Crested Butte Real Estate Market Report YTD Through 5/31/2013

Crested Butte Real Estate Market Report YTD Through 5/31/2013

Summer has arrived in Crested Butte. I fished in the Gunnison Gorge last week amidst thousands of hatching stone flies – another great experience in this amazing place. You may be wondering: “How is the Crested Butte Real Estate Market…?”

Crested Butte Real Estate Year to Date (YTD) Sales Show Strong Results

As the charts and numbers show the trends in the Crested Butte Real Estate market are rising in all categories. Total Number of Properties Sold is up 13%, Total Volume is up 18% and we are seeing Price per square foot for both Single Family homes and Town homes and Condos rise slightly. Given the fact that this represents the majority of the Winter Selling Season in Crested Butte, and the external trends in Residential Real Estate – signs are present for a very strong Summer.

Year to date Single Family homes made up 59% of the total volume representing $30.1M and 44 transactions with an average sales price of 724,000 and median price of $520,000. There were 59 Condos & Townhome transactions YTD and this represented $16.5M in volume and an average sales price of $293,000 and median sales price of $205,000.

Crested Butte Luxury Real Estate Market – Homes Sold for $1 Million +  Year to Date

There have been 10 Single Family homes Sold for $1M or more YTD 2013, this is compared with 5 during this same period in 2012, and 4 in 2011. The average sold price for these homes was $1.49M, median price of $1.3M, and Average Price per sq. ft. was $384.

The total volume of $14.9M makes up 28% of the overall market volume YTD. The distribution of these 10 homes sold was spread out – there were 2 in Crested Butte, 2 in Mt. Crested Butte, and 1 in Glacier Lily, Buckhorn Ranch, Roaring Judy Ranch, and Rural Crested Butte (on Slate River Road).

Luxury Properties For Sale in the Crested Butte Area – There are a total of 132 properties for sale with Asking Prices over $1M for a total Volume of $164M of these there are 82 Single Family Homes, and 22 in Mt. CB and 19 in downtown Crested Butte.

High-end Land – Of the 132 properties Listed for over $1M there are 46 vacant parcels ready to build on. Of these the majority are in Mt. Crested Butte in the Prospect Subdivision – offering Ski-in / Ski-out lots (there are 3 homes under construction in Prospect). The next large category are developments offering fishing and equestrian amenities – these lots are located in both The Reserve on the East River, and  Wilder on the Taylor. Wilder on the Taylor has a unique offering of 12 Riverfront Homestead Sites sitting along 2 miles of the Taylor River with 2,100 shared acres total on the ranch. With riverfront land increasingly hard to procure – these represent a rare opportunity to build a mountain home in a great river ranch setting (2 homes were completed in 2012, with 1 new home currently under construction).

Averages for Single Family Homes & Condo prices 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 been consistently in the $270 per sq. ft. range – we do see a slight increase this year to $274. 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 $408, Skyland $330 as averages per sq. ft. and these numbers are up from previous years.

Condos and Townhomes have seen a greater volatility in price points in the past five years. Looking back at previous Market Reports for full years in 2011 to 2012 the Average Price per sq. ft. for Condos and Townhomes was $171 and $191 respectively. So the 2013 YTD Average price per sq. ft. of $214 is quite a jump and as previously mentioned may be more a factor of the mix of condos sold – through the end of May there were 4 West Wall Condos sold with an Average price per sq. ft. of $427.

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 (59) – but close behind is Single Family homes (50). As the table shows the Single Family Home and Luxury Properties over $1M purchased by the Second Homeowner represents the largest percentage of the dollar volume in our market (33%).

Under Contract  As of May 31 there are 40 properties Under Contract representing a total volume of $17.9M. Of the31properties Under Contract 17are Condos/Townhomes,15are Single Family homes and 8 are lots.  Active Listings There are 750 properties For Sale in our market representing $489M – this is down considerably from the averages we say a year ago in the range of 900 properties.  The Average Price for a Single Family Home is $1.16M, and Median Price point is $895,000.  Condos and Townhomes Average Price is $332,000 with Median at $247,000.

Crested Butte Summers – There are many families who are Second Homeowners that now “summer in Crested Butte” the trend is increasing as families are realizing that the hustle bustle in their hometown, combined with the sweltering heat gets them thinking about Crested Butte Summers.  The added amenities of the Crested Butte area with a chance to unwind, enjoy family time, and pick from hiking, fishing, biking, golf,  Alpenglow concerts… helps to cement the decision to spend 1 month or more here in paradise.  We are also seeing families relocating to Crested Butte – last year there were a dozen families with kids who chose to moved here.  The majority of bread-winners from this group still generate their income outside the valley with some travel, but can be on-line and plugged-in from here.

Across the US many Residential Real Estate Markets are still hot, the equities markets are at all time highs, the Oil Industry is very profitable, and interest rates are at all time lows. I expect we will see a very strong Summer for Crested Butte CO Real Estate. If you are a Buyer – there is more competition for the properties you may want – and after 4 years of price adjustments the majority of properties are priced to the market. If you are a Seller – price your property to the market and Buyers will look.

For additional insights – click here to see The Crested Butte Real Estate Report – 2012 a Year in Review.