Crested Butte Real Estate Market Report – YTD through February 2013
2102 Results carry over into 2013
So how is Crested Butte Real Estate in 2013 shaping up? Pretty much on par with 2012 so far, and the results for the Crested Butte Real Estate Market for 2012 showed that the market was on solid ground.
Year to date Single family homes made up 70% of the total volume of $17.4 Million, and also edged out Condos & Townhomes for the most number of transactions by type (16 vs. 15). 42% of all transactions were in Mt. Crested Butte. In the luxury market there were 4 properties sold over $1M this year vs. last year totaling nearly 40% of the total volume. There are 47 properties under contract representing $24.5M which is a jump from the beginning of January where we showed 33 properties under contract representing $16.5M. Listing inventory is holding steady at 760 Active Listings in the MLS representing just under $500M total. Interesting that there was a jump in Distressed Sales with 18 transactions (42% of total) that were either Foreclosures and Short Sales. The Active Listings show only 5% that are distressed properties.
Crested Butte Homes Sold for $1 Million + YTD in 2013
There have been 4 Single Family homes Sold for $1M or more in January and February 2013, this is compared with 4 during this same period in 2012 as well with a total of 17 sold for all of 2012. The Average Price per sq. ft. for these 4 homes sold was $374. There are currently 132 Single Family Homes For Sale that are above $1M – lots of choices.
1. 1294 Slate River Road, $2.964M 2. 200 Wild Rose Lane in Roaring Judy, $1.495M 3. 1 Ridge Lane in Overlook, $1.3M 4. 930 Gothic Road, Mt. CB, $1.05M
Averages for Single Family Homes & Condos show a Decline (but charts look worse)
With such a small sample set of transactions for January and February it is hard to count on these numbers as foretelling a trend – but they are the numbers, and comparing to previous years the Averages are down. Condos and Townhomes have seen a greater volatility in price points in the past three years but comparing results for the full years in 2011 to 2012 we see an increase in Average Price per sq. ft. from $171 to $191. So the Average price per sq. ft. of $188 for January and February of 2013 is not a huge decrease from the results of 2012 where there were 114 Condos or Townhomes sold.
Single Family (SF) homes – Comparing current results to all of 2012 we see that the price for Single Family homes in 2012 was in line with what we are seeing in 2013 – exactly $263 Average price per sq. ft. for all Single Family Homes sold. (See details by area on page 4 of the report, or call me (970) 209-5405 to find specific market values)
Foreclosures and Short-Sales make up large part of Sold Market YTD in 2013
- 18 out of 43 transactions YTD in 2013 were either Short Sales or Foreclosures (42%). By comparison of the total 265 transactions in 2012, 61 were either Short Sales or Foreclosures (23%)
- Of the 764 properties currently For Sale in the MLS, only 39 are either Short Sales or Foreclosures (5%).
- Of the 47 properties Under Contract, 16 or 34% are either Short Sales or Foreclosures.
Under Contract and On the Market
As you can see from the tables below – there is a healthy funnel of business under contract – nearly $25 Million represented by 47 transactions. With 764 properties representing nearly $500 Million For Sale – there is approximately 3 – 5 years of inventory currently in the market (2012 saw $101 Million in Volume, and 265 transactions).
There has been a lot of talk about the direct flights in and out of Gunnison (GUC) and the switch to Montrose (MTJ) next year. I wish there were more flights and cheaper flights via GUC but there are not. I would rather leave downtown CB and drive 30 minutes go GUC vs. 1 hour and 30 minutes to MTJ. But the reality is there is hardly an airline that is making money, the costs to subsidize the flights have gone up, the number of seats has gone down, the load factor % have stayed the same, resulting in fewer butts in seats at higher fares. Something has to change. Perhaps more flights in and out of MTJ will result in cheaper flights and more people. There is a long list of ski areas that require a 90+ minute drive from an airport (all of the I-70 corridor Summit County Ski Areas do). When the lifts stop running here we take a Spring Break family vacation to the Caribbean – it takes a full day of travel with a lay-over in Miami, but it is worth the trip. Crested Butte is a Special Place – like no other, Winter and Summer. And I often hear people say just that. It is worth the trip.
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).
For more information on homes on Mt. Crested Butte, or to start a conversation about the Crested Butte Real Estate Market, call Chris Kopf, Previews® Property Specialist, Coldwell Banker Bighorn Realty, 970-209-5405 or firstname.lastname@example.org, http://chriskopf.com or Contact Chris