Crested Butte Real Estate Market Report January 2017
This Crested Butte Real Estate Market Report January 2017 provides you with the big picture and all the details of the Crested Butte Real Estate Market status.
Crested Butte Snowpalooza Visitors turn into Real Estate Buyers
Crested Butte has received over 23 Feet of snow so far this winter (wow!) – and we haven’t even gotten to March yet! The snow has provided Crested Butte with great press exposure. This press coupled with the Gunnison / Crested Butte Tourism Association’s marketing campaign to target the front-range advanced skier demographic resulted in a high volume of “reactionary visitors” from Denver, Boulder, Colorado Springs areas. CBMR reports their numbers through early February are 98% of their budget, and the end of February and March is booked – – all good.
Texas and Oklahoma Spring Breaks both fall on the same week this year – this presents a challenge for everyone servicing these visitors due to a limited number or everything – from rental skis, to seats in restaurants… The good news – there are many people in town and that correlates to more interested real estate buyers. The bad news – it can also be tough to show homes that are occupied with guests and renters.
2016 was the 4th year in a row of steady increase in real estate activity and this translated into more transactions and higher overall volume. If you have not reviewed the full market report .pdf download from 2016 – I encourage you to review this because it is informative, and I spend lots of time to provide you with details regarding all aspects of the Crested Butte Real Estate Market. While Overall Average and Median price points are rising, comparing the breakdown by price range, we see these increases are modest. Especially when you look at the lack of quality inventory of Crested Butte Homes for Sale (single family homes) below $1M. The sweet spot or largest section of the bell curve of the market was $750,000 – $1,000,000 and now has moved above $1,000,000.
Short-term Rentals and the Town of Crested Butte – It is interesting to watch the powers that be attempt to control market forces of real estate supply and demand. When a second-homeowner buys a OLD house in town for $500,000 that housed 5 ”ski-bums” sleeping on couches, and then invests $500,000 to remodel and expand the home (which provides $500,0000 economic stimulus to CB + 3% transfer tax on sales price) – why does anyone think they will want to long-term rent this home to the same demographic…? The town of CB has property they have zoned for low-income single family, they need to change this to low-income multi-family apartments, and annex/acquire more land for low income housing purpose and attract private development. They had a great opportunity with the land Cypress Equities has North of town – but blew it. They cannot please everyone, but a taking of homeowner’s rights to short-term rent their homes is bad, and will restrict the many visitors who come to Crested Butte because they can rent these homes (and they spend $ in Crested Butte).
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. I have consistently been among the top real estate agents in Crested Butte 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 the Link to download the Full 9 Page .pdf CB Real Estate Market Report 2016 in Review, and you will get my Monthly Newsletter emailed to you with the market reports!
Previews® Property Specialist
Coldwell Banker Bighorn Realty
OVERALL CRESTED BUTTE CO REAL ESTATE MARKET RESULTS
Will 2017 Repeat the Previous Three Years Momentum?
This Market Update looks at the Crested Butte Real Estate Market for the Month of January 2017 and compares previous years.
There were 25 transactions in January compared with 17 for the same period in 2015. This represents a volume of $10M and the majority of these transactions were condos and town homes (qty. 13), and 4 single family homes.
At the end of January there were 38 properties Under Contract. The Crested Butte Real Estate Market has been very strong for four years and the outlook given the economy and stock market is that this momentum will continue.
We also saw strong results in 2016 from the luxury homes segment – the detailed table view shows there were 34 luxury single family homes sold last year over $1M and 18 sold between $1M and $1.5M.
LUXURY CRESTED BUTTE SINGLE FAMILY HOME SALES
So how is the Luxury Crested Butte Real Estate Market?
2016 in Review – These are interesting tables and charts. I try to drill down and should be of interest to the Buyer asking about Crested Butte Homes For Sale and what to expect. As well a Seller who want to understand the Crested Butte Real Estate Market. The table Sold Crested Butte Single Family Home Average Price Year over Year and the detailed chart below Average Prices Crested Butte Single Family Homes Grouped by Price Point tell us that the overall market by price point is fairly flat. In fact in most price point categories for single family homes there was actually a reduction in the selling prices as compared to 2015, but very similar to 2014.
We saw a slight increase in the overall number of Single Family homes sold above $1M when compared to 2015, but these results doubled from 2014. As mentioned the definition of luxury single family home is shifting, and 2017 will see very few transactions at the lower end of the market because of the lack of inventory. The market is also tightening up with Average Asking to Selling discount % for Luxury Single Family homes at 6.5%.
