Crested Butte Real Estate Market Report – Year to Date through September 30 2015
Crested Butte Market Still Strong
There has been a steady stream of activity throughout the year, and really for the past three years we have seen a very stable market. There have been many more lots sold YTD, and also more Luxury Homes sold than the past two years which accounts for the difference in number of transactions and volume. There have not been large increases in price points or price per square foot of either single family homes or Condos & Townhomes, and as illustrated in my August Crested Butte Real Estate Market Report we are still way below the peak of 2006 – first half of 2008.
Year to date through August we see Total Number of Properties Sold up 15%, Total Volume up 12% compared to 2014 and the metrics are similar but also up as compared with YTD in 2013. Looking at the monthly table over the past three years we see the variance from month to month and October should be another strong month as there are currently 78 properties Under Contract.
Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million + Year to Date
There have been 26 properties sold for over $1M YTD – 23 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 $37.6M makes up 32% of the overall market volume YTD but only 9% of the total transactions. The average sold price for the homes was $1.63M; median price $1.34M, and Average Price per sq. ft. was $460. There are 2 luxury single family homes under contract compared with 11 in 2014. Of note a ski-in/ski-out home in Prospect just sold for $3M ($3.45M Asking Price). There are three additional luxury ski homes in Prospect for Sale.
Luxury Properties For Sale in the Crested Butte Area
There are a total of 84 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $163M. Of the 84 there are 62 between $1M and $2M, 18 between $2M and $3M, with the two highest priced homes being ski-in/ski-out homes in Prospect. There are 4 high-end luxury condos and town homes for sale in Mt. Crested Butte at both the ski-in/out West Wall, and across the street at The Villas.
High-end Land / Riverfront Home sites For Sale – With all the land that has sold there are still a total of 310 current listings for Land – 35 of those are luxury vacant lots for sale above $1M and have Days on Market Average of 794 days. These high-end 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, 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 (4 are below $500,000). There are also some nice 35 acre lots in Trappers Crossing (qty. 10)and one opportunity to own a contiguous 70 acres with panoramic views, and a Trappers Crossing home site on the bench with an asking price of $1.5M.
Price per Sq. Ft. Averages Fairly Flat
Single Family (SF) homes 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. – In the Crested Butte area every home is custom built and different so comparing home values can be hard. Unlike suburban developments in US metro areas where there are subdivisions with very similar homes all built nearly the same time with similar layouts, finishes. There have been 83 SF homes sold YTD compared with 71 YTD in 2014). So far in 2015 we have seen a slight price per sq. ft. increase in single family homes (again this is subject to the mix of what is sold). Current Price Per Sq. Ft. Averages are at $340 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 $432, Mt. Crested Butte $343, Skyland $316, and CB South $224 averages per sq. ft.
Condos and Townhomes The 2015 YTD Average price per sq. ft. of $229 is a slight decrease when compared to the same period in 2013 ($231 per sq. ft.).
What Real Estate is Selling in the Crested Butte area?
Condos and Townhomes represents the most transactions (103 compared with 119 same period in 2014), with Single Family homes transactions at 83. There have been 23 Luxury Single Family Homes Sold for over $1M represents 32% of the dollar volume in our market, and Land or Lots represent 14% (a whopping qty. of 83) and 31% of the volume.
Under Contract: 78 properties Under Contract, 52 are Condos/Townhomes, 19 are Single Family homes and 7 are lots. At the end of September these 78 properties Under Contract represent a total volume of $26.4M compared with $40.8M in 2014.
Active Listings There are 682 properties For Sale in our market (compared with 720 in 2014) representing over $471M. This is a decrease in local inventory, and still some great values available in the market.
The Summer season has passed, the Fall Colors are in their final stages and soon the leaves will all have dropped. Snow has begun to fly and cap the surrounding peaks before melting with the warm fall sun. The visitors through the fall have been steady and the Crested Butte Film Festival at the end of September was again a great anchor event to bring people to enjoy Crested Butte. Many visitors are venturing from the front range which is a great market to grow our tourism economy.
The Summer mountain biking emphasis by the Tourism Association was capped by a great promotional video showing off the beauty of the area, the vast miles of trails for all skill levels. New Crested Butte Mountain Biking Video
I encourage you to consider making a year end donation to the capital campaigns of the Biery-Witt Center and the Center for the Arts (as I have). Both be great facilities and amenities that we will all enjoy for decades to come.
Download the full Crested Butte Real Estate Market Report – YTD through September 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