Crested Butte Real Estate Market Report – Year to Date through November 30, 2015
Crested Butte Numbers Impressive
For three straight years we have seen impressive numbers in the Crested Butte real estate market. 2015 Year to date looks very similar to 2014 except for the number of high-end homes has increased (29 vs. 20) and an increase in the number of lots that have been purchased (100 vs. 54 for the same period in 2014). Condos and Townhome sales are less than 2014 (126 compared with 155). There remains a whopping 79 properties under contract representing $37M vs. only 33 and $10M this time last year. That being said I don’t believe you could classify the Crested Butte real estate market as either “Buyer or Seller market” at this point as we have seen Average and Median price points and price per sq. ft. numbers pretty similar to 2014.
While inventories of properties are similar to previous years – the mix has changed with a lack of Single Family Homes below the $750,000 market has a lack of inventory is getting thin with 22 single family homes below $750,000 (7 in Mt. CB, 2 in rural CB, 3 in CB, 6 in CB South and 4 in Almont).
There have been 32 properties sold for over $1M YTD – 29 of them have been Single Family Homes, 1 ski-in/out condo at West Wall and 2 riverfront home site at Wilder on the Taylor. The total high-end volume of $47.5M makes up 33% of the overall market volume YTD but only 9% of the total transactions. The average sold price for the homes was $1.6M; median price $1.3M, and Average Price per sq. ft. was $445. There are 7 luxury single family homes currently under contract.
Luxury Properties For Sale in the Crested Butte Area
There are a total of 70 Single Family Homes for sale with Asking
Prices over $1M for a total Volume of $137M. Average Asking price is $1.96M, and Median Asking Price of $1.6M
Prospect Lawsuits Settled in mediation – There has been an on-going dispute between some property owners in Prospect with Tim & Diane Mueller (owners of CBMR) regarding some complex issues of Metro District Tax utilization – it appears this has been settled in mediation. This has had a chilling affect for some buyers looking at this development, and great that this is resolved!
High-end Land / Skier Access and Riverfront Home sites For Sale – With all the land that has sold there are still a total of 290 current listings for Land – 10% of those are luxury vacant lots for sale above $1M – these lots are scattered around with the majority located in The Reserve on the East River and Wilder on the Taylor, but there are 6 lots in downtown Crested Butte (1 is Under Contract – a lot in downtown CB on Third Street) , and others on Mt. Crested Butte and outlying areas. There are 18 ski-in / ski-out, or skier access lots for sale in the Prospect development in Mt. Crested Butte and all are below $1M (only 6 are below $610,000). See great lot for sale in Prospect at 22 Kokanee Drive.
Price per Sq. Ft. Averages
Single Family (SF) homes – Current Price Per Sq. Ft. Averages are at $332 per sq. ft. compared to $326 for the same period in 2014. Looking at the details in the tables you will see these prices per sq. ft. vary based on the area – see full report and the details page.
Price per sq. ft. is one way to provide a metric to use to compare “similar” homes and as a general rule it provides a way to compare and historically it gives us a perspective over a large number of transactions. However this can be hard in the Crested Butte area because every home is custom built. (Unlike suburban USA where there are many subdivisions with very similar homes all built nearly the same time with similar layouts, finishes…) So far in 2015 we have seen a slight price per sq. ft. increase in single family homes.
Condos and Townhomes The 2015 YTD Average price per sq. ft. of $230 is a similar to the same period in 2013 ($231 per sq. ft.) but certainly a jump from the market in 2012 and previous recent years.
What Real Estate is Selling in the Crested Butte area? Condos and Townhomes sales represent the most transactions (126 compared with 155 same period in 2014), with Single Family homes transactions at 104 vs. 93 in 2014. There have been 29 Luxury Single Family Homes Sold for over $1M represents 33% of the dollar volume in our market, and 100 Land or Lot sales represent 30%.
Under Contract: 79 properties Under Contract, 51 are Condos/Townhomes, 15 are Single Family homes and 19 are lots. At the end of November these 74 properties Under Contract represent a total volume of $37.2M compared with $10M in 2014.
Active Listings There are 641 properties For Sale in our market (compared with 614 in 2014) representing over $432M. There are lots of great properties and great values available in the Crested Butte real estate market.
December is a great time to be in Crested Butte– especially the holidays with Christmas events and New Years celebrations and torchlight parades down the mountain. It is a great time for us to gather with family and friends and enjoy the beauty that Crested Butte has to offer with great alpine and nordic skiing, sledding, snowshoeing, snowmobiling… or warm quite time around the fire or at one of our many great restaurants!
There is a good base of snow and CBMR continues to blow snow and open up new runs almost daily. We are expecting a storm this weekend and praying for lots of new snow! I am looking forward to the new facility opening a the top of the Painter Boy, Gold Link and Prospect lifts – coined the Umbrella Bar at Ten Peaks.
The Camp 4 Coffee establishment at the base area is now being operated by a new entity controlled by the Biery-Witt Center to help raise additional funds for the capital campaign.
I am thankful for my family, this great ski-town, and the opportunity I get to help many with their real estate needs.
Click here to download the FULL Crested Butte Real Estate Market Report YTD November 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 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).