Crested Butte Real Estate Market Report – 2015 Review

Crested Butte Real Estate Market Report – 2015 Review
Three Years of Strong Results

2015 result are in and exceed the previous two years in total transactions and volume. The Crested Butte Real Estate Market is active and healthy. The price points for single family homes are up slightly (6%) while condo prices are flat. There were significantly more Luxury Home sales (3 vs. 20) but Average price and Price per sq. ft. were down compared with 2014 – looking historically these numbers vary depending on which unique homes are sold, location, and the home to quality land ratio.

2014 Total Volume was $162M vs. $148M in 2014 and $144M in 2013. Total Number of Properties Sold in 2015 was 360 vs. 329 in 2014 and 332 in 2013. Average Days on Market (DOM) for all Sold properties was 327 days while Average DOM for all properties still For Sale is 447 days. Average DOM for Single Family Homes (SF) was slightly better at 286 and SF Homes still For Sale is 327. Plan on one year to sell your home and price it to the market.

Under Contract – A healthy 62 properties are currently under contract only 19 properties representing nearly $26M.

Active Listings – Inventories have been dropping in the past four years, there are currently 594 properties for Sale:

Single Family Homes (SF) = 126, of these there are 45 in Mt. CB, 17 in CB
Luxury Homes 70 Listed for over $1M,
SF Homes sitting on 35+ Acres = 19
Condos & Town Homes For Sale = 197
Parcels of Land For Sale = 271

So how is the Crested Butte Real Estate Market? These historic price points tell us that the Median and Average Single Family Home prices have seen good recover, but Condos home prices are flat.

Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million + in 2015

There have been 35 properties sold for over $1M in 2015 – 32 of them have been Single Family Homes, 1 ski-in/out condo (West Wall) and 2 riverfront home sites sold in 2015 at Wilder on the Taylor for $1.7M each. The two most expensive single family home sold in 2015 were the $4M luxury home sold in Trappers Crossing South (6,000 sq. ft., 6 bedrooms, 7.5 baths) and $3.9M Prospect Ski-in/Ski-out home (6 bedrooms, 6 full baths, 3 half baths). The Luxury volume of nearly $60M sold in 2015 is slightly above the $47.7M sold in 2014 and represents 37% of the total volume. The average sold price for the high-end homes is $1.7M; median price $1.35M, and Average Price per sq. ft. was $450.

Luxury Properties For Sale in the Crested Butte Area

There are a total of 108 properties Listed for over $1M, including 70 Single Family Homes for sale. In historic downtown Crested Butte there are 12 luxury properties for sale with prices ranging from $1M to $2.7M and median Asking Price of $1.3M, and Average Price per Sq. Ft. of $518. There are 25 Single Family Homes for sale on Mt. Crested Butte between $1.1M and $4.4M, and a handful representing ski-in/ski-out including 2 in the Prospect Subdivision, and 1 right on Homeowners Run in the Gold Link Subdivision. There are 4 high-end luxury condos and town homes for sale in Mt. Crested Butte – two at the ski-in/out West Wall, and two Town Homes across the street at The Villas. There are 32 Luxury Homes outside of CB and Mt. CB – the majority in Trappers Crossing, Skyland and Red Mountain Ranch. There are 33 parcels for Sale above $1M including some large “developer parcels” available in Mt. Crested Butte: the North Village “Promontory Ranch” parcel at the base of Snodgrass reduced to $9.2M, and 50 parcels (20 Acres) in the Prospect F and E2 Phase near top of Painter Boy Lift for $8.9M . There is also the Floresta Ranch a 1,650 Acre Wilderness Ranch property near Irwin with asking price of $25M.

Average Price Per Square Foot (Sq. Ft.)

