Crested Butte Real Estate Recovers in 2013

Crested Butte Real Estate Recovers in 2013

Crested Butte Real Estate Market Report – 2013 in Review

As you will see in this comprehensive report – there are many positives to take from the Crested Butte Real Estate Results of 2013.  Volume is up 30%, Transactions are up 26%, and Average Single Family Home prices are up 8%. The number of luxury homes sold over $1M and the Volume doubled from 2012, and the Average Price per sq. ft. for Single Family homes in this luxury home segment also rose 13%. At $46.3M, this luxury segment represents 32% of the overall volume for the year.

The Total Number of Condos and Town homes Sold in 2013 rose to 146 compared with 114 in 2012, but Median Sales Price for Condos was flat (at $180,000), as was Price per sq. ft. ($213 vs. $208).  Average Days on Market (DOM) for all properties Sold was 333 days, and 494 for Active Listing still for sale. DOM for luxury single-family homes (Sold Price > $1M) is 1 year.   Most properties are being priced closer to the Market and the market for Single Family homes is rising to meet the properties that may have bit a bit above the market a year ago.  The Average Difference from Asking to Selling Price for all properties has shrunk to 7.6% (vs. 11.3% 1 year ago).

Inventories have been dropping as well, and now the total properties for sale is 634 – there are 159 Single Family Homes, 207 Condos & Town homes, and 268 land/lots shown in the MLS.  There have been 36 new properties added to the MLS in the past 30 days, and there are many options and great values in every category of the Crested Butte Real Estate market.

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

There have been 27 Single Family homes Sold for $1M+ in 2013– this segment of the market is similar to the totals recorded in 2011 – but double that of 2012.  The average sold price for these luxury homes was $1.7M; median price of $1.44M, and Average Price per sq. ft. was $425.  If you download the full Crested Butte Real Estate Report and look at the details page – you will see the average discount from Asking to Selling price was 8.17%. The Single Family Home Luxury Segment volume of $46.3M makes up 32% of the overall market volume YTD.

Luxury Properties Under Contract in the Crested Butte Area – As of the end of December there were 2 properties with asking prices over $1M under Contract – 1 is a brand new Single Family home in downtown Crested Butte, and the other is a ski-in/ski-out Silver Ridge condo (at the time of this writing – this sold for $1.49M)

Luxury Properties For Sale in the Crested Butte Area – There are a total of 64 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $137M.  There are 5 Condos or Town homes listed for over $1M in Mt. Crested Butte (2 at West Wall, 2 at The Villas, and one at Silver Ridge).  The 12 most expensive properties are listed between $3M and $5.5M and located from ski-in/out Prospect on Mt. Crested Butte to the top of The Reserve 10 miles South of downtown Crested Butte.

Riverfront Lots at Wilder on the Taylor – there has been quite a bit of interest and activity this Summer and Fall in this premier ranch community – Some additional announcements forthcoming…  With over 2,300 acres and approximately 2 miles of Taylor River running through the ranch, Wilder on the Taylor offers a rare and unique opportunity to own a true riverfront lot and a piece of paradise.

Positive Trends Continues as Prices for Single Family Homes Rise

Single Family (SF) homes – Comparing YTD 2013 results to YTD 2012 and prior years (and given the large mix of luxury homes sold) we see that the Median Price for Single Family homes has risen from $475,000 to $525,000, and the average price per sq. ft. for Single Family homes has risen from $270 per sq. ft. to $293. 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 $284, and Skyland $285 as average per sq. ft.  Given the history of Crested Butte – there are many areas where there is a 30 year old home that has not been updated, and a new 5 year old home right next door – call me to help you understand the value of your home, or a home you may be considering.

Also of note is that while the Original Prices of the Single Family Homes that sold in the past 3 years has not changed – the Asking Prices and Selling Prices have increased (2012 by 5% and in 2013 by 9.5%)

Condos & Townhomes – As previously mentioned the market for Condos and Town homes was brisk – but given the 146 total Transactions this year the results show there was not much of a positive change in price points.  The Median Price for Condos was $180,000 compared with $179,000 in 2012, and the Median Price for the 21 Town homes that sold was $427,500 compared with $441,000 in 2012.

What Real Estate is Selling in the Crested Butte area?

