Crested Butte Real Estate Market Report August 2016

Welcome to my monthly market report providing a view at the big picture and all the details, this is the Crested Butte Real Estate Market Report August 2016.

Fall has arrived in Crested Butte, the leaves are starting to change, there is a crisp nip in the air and September is a great month to be here. Many buyers return in the autumn timeframe to spend time re-looking at Crested Butte homes for sale. This has the added benefit of a slower pace without all the family and the majority of homes are not occupied and easy to see. I recommend this to my clients. In addition there are some sellers who may not have received an offer over the summer and lot looking forward to the carrying costs, and delay until the majority of the Winter skier demographic arrives.

Crested Butte town council did withdraw the consideration of a moratorium on new business licenses that are required to offer a Crested Butte home for short-term rent. This is good news, but unfortunately they are still looking into the taking of property rights for short-term rentals in downtown Crested Butte. Stay tuned…

Crested Butte Real Estate Market Report August 2016

So how is the Crested Butte Real Estate Market doing?

Crested Butte Real Estate Market Year to Date Results

As the charts and numbers show the Year to Date (YTD) trends in the Crested Butte Real Estate market up year over year and continue to roll outpacing the results from previous years YTD. As you will see in the charts and numbers the number of transactions is up slightly over last year with 226 vs. 219 YTD in 2015. Total volume is up as well 11.35% at $104.4M vs. $92.5M for the same period in 2015. See the details page in the full report as a .pdf download.

Crested Butte Single Family Home Market – Grouped By Price Range

The majority of sales are shifting to the $1M – $2M range for Crested Butte Single Family homes. We have seen slight increase in Average and Median selling prices between $1M and $2M from 2015, but the numbers are similar to 2013 & 2014. There were 3 single family homes sold above $2M, and 2 sold above $3M. While on the lower end of the Crested Butte Single Family Home market the count sold below $750,000 has dropped significantly – a total of 22 year to date in 2016, compared with 40 sold YTD in 2015 and 43 sold YTD in 2014. Primarily due to a lack of desirable inventory in this price range.

Averages Price per Sq. Ft. for Single Family Homes & Condos Rising

Single Family (SF) homes -Comparing YTD 2016 results to prior years we see that the price per sq. ft. for Single Family homes has risen from $339 YTD in 2015 to $383 per sq. ft. Looking at the details in the tables you will see these prices per sq. ft. vary based on the area. Downtown Crested Butte shows the highest average price per sq. ft. at $522, Mt. Crested Butte $357, Skyland $360, and CB South $249 per sq. ft.

Condos and Town homes – The Average Price per sq. ft. for Condos and Town homes was $274 compared to $226 compared for the same period in 2015.

Reminder about Crested Butte Homes price per square footWith rising median and average Single Family Home prices rising – this has an upward impact on all price per sq. ft. 1) It is useful to compare “similar” homes, but the overall numbers are impacted by the mix of what is sold (see page 3 of this report). 2) The more transactions – the better the data. 3) A small home on a highly desirable piece of land will skew the numbers and show a very high price per sq. ft. not representative of the value compared with other homes on “less valuable land”.

What Real Estate is Selling in the Crested Butte area?

Given the inventory and price points of Condos and Town homes this category represents the most transactions 119, and Single Family homes show a count of 55, and Land/Lots at 52. As the table shows the Luxury Single Family Homes Sold over $1M represents 34% of the dollar volume in our market, and 9% of the Volume sold YTD.

Trends show Prices for Single Family Homes and Condos & Town homes Rise

Single Family (SF) Crested Butte Homes

Comparing Year to Date (YTD) results from 2016 to prior years we see that the Median Price for Single Family homes has risen consistently, and from $644,000 to $835,000 YTD 2016. Average SF Home price has risen slightly from $869,000 to $1,042,000. Again this is a result of the total mix of homes sold –see page 3 of the full report) and a shift in inventory. There is a lack of inventory available at the ”lower end of the single family home market”. There is quite a bit of new construction of Crested Butte Homes which is an economic boom for the valley. Many Buyers choosing to buy a lot and build a new home vs. buy an existing home and remodel. There are also a few builders who are taking on spec homes.

Crested Butte Condos & Town homes

The Median Price for Condos and Town homes has risen from $190,000 to $196,000 – and quite a jump when compared to the same period in 2014 ($170,000). The Average Price YTD in 2016 is $297,000 compared with $261,000 in the 2015.

Crested Butte Land Sold

While inventories have been dropping for quality finished homes under $1M– the activity in the Land/Lots category has continued to be an active segment of the market. While overall transactions are down from 2015, they are still up compared to previous years. As the table shows there have been 52 parcels Sold YTD compared with 73 YTD in 2015. There have been 9 lots sold above $400,000 in downtown Crested Butte including one above $1M. Two parcels sold were of the 35 acre+ variety both under $185,000 (plus a 90 acre parcel in Hidden Mine Ranch for $350,000). No lots in the ski-in ski-out development of Prospect have been sold YTD in 2016 (23 for sale).

Crested Butte Real Estate Under Contract

At the end of July 2016 there were 87 properties Under Contract (compared with 74 from the same time 1 year ago) representing a total volume of $48.5M. Of the 87 properties Under Contract 41 are Condos/Town homes, 28 are Single Family homes and 18 are lots.

Crested Butte Homes and Land – Active Listings

There are 647 properties For Sale in our market (compared with 700 this time last year.)

Crested Butte Autumn

Crested Butte is a special place, and September through mid October are some of my favorite times to live here. The last days as Summer fade into Autumn and day by day God’s paintbrush provides a beautiful vista in our valley and surrounding mountains. The trails are dry, the golf course is in fantastic condition. The annual Wooden Nickel Open Golf Classic is a fun 2 day event and raises money for the Youth hockey in Crested Butte and Gunnison. If you have not been here – the Crested Butte Film Festival is at the end of September and a great event. www.cbfilmfest.org

The days get shorter, the water level falls and the trout and salmon are more accessible for walk-and-wade in the rivers and streams.

I am blessed to have a great wife, partner and friend. Francene and I will celebrate 25 years of marriage. Our anniversary is in August – but in October we will be in Miami for the Coldwell Banker Conference and then to a tropical island for a romantic get-away…

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This Crested Butte Real Estate Market Report August 2016 and the level of detail is representative of what you can expect from me as your Crested Butte 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).

Click here to do an advanced search the Crested Butte MLS for properties for sale in the Crested Butte area.

For more questions regarding Crested Butte Real Estate Market Report August 2016 or the Crested Butte Real Estate Market contact:

Previews® Property Specialist
Coldwell Banker Bighorn Realty
(970) 209-5405
chriskopf@bighornrealty.com