Crested Butte Real Estate Market Report – Year to Date through October 31, 2013
Crested Butte Real Estate Year to Date (YTD) Momentum Continues Transactions and Total Dollar Volume of properties Sold continues to outshine the past 4 years, and in some segments of the market values are slowly creeping up as well. The Crested Butte and Mt. Crested Butte Summer Sales Tax numbers showed record highs which is great news for the local economy. Also great news for next Summer – the Colorado Pro Cycling Challenge will return to Crested Butte – Stage 2 August 19, 2014 will start in Aspen and end in Crested Butte. Stage 3 on August 20th will start in Gunnison and end on Monarch Mountain. Put it on your calendar – this is truly an exciting event as the top cyclists in the world race through our valley. Looking at the numbers – the Total Number of Properties Sold is up 32% (more than double 2009 numbers), Total Volume is up 34%. We are also still seeing Price per square foot for both Single Family homes and Condos and Town homes on the rise slightly. Average Days on Market for all properties is 311 days, and 411 days for luxury single family homes (Sold Price > $1M). Most properties are being priced closer to the Market and the difference from Asking to Selling Price for all properties is slimmer at 7.6%. Of note 74% of all properties sold below Asking Price. Inventories are down (694 total properties for sale) – Buyers should know there are still many options and great values in every category of the Crested Butte Real Estate market. Crested Butte Luxury Real Estate Market – Homes Sold for $1 Million + Year to Date 3 Single Family homes Sold for $1M+ in October (1 on the Bench, another downtown on Butte, and 1 in Alpine Meadows near Nicholson Lake). There have been 23 Single Family homes Sold for $1M+ year to date – this segment of the market is similar to 2011, but more than doubled from this same period in 2012. The average sold price for these luxury homes was $1.76M, median price of $1.49M, and Average Price per sq. ft. was $430. If you download the full Crested Butte Real Estate Report and look at the details page – you will see the average discount from Asking to Selling price was 8.6%. The luxury total of $40.4M makes up exactly 1/3 of the overall market volume YTD. Luxury Properties Under Contract in the Crested Butte Area – There are currently 5 Single Family homes under contract that have Asking Prices above $1M, all are between $1.25M and $2M, including one ski-in/out home in coveted Elk Run on Anthracite Drive. Of this group – 2 are in downtown Crested Butte, 2 in Mt. Crested Butte, and 1 in Buckhorn Ranch. Luxury Properties For Sale in the Crested Butte Area There are a total of 75 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $161M. Of these there are 27 Homes for sale between $1.5M and $3M. There are 14 homes over $3M including a new listing at 152 Evergreen Drive in Trappers Crossing at Crested Butte – this luxury 5 bedroom, 5 ½ Bath mountain home was completed in 2006, designed by Sunlit Architecture and built by Fred Holbrook. Nearly 5,000 square feet, fully furnished with high-end furniture and furnishings, many custom details and quality craftsmanship throughout – offered at $3.9M. Prices for Single Family Homes & Condos Continuing to Rise
Single Family (SF) homes – Comparing YTD 2013 results to prior years and given the mix of homes sold we see that the Median Price for Single Family homes has risen to $515,000 and the average price per sq. ft. for Single Family homes has risen from $268 per sq. ft. to $294. 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 $435, Mt. Crested Butte $328 as average per sq. ft.
Condos and Townhomes – We continue to see price per sq. ft. for Condos & Townhomes over the $200 mark – YTD at $212. Median price for a condo is $175,000 compared with $174,000 for the same period in 2012. Contact me with questions about your property, a category or area of the Crested Butte Real Estate Market for more detail. What Real Estate is Selling in the Crested Butte area? Year to date Single Family homes made up 65% of the total volume representing $80.5M and 105 transactions. There were 124 Condos & Townhome transactions YTD and this represents $31.8M in volume. As the table shows the Single Family Home and Luxury Properties over $1M purchased by the Second Homeowner represents a large percentage of the dollar volume in our market (33%). Under Contract: There are 33 properties Under Contract representing a total volume of $18.5M. Of the 33 properties Under Contract 11 are Condos/Townhomes, 13 are Single Family homes and 9 are lots. Active Listings: There are 694 properties for sale representing $480M. The Biery – Witt Performing Arts Center at Mt. Crested Butte capital campaign has been very successful thanks to the generous donations of many – including Donna & Paul Witt and Linda & Tom Biery. There is still a 3:1 matching campaign in place – every dollar makes a difference. This will be a fantastic facility, an economic driver in our community, and will have direct impact on property values. I hope you will join me and go to: http://mcbpac.org to donate today and help reach the goal so that final design and construction can begin! This is a great cause which will create lasting benefits to our community for years to come. Fall is a great time to be in Crested Butte. Spectacular blue bell days with a chill in the air, and warm mid-day sun. For the most part all the summer recreational activities are still available with the benefit of the beautiful Fall paintbrush and snow capped peaks. I try to experience all there is to offer in the Crested Butte area – Fall brings Kokanee salmon spawning from the Blue Mesa reservoir up the Gunnison to the East River back to the Fish Hatchery (and sometimes mistakenly up the Taylor River). It is exciting to hook a strong fighting salmon in shallow water. Fall also brings elk hunting season – a coveted time to be outdoors by locals and and visitors who come to Colorado and our Gunnison valley to hunt this prevalent but elusive game. Colorado has the largest elk herd in the country – and it is well managed by hunting and the DOW. Congratulations to Crested Butte Mayor Aaron “Huck” Huckstep who was re-elected. Huck has a passion for Crested Butte, and understands that second homeowners and visitors are key to our local economy and long-term sustainability. Download the October, 2013 Full Crested Butte Market Report with all the details 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 contemplating selling and interested in finding out what your existing property is worth, or if you are 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). To see featured properties or search the MLS – visit chriskopf.com. Contact me at: (970) 209-5405, firstname.lastname@example.org, and be sure to check out the Crested Butte Real Estate G+ page for all things Crested Butte. Author: Chris Kopf