In 2013 there were 121 Single Family homes sold that made up 64% of the total volume representing nearly $93M. There were 146 Condos & Town home transactions representing $37.4M in volume. As the table shows the Single Family Home Luxury Properties over $1M purchased by the Second Homeowner represented $46M in total dollar volume in the Crested Butte Real Estate Market (32%). Land/Lots – 68 parcels sold in 2013 (vs. 60 in 2012 and 54 In 2011) and as inventories of homes decreases – more Buyers are looking at land, and there are some great options in Crested Butte to build your dream home. 

New Permanent Residents – there has been a huge in-flux of families who are moving to Crested Butte Full-time as evidenced by the Crested Butte Community School student population increase.  Most of these new resident’s income is derived from outside of Crested Butte – but because much business can be done remotely and with the benefit of on-line access to everything and anything, Crested Butte is becoming a great option for families who seek a simpler mountain lifestyle.

Cash Buyers – 57% of the real estate sales (192) were recorded as Cash transactions (no traditional loan).  

Distressed Sales – 19% or 63 of the transactions were either Foreclosure or Short-Sales, this is down significantly from 2011 when 44% of all transactions fell into this category.  Of the 634 properties listed for Sale – there are only 17 that are either listed as a short-sale or bank owned.

When is Real Estate Purchased in Crested Butte?

Looking at the table of Monthly Volume Results for the past 3 years and considering that the average transaction takes 45 – 60 days from Contract to Close –the Summer months represent the greatest Activity that results in closed sales.  “We came to ski, but then fell in love with the Summer” – talk with a Second homeowner in Crested Butte and most will tell you they first came to this beautiful valley to ski – but once they came back in the Summer they were hooked.  This trend continues as many Buyers look at Real Estate while they are here on a ski-vacation, but then decide what home is right for them on their return visit in the Summer.

Under Contract  There are 17 properties Under Contract representing a total volume of $8.5M. Of the 17 properties Under Contract 10 are Condos/Town homes, 4 are Single Family homes and 3 are lots.

Active Listings  have been trending down – there are currently 634 properties for sale representing $440M (vs. 812 in 2012).

Crested Butte – the more things change, the more they stay the same…  I have often said:  “Crested Butte is a special place” because it is!  For me it started as an investment in memories – we looked at our investment portfolio and decided a wedge or two of the pie could be used to buy a second home.  Our daughters were 6, 4, and 3 at the time.  We bought and sold other real estate in the area, and then ten years later – we had the opportunity to move from Dallas into our second-home here in Crested Butte.  It has been a great move for our family.  It is a simpler lifestyle, a great school, a warm community, and the best Summer and Winter recreation playground you anywhere.  Robert Hastings wrote: “There is no Station” – life is a journey,  and we are glad we are here in beautiful Crested Butte.

Change is a constant but the core of  Crested Butte’s character will remain.  Unlike many other Colorado ski towns who’s roots are of Silver and Gold – Crested Butte began as a coal mining town. There will be new buildings, restaurants and businesses will come and go, and the ski area may change hands soon, but those who discover Crested Butte will come back – many will put down roots here so they can share this great place and create their own memories with family, friends and clients.

Planes will keep flying, lifts will keep spinning, trout will keep rising, and people will keep coming.  2013 saw a pent-up demand for Residential Real Estate in the suburbs of most major US Metro areas. The stock market is at an all time high, the Oil Industry is very profitable, and all indicators are that 2014 will be another great year for Real Estate in Crested Butte.  If you are a Seller – price your property to the market and Buyers will come. If you are a Buyer – it may be time to pull the trigger.  There is more competition for the property you may want, inventory of property is down 28% compared to this time last year, and after 4 years of price adjustments the majority of properties are priced to sell.

Click To download the Full Crested Butte Real Estate Market Report as a 7 page .pdf file to see all the tables and charts.

How can I help you?  This 2013 Crested Butte Real Estate Market Report and the level of detail is representative of what you can expect from me as your Crested Butte REALTOR®.  If you are interested in finding out what your existing property is worth – call me. If you are considering me to represent you as a Buyer, I 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, chriskopf@bighornrealty.com, and be sure to check out the Crested Butte Real Estate G+ page for all things Crested Butte.

Thanks,
Chris.

 

Chris Kopf, Previews® Property Specialist
Coldwell Banker Bighorn Realty
Phone: (970) 209-5405
email:  chriskopf@bighornrealty.com
305 Sixth Street, PO Box 100 Crested Butte, CO,  81224

 

 

Author: Chris Kopf