Crested Butte Real Estate | Ski Season Results 2013
Crested Butte Real Estate | Ski Season Results 2013 – Crested Butte Real Estate is Moving.
This Crested Butte Real Estate Market Report analyzes the properties sold during the Ski Season – December 1, 2012 through April 30, 2013 and compares these results with previous years results of the same period. The Real Estate Market in Crested Butte is showing significant increases in both Number of Transactions (up 18%) and Total Dollar Volume of Sold properties (up 20%). Most would agree it was not a great snow year in Colorado, but CBMR did a good job with what snow was delivered to Crested Butte and visiting skiers in general were very happy with their experience, and our visitors were active on the slopes and buying property. When looking at a full years worth of data – the Single Family Homes and Condos & Town homes price per sq. ft. has seen gradual declines over the past few years (See 2012 Year in Review), but comparing the transactions from the past few Ski-Seasons we see that these numbers are flat with a slight increase in price per sq. ft. Single Family home Sales $ Volume represents 59% of all properties sold, with Condos and Townhomes comprising 33% and Land the remaining 8%. Geographically it is no surprise that in the Winter selling season the majority of the properties sold were on the mountain, with Mt. Crested Butte seeing 42% of all transactions (Condos & Town Homes 60 units sold). In the Luxury Properties Category (over $1M), 14 properties Sold totaling $19.3M in Volume (12 Single Family Homes, 1 West Wall Condo, 1 lot in downtown Crested Butte). The mix of Single Family homes sold shows an average of $372 per sq. ft. The majority of these luxury homes was closer to the $1M price point, but two notables were a 7,000 sq. ft. home sold at just under $3M off Slate River Road near the Lupine Trail, and a 2,800 sq. ft. home in downtown Crested Butte built by Jimmy Faust selling at $1.9M. Averages for Single Family Homes & Condo Prices see Slight Rise Average Price per square foot is a useful metric to compare properties and it is especially useful to analyze data to identify patterns and trends. As the current data shows we have a fairly flat trend with regard to the overall price per sq. ft. Single Family homes are up a bit (4%) from the same period last year, which appears to be as a result of Luxury Homes sold (12 transactions over $1M and representing nearly 40% of the overall volume). Condos & Town Homes are also seeing a slight rise (5%) – but this appears to be because of the mix of the high-end ski-in / ski-out Silver Ridge and West Wall Lodge condos sold. What Real Estate is Selling in the Crested Butte area? As the table shows the Single Family Home (59%) and Luxury Properties over $1M purchased by the Second Homeowner represent the largest share of the dollar volume in our market. Counting transactions – shows Condos and Townhomes represented nearly half of all transactions (qty. 60). As well considering the base area in Mt. Crested Butte is where most of the condos and town homes are located, it had a strong showing in total number of transactions (52). Crested Butte Luxury Real Estate Market – Homes Sold for $1 Million + There have been 12 Single Family homes Sold for $1M or more during this 2012 – 2013 Ski-Season compared with 6 during this same period last year, and only 2 in 2010-2011. The average sold price for these homes was $1.57M, median price of $1.3M, Average Price per sq. ft. was $372, and Average Days on Market was just over 1 year at 374 days. % Difference Asking Price to Selling Price is similar to all properties showing a 10% discount. There has been a significant increase in activity at the high end of our market here in Crested Butte. The volume of this segment of the market at nearly $20 Million almost 4x the volume for the same ski-season period of just 2 years ago. There were a total of 14 Homes sold for greater than $1M for the whole year in 2012 – we have seen 9 total sold in the first 4 months of 2013. Despite the recent legal sabre rattling in the ski-in ski-out Prospect development between some land owners and the developer over Metro District taxes and use of funds – there are two homes under construction and another getting ready to break ground, plus a home listed for $5M is now under contract. It is not surprising the rise in luxury homes sold in Crested Butte because when compared to other Ski Markets Crested Butte offers great value. Under Contract There are currently 38 properties Under Contract representing a total volume of $19.4M – this is down from March (52) February (47) and January (33) but we are in the “off season” and most transactions have mad their way to the closing table. Of the 38 properties Under Contract 19 are Condos/Townhomes, 18 are Single Family homes and 1 is a lots. Active Listings There are 696 properties For Sale in our market representing $427M – this is down from 1 month ago where the number was 748 and the averages we saw a year ago in the range of 900 properties. Continued Positive Outlook for Crested Butte As this report shows there are a number of positive indicators in our micro real Crested Butte Real Estate Market. In addition – we are seeing an increase in student population at the school and many new established couples choosing to move their families to Crested Butte. Direct flights will be flying into Gunnison (GUC) via Dallas and Houston next ski-season, plus year round daily flights to Denver (DIA), and the option of increasing flights to Montrose (MTJ). The town of Crested Butte has hired a new Town Manager from Montana who is very qualified and indicates he is able to challenge the status quo. Finally given the indicators outside of Crested Butte: strong residential markets in most suburban metro areas in the US, a very strong stock market, a very healthy oil & gas market – we should continue to see positive effects on our Crested Butte Real Estate market. If you are a Buyer or Seller on the fence – it may be time to make some decisions… Click here to download the .pdf file with all the details of the Crested Butte Real Estate Market Report 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 email@example.com Thanks, Chris. Chris Kopf, Previews® Property Specialist Coldwell Banker Bighorn Realty Phone: (970) 209-5405 email: firstname.lastname@example.org 305 Sixth Street, PO Box 100 Crested Butte, CO, 81224 Click here to do an advanced search the MLS for properties for sale in the Crested Butte area Author: Chris Kopf