Crested Butte Real Estate Market Update

Crested Butte Real Estate Market Update – January 2013

This update looks at the details of the results for January 2013 and compares previous years.

Total Real Estate Volume Sold Drops Significantly compared to January 2012

As you can see from the graph January 2013 shows that there are similar numbers of transactions in January 2013 when compared to January 2012, but the total value of those sales was well below last years results. The answer to the Why? is always an interesting journey – as we peel back and look closer – what are the numbers telling us?

What Type and Where are Properties Selling?

The numbers show us that there were more properties sold for in the mid-range and bottom of the market. The table below shows that there were similar types of properties sold – the exact same number of single family homes sold each year (qty. 9) and more condos sold in January 2013 when compared to 2012. There were also only 2 homes sold in January 2013 for greater than $1M compared with 4 in 2012. It does not take a rocket scientist to also deduce that the price per sq. ft. for Condos and Single Family (SF) Homes must have also dropped – and indeed it did. I do not put much credence in this number however because of the small sample set of transactions. The Average Price per sq. ft. for SF Homes in January 2013 was $274 vs $366 in January 2012, and Condos was $185 vs. 257. Also of note was that there was a much higher % of short sales and foreclosures that sold in January 2013 – exactly double the amount from 2012 (10 vs. 5, which represented 42% vs. 21% of all transactions).

Crested Butte Real Estate Market Details Jan 2013

It does not take a rocket scientist to also deduce that the price per sq. ft. for Condos and Single Family (SF) Homes must have also dropped – and indeed it did. I do not put much credence in these numbers however because of the small sample set of transactions. The Average Price per sq. ft. for SF Homes in January 2013 was $274 vs $366 in January 2012, and Condos was $185 vs. 257. Also of note was that there was a much higher % of short sales and foreclosures that sold in January 2013 – exactly double the amount from 2012 (10 vs. 5, which represented 42% vs. 21% of all transactions).

While there are reports that the US home sales are up in many markets, including some of the markets where Crested Butte second homeowners live – Dallas, Houston, Austin, Tulsa, Oklahoma City to name a few are seeing significant uptick in transactions and home values are rising. We have not seen that here in Crested Butte yet. As well – there are also reports from Vail and Aspen and other ski markets that they are seeing inventories drop and prices rise – we have not seen that yet either. Crested Butte lags these other markets – perhaps 6 – 12 months (maybe more). I suspect that we will also see a rise in property values here as we are a melting pot and are more dependent on the economy outside of Crested Butte to impact trends here (unless there is a local “game changer” like when the Muellers bought CBMR and made major investment announcements in the Ski Area and Base Area development) and we will see similar results.For additional insights – click here to see The Crested Butte Real Estate Report – 2012 a Year in Review.

Look for a more detailed report again in February. An call me with any questions or additional data.

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).

To see featured properties or search the MLS – visit chriskopf.com. Contact me at: (970) 209-5405, or chriskopf@bighornrealty.com

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 chriskopf@bighornrealty.com,http://chriskopf.com or Contact Chris

Thanks,

Chris.

Click here to perform an advanced search the MLS for properties for sale in the Crested Butte Real Estate Market area.

Coldwell Banker Bighorn Realty, 305 Sixth Street, PO Box 100, Crested Butte, CO, 81224

Author: Chris Kopf

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