Price per sq. ft. is a metric – and one way to compare “similar” homes. The problem in Crested Butte is we have many homes that are next door or across the street that were built 20 years apart or unique homes in one-of-a-kind locations. As well there could be a small home on a fabulous 35 acre property that shows an astronomically high price per sq. ft. which is not a great representation of the value of the property when compared with other homes. The mix of properties sold will vary – and with the small sample a handful of properties sold, can sway the numbers. That being said – when looking at large numbers of properties and historic trends it can be an insightful metric to help understand what is going on in the Crested Butte Real Estate Market. We see that Single Family home Average Price per Sq. Ft. are up 6%, $341 in 2015 compared with $322 in 2014 and $283 in 2013. While Condo & Town Home Avg. Price per Sq. Ft. are flat at $232 in 2015 vs $227 in 2014 but up from. $200 in 2013.

What is Selling in the Crested Butte area? The Crested Butte Real Estate Market Report – 2015 Review shows us that Condos and Townhomes represents the most transactions 134 (vs 155 in 2014) and 37% of all transaction and 23% of all Volume. Single Family homes making up the second largest count 114 (vs. 93 in 2014) and 32% of all transactions, and 63% of all Volume. Land /Lots Sold (112) represent 31% of the number of transaction but only 15% of the total dollar volume sold in 2014. There have been 32 single family homes sold for over $1M, and this represents 34% of the overall Volume, but only 9% of the total number of transactions.

What Land is Selling in the Crested Butte area?

As we see from the table lot sales doubled in 2015 compared to the previous 3 years, average price $215,000 median price $94,000 (70 lots sold below $138,000).

Download the full Crested Butte Real Estate Market Report – 2015 Review here to see the Crested Butte Real Estate Detail Page representing the past three years data by category. You will see most properties are priced to the Market, evidence by % Difference Original Price vs. Sold Price and the % Difference Asking Price vs. Sold Price. On average 6.83% for all property types (Sellers: Price your property to the market, Buyers: “low-ball” offers are not the norm and usually not well received).

Under Contract Of the 62 properties Under Contract, 40 are Condos/Townhomes, 11 are Single Family homes and11 are lots. At the end of December these 62 properties under contract represents $25.6M compared with 33 properties Under Contract and $10M at the end of December 2014.

Active Listings There are 594 properties For Sale in our market representing $414M. We have seen a steady decrease in local inventory for sale, but many choices – and some great values still exist in most categories.

What to expect in 2016 – Oil at $34 per barrel is half what it was in June 2014. The increase in US production has doubled and it is a competitive worldwide market. The oil sector has been a big source of Crested Butte (and Western US Ski Markets) real estate buyers, but this does not seem to be affecting the recent high numbers of transactions and activity in the Crested Butte Market – or other mountain ski towns. The drop in energy costs is a huge benefit to the bottom line of nearly every other sector. Vail, Aspen and Telluride are also experiencing banner years and significant development construction – we typically lag those markets by 6 – 12 months and so I expect 2016 to continue to be very strong. It is neither a buyer or sellers market at this point, but this may change in 2016.

Buyers – The values for quality single family homes and townhomes under $1M in the CB area market are few and far between. We continue to see the enrollment numbers at our great Crested Butte Community School rise – evidence of families “who can” relocate here to enjoy the year-long beauty, and quality the small town mountain lifestyle. Couple that with those who are buying homes to “summer” in Crested Butte and you see both a lack of inventories and a changing demographic.

Sellers – Market prices are rising slightly, but if you have had your property on the Market for over 200 days – your price is probably too high, and you may need to take a closer look at a market analysis for your home, and consider the feedback you are getting from showings.

Download full Crested Butte Real Estate Market Report – 2015 Review to see the big picture and all the details of the Crested Butte CO Real Estate Market – Download Full Report as a .pdf file (more data and charts)

How can I help you? This Crested Butte Real Estate Market Report – 2015 in Review and the level of detail is representative of what you can expect from me as your Real Estate Agent. I have consistently been among the top real estate agents in CB and I strive to exceed client expectations. If you are interested in finding out what your 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).

Visit www.chriskopf.com. Phone: (970) 209-5405, or chriskopf @bighornrealty.com