37M, median price of $1.125M, and Average Price per sq. ft. was $378 (well below replacement cost). The total volume of $16.4M makes up 33% of the overall market volume YTD. The distribution of these 12 homes sold was spread out – there were 4 in Crested Butte, 2 in Mt. Crested Butte, 1 in Skyland, and 6 in Rural Crested Butte.
Luxury Properties For Sale in the Crested Butte Area There are a total of 13 properties Listed for over $1M. 76 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $145M. There are two West Wall Ski-in Ski-out condos listed at over $1M (and another just under $1M).
Floresta Ranch – $26M – 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 surrounded by National Forest on three sides and the 5 acre Lilly lake and terrain that supports back-country skiing on northern exposure. A big piece of paradise. See listing info on Floresta Ranch for Sale
High-end Land – There are 32 parcels of land listed for over $1M. Of these the majority are in Mt. Crested Butte in the Prospect Subdivision – offering Ski-in / Ski-out lots. There are also numerous home sites offering 2+ miles of private fishing at both The Reserve on the East River and Wilder on the Taylor. 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.
Averages for Single Family Homes & Condo prices Starting 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 about 10% from $302 to $332 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 $423, Mt. Crested Butte $296, and CB South $224 as averages per sq. ft.
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 (58), with Single Family homes making up the second largest count (26). As the table shows the Luxury Single Family Homes Sold over $1M represents 23% of the dollar volume in our market, and Land or Lots represents only 5% of the Volume and 15% of the total transactions sold YTD.
Three things to remember 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.
Trends show Prices for Single Family Homes Rise and Condos & Townhomes flat
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 fallen from $572,750 to $520,000 (same as in 2013) but the Average SF Home price has risen slightly from $754,000 to $796,000. This may be a result of the sample set – as there were only 26 Single Family Homes Sold YTD in 2014 compared with a larger sample set of 46 YTD in 2015. Interesting as well in the Crested Butte area – there are new homes sold – sitting next to 30 year old homes that have not been updated. This is the 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 volume for Condos and Town homes is down 47 transactions YTD in 2015 vs. 57 & 58 in the 2 previous years). The Median Price for Condos and Townhomes has dropped when compared to the same period in 2014 ($195,000) but is the same as 2013 at $183,500. The Average Price was $223,500 compared with $254,000 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 shot up – the transactions nearly tripled from 2014. As the table shows there have been 44 parcels Sold YTD compared with 15 in 2014, and 24 in 2013. for the same period. 25 of these home sites were purchased for under $100,000. Nine home sites were sold for $495,000and up. Three parcels were 35 acres, including another primo riverfront lot at beautiful Wilder on the Taylor which sold for $1.7M.
Under Contract At the end of May 2015 there were 46 properties Under Contract (nearly double from 1 year ago) representing a total volume of $25.3M. Of the 46 properties Under Contract 14 are Condos/Townhomes, 15 are Single Family homes and 17 are lots (nearly triple from 1 year ago).
Active Listings There are 578 properties For Sale in our market (down 75 from 1 year ago) representing $414M. Inventory has shrunk since the same period in 2013 when we had 750 properties for Sale.
Crested Butte Summer is here (Finally) – The snow in May made up for the dry March and snowpack got back to 100%. Spring run-off is in full force as water levels are high in the rivers and steams. Kebler & Cottonwood Passes are open, the golf course at The Club at Crested Butte is in great condition and the wildflowers are popping up everywhere.
There are lots of activities and events planned again this summer and the TA (Travel & Tourism) is promoting the great beginner and advanced mountain biking available in our valley. They are touting our 750 Miles of great trails from Hartman Rocks to the epic 401. Evidently mountain bikers span many socio-demographic segments from young to old and affluent. The Enduro World Series mountain bike series stop in Crested Butte is a feather in our cap and should illuminate this marketing effort.
I hope you are making plans to gather with family and friends, enjoy the cool weather, hiking, fishing, biking, golf, Alpenglow concerts, the Arts, Tour de Forks… or just relax, get an ice cream cone and sit on a bench on Elk Avenue and make a new friend. I am looking forward to golf and fly fishing this summer, call me to coordinate a time to get together, even for a cup of coffee.
Download the full Crested Butte Real Estate Market Report – YTD through May 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