Of the 39 Crested Butte Homes Sold in 2016 the Average Price per sq. ft. = $548. The market is also tightening up with Average Asking to Selling discount % for Luxury Single Family homes at 6.5%.
CRESTED BUTTE SINGLE FAMILY HOMES – 2016 in Review
Inventory and Price Point Shift – One look at the charts on the right showing Single Family Home Prices over the past 5 years and most people would suggest Crested Butte Single Family home prices are skyrocketing.
Not so, there is a lack of inventory and resulting homes sold below $500,000 and this is skewing the overall price points. See detailed Crested Butte Homes table and charts showing Crested Butte Homes with breakdown showing historic count sold, and median price point ranges. This is one reason there is a boom in construction right now many permanent residents are building vs. buying because there is a lack of quality inventory in the lower price ranges.
CRESTED BUTTE CONDOS – 2016 in Review
There is a great variety of condos in the Crested Butte area. All Condo Sales show the Average and Median Price points with a downward trend from 2014 and 2015. Price per sq. ft. has increased from $231 to $264 per sq. ft. in 2016.
Looking at the high-end there were 4 condos sold at the Lodge at Mountaineer Square between $375,000 and $533,500 with Average price per sq. ft. of $398.
There were also 4 condos sold in the West Wall Lodge between $725,000 and $1.58M with average price per sq. ft. of $480.
CRESTED BUTTE TOWN HOMES – 2016 In Review
There were 17 Town Homes sold in 2016 (vs. 14 in 2015). 2016 Average Sold Price ($517,000) vs. 2015 ($414,000). Town Home price per sq. ft. ranged from $163 to $452 with an Average of $287 in 2016. Town Homes offer a great option – most are 3 or 4 bedrooms with comfortable floor plan, and include 1 or 2 car garage. There are 13 Town Homes for Sale in Mt. Crested Butte and Skyland with Average Asking Price of $705,000, and Avg. price per sq. ft. of $345.
CRESTED BUTTE LAND – 2016 in Review
Comparing Land Sales in 2016 to previous years we see that the number of land sales are down as compared to 2015 (86 vs 110) but up significantly as compared with 2012, 2013 and 2014. Interesting though the % of overall sales has been pretty consistent in the 20% – 23% range (except for 2015 which was 31% of the overall number of transactions).
Average Land Sales show the Average Sold Price in 2016 was $221,807 which is similar to 2015, but below a spike in 2014. Median Price points shows the sold price point at $137,500 compared to $98,500 in 2015 and $172,600 in 2014.
High-End Crested Butte Land Sales
There was 1 lot in downtown Crested Butte that sold for over $1M – this was on Ruths Road in the Kapushion Annexation. There were 3 riverfront lots sold at The Wilder on the Taylor for $1.75M each, one was to an owner/executive with the developer (Jackson Shaw).
Prospect – There were only two lots sold in the ski-in ski-out Prospect development in 2016 with an average and Median Price point of $275,000. Since the lawsuit between a group of Prospect landowners and the Muellers was settled in late 2016 the expectation is the land sales will rebound in 2017. There are currently 20 lots for sale with an Average Asking Price of $500,750 and a Median Asking Price of $552,500. There is also a 20 Acre parcel for sale allowing for up to 50 home sites near the top of the Gold Link, Painter Boy and Prospect ski lifts.
CRESTED BUTTE PROPERTIES UNDER CONTRACT
Under Contract – Of the 38 properties in the Crested Butte area Under Contract at the end of 2016, 19 are Condos/Townhomes, 13 are Single Family homes and 6 are lots. At the end of January these 38 properties under contract represents $21.5M.
HOMES FOR SALE IN CRESTED BUTTE – ACTIVE LISTINGS
Active Listings – At the end of January 2017 there were 531 properties For Sale in the Crested Butte Real Estate Market representing $510M. We have seen a steady decrease in local inventory for sale, and the table below shows the inventory levels a the end of each year – and you will see over 630 properties on the market at the end of 2013.
Click the Link to download the 2016 in Review Full 9 Page .pdf CB Real Estate Market Report, and you will get my Monthly Newsletter emailed to you with the market reports!
See the big picture and all the details of the Crested Butte CO Real Estate Market – Download Full CB Real Estate Market Report as a .pdf file (more data and charts) and get Market Report and Newsletter delivered to your inbox monthly!
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).
Click here to see Crested Butte 3D Walkthrough Home Tours
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 – 2015 Review or the Crested Butte Real Estate Market contact:
Previews® Property Specialist
Coldwell Banker Bighorn Realty