Crested Butte Real Estate Results Continue to Lag Previous Years
Crested Butte Real Estate Market Report – Year to Date through June 30, 2014
There is a buzz around Crested Butte and the Crested Butte Real Estate – but the results fall short of previous years totals when looking at the year to date (YTD) numbers.
Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million + Year to Date There have been 9 properties sold for over $1M YTD. The total high-end volume of $9.8M makes up 21% of the overall market volume YTD. There were 7 Single Family homes that Sold for $1M or more YTD 2014; this is compared with 11 during this same period in 2013, and 6 in 2012. The average sold price for these homes was $1.128M; median price of $1.26M, and Average Price per sq. ft. was $396. There has been 1 luxury condo sold for $1.49M – this was a ski-in/ski-out Silver Ridge Condo sold fully furnished. There has also been 1 parcel of land sold for $1.5M – this was a riverfront home site at The Wilder on the Taylor (the Wilder on the Taylor is a 2,100-acre ranch with 5 miles of live water running through it. Luxury Properties For Sale in the Crested Butte Area There are a total of 139 properties Listed for over $1M. 89 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $187M. There are a handful of high-end luxury condos and town homes for sale in Mt. Crested Butte at both the ski-in/out West Wall, and The Villas. High-end Land / Riverfront Home sites – There are 139 properties Listed for over $1M, and 43 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. The next large category are developments offering 35 Acre parcels and multiple miles of live water fishing access as well as equestrian amenities – these lots are primarily located in The Reserve on the East River and Wilder on the Taylor. There is a new luxury home site listing in East River Ranches that has a unique riverfront home site on the East River with 1.5 Miles of fishing access and located only 4 miles from downtown Crested Butte. Averages for Single Family Homes & Condo prices Starting to Rise Single Family (SF) homes – Comparing YTD 2014 results to prior years we see that the price per sq. ft. for Single Family homes has risen about 5% from $281 to $295 per sq. ft. 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 $426, Mt. Crested Butte $262, Skyland $403, and CB South $194 as averages per sq. ft. Condos and Townhomes have seen a steady rise in price points in the past four years. Looking back at previous Market Reports for full years in 2012 to 2013 the Average Price per sq. ft. for Condos and Townhomes was $198 and $209 respectively. So the 2014 YTD Average price per sq. ft. of $250 is quite a jump and may be more a factor of the mix of condos & townhomes sold. 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 (63), with Single Family homes making up the second largest count (31). As the table shows the Luxury Single Family Homes Sold over $1M represents 21% of the dollar volume in our market, and Land or Lots represents only 6% of the transactions but 18% of the total volume sold YTD. A Rise in Prices for Single Family Homes and Condos & Townhomes Single Family (SF) homes – Comparing Year to Date (YTD) results from 2014 to prior years we see that the Median Price for Single Family homes has risen from $527,000 to $618,000 and Average SF Home price has risen slightly from $752,000 to $760,000. This may be a result of the sample set – as there were only 31 Single Family Homes Sold in 2014 compared with a larger sample set of 54 in 2013. Prices Firm up, SF homes Priced Closer to the Market — Asking Price to Selling Price for Single Family homes has dropped from 10.6% to 6.2% in the past 3 years. Condos & Townhomes – – The activity for Condos and Town homes is strong. Sales Prices for Condos shows a fairly flat trend – Median Sales Price currently at $175,000 and Average Sales Price is $251,400.
Crested Butte Land Sold Inventories for finished homes has been dropping over the past few years – but with 445 Single Family homes, Condos & Townhomes on the market – there are many good choices… the activity in the Land/Lots category is still lagging the previous 2 years. As the table shows there have been 20 parcels Sold YTD compared with 30 in 2013, and 31 in 2012 for the same period. 10 of the 20 lots sold were under $100,000 and a dozen of the lots were under 1 acre, and 5 were 35 – 40 acre parcels. With over 300 parcels for sale – and high quality architects and builders in the valley – there is the opportunity to find the perfect location with spectacular views to build a mountain dream home.
Distressed Properties – Foreclosures & Short Sales – as you can see from the table this category of property has become a footnote in our market compared with previous years representing only 6% of our current transactions and $2.3M in total volume.
Under Contract Of the 24 properties Under Contract 16 are Condos/Townhomes, 15 are Single Family homes and 7 are lots. At the end of June there were 38 properties Under Contract representing a total volume of $22M.
Active Listings There are 746 properties For Sale in our market representing $521M – this is a bit less than a year ago when we saw 800 properties for Sale. There continues to be a slight reduction in Average Listing Price compared with the same time in 2013.
Crested Butte Visitors Love the Summer – Many have commented they have never seen so many people here for the 4th of July. I have also heard that at this point the inventory of short-term rental properties are nearly all booked for the remainder of the Summer. This bodes well for the Crested Butte area as more people are coming here to enjoy the charm of our towns the beauty of our surrounding mountains and the opportunity to create life-long family memories. The 4th of July fireworks show this year on Mt. CB with live music was awesome.
I have heard that there will be approximately 75 Weddings in the Crested Butte area this Summer. Destination weddings here have blossomed here in recent years – and there are many great venues for both the service and the reception here in CB. One of my daughters has been working 14-hour days for Maxwell’s restaurant who do a great job of catering these events. The Mt. Crested Butte Performing Arts Center (MCPAC) made some big announcements recently – and along with hosting performing arts events, this will also be a first class facility for weddings and receptions.
There are lots of choices in Real Estate properties and price points in Crested Butte, representing great values (especially compared with some of the other more glitzy mountain towns in Colorado and the West). Call me to help you find that perfect mountain property for you and your family. 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 Crested Butte 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 firstname.lastname@example.org Click these links:
- To see the Full Crested Butte Real Estate Report – June 2014
- To see the 7 Page .pdf Crested Butte Real Estate Market Report – 2013 in Review.
Click here to do an advanced search the MLS for properties for sale in the Crested Butte area. 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). Thanks, Chris. For more information on the Crested Butte Real Estate Market contact: Chris Kopf Previews® Property Specialist Coldwell Banker Bighorn Realty Phone: (970) 209-5405 email: email@example.com Author: Chris Kopf