Crested Butte Real Estate Market Report YTD February 2015
The 2015 Crested Butte CO Real Estate Market is starting out similar to 2014 with One Exception…
This Market Update looks at the Crested Butte Real Estate Market for the Month of February 2015 and compares previous years.
Two months does not a year make – but so far 2015 is showing similar results to 2014. There has been an increase in Winter visitors this year and many of the restaurants in town are seeing big increases in business over years past. After a dry spell for most of January and February we have seen nearly 4 feet of new snow in the past 10 days, just in time for the Spring Break crowds to start arriving!
So what is different this year so far? Currently there are 47 properties Under Contract representing a total Volume of $24.6M – again while this is double what we saw in 2014 it is very similar to 2013.
Crested Butte real estate remains a great value especially compared with other markets – I just read that for 2014 the Average Price per sq. ft. in Vail was over $2,100 for a Single Family (SF) Home. Crested Butte’s Average Price per sq. ft. in 2014 for all SF Homes was $326, and for all luxury homes over $1M was $476. There is a lot of inventory to choose from as Active Listings have been hovering around 600 for the past 3 years – and currently there are 596 properties for sale: 146 Single Family homes (76 are listed for over $1M), 186 Condos & Town Homes, and 267 parcels of land. The expectations remain high that the Spring Break visitors will enjoy their time in Crested Butte, and want a piece of the Crested Butte real estate pie.
What Real Estate is Selling in the Crested Butte area? There were 14 transactions in January and 21 in February. Given the 35 total transactions, the split was pretty even among Single Family Homes (11), Condos and Townhomes (11) and Lots (13).
Year to date Single Family homes made up 56% of the total volume representing $6.8M with 11 transactions. There were also 11 Condos & Townhome transactions YTD and this represents $2.1M in volume, and 13 parcels representing 37% of the transactions.
Luxury Properties For Sale in the Crested Butte Area - There are a total of 76 Luxury Single Family Homes for sale with Asking Prices over $1M ranging from $1,050,000 to $4,600,000. The Average price point for all of these homes is $1.9M and the Median price is $1.6M. Average Price per sq. ft. is $539, and $577 for the 12 SF Homