As you will see from the numbers the Crested Butte Real Estate Market started out strong and continued ahead of previous recent years through the Winter months. The Summer and Fall have been a different story with a drop in Volume, Transactions and Price per Sq. foot in all but the Condo numbers. The numbers show the 2012 Market Volume is off 10% and the number of Transaction Totals is down 7%. As detailed later in this report $1M+ Home sales are down compared with 2011, YTD ($19.1.M vs. $37.2M). There is a strong list of 51 properties Under Contract (27 Condos, 16 SF Homes, 8 Lots), totaling $24M including 10 SF Homes with Asking Prices between $500,000 and $1M, and 6 SF Homes over $1M. Again while there has been a fair amount of activity and showings – surprising that there has been a pause in the market. Average Discount from Asking Price to Selling Price for all properties is 11.3%, Condos and Town homes (C&T) are at 9.7% and SF Homes at 9.5%. Average Days on Market is 382 Days for all Residential properties. Average Price Per Sq. Ft. – Single Family Homes, Condos & Town homes Condos & Town homes price per sq. ft. is showing a nice increase over last year and it has been pretty constant throughout the year at $200 per sq. ft. For the first 6 months of this year we saw Average Price per sq. ft. for SF Homes at $280, and this was an increase over the same time in 2011 which indicated a positive sign that perhaps we reached the bottom, but since then given the mix of SF Homes sold the average price per sq. ft. has decreased to $269. There is still quite an inventory in the MLS (Currently 215 SF Homes for sale , Avg. Price of $1.1M, Median Price of $849K). Market for $1M+ Homes trailing previous years
There have only been 11 properties that sold for > $1M YTD compared with 21 this time last year (and only 1 had sold before the middle of May in 2011). As well the price per sq. ft. for these properties has dropped from $451 to $402 during the same period last year. Average discount from Asking to Selling Price is 12.8%. There are 6 homes over $1M under Contract. This category of property represents 25% of the overall YTD $ Volume. There are 137 SF Homes for sale that are over $1M, the majority are between $1M and $2M (Qty 93). Election Effect? Buyer or Seller Market? I have more than one client who is waiting until the results of the election to pull the trigger on a contract to Buy. The uncertainty is creeping into the minds of both Buyers and Sellers. As a recap – Buyers that I am working with are realistic, but scouring the market for properties that represent value. 56% of all transactions are Cash – more for the higher priced homes. I typically show 10+ similar properties to Buyers before they narrow down their choices. The properties that are priced close to market with Sellers that are also reasonable are selling. As well 27% of all transactions this year were distressed sales as either Short-sales or Foreclosures (compared with 45% YTD in 2011), and given the large inventory of properties in every category the message to Sellers is: accurately price your property to the market and expect some wiggle room, as this is still a Buyer’s market. How can I help you? This 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 property is worth, or want me to help you search for that perfect mountain property – I would appreciate the opportunity to earn your business (or a friend you think I could help). Download the 4 page .pdf file with all the detail and numbers – Crested Butte Real Estate Report – 2012 YTD through October To see featured properties or search the MLS – visit my new website chriskopf.com. You always reach me at: (970) 209-5405 or chriskopf@bighornrealty.com Thanks, Chris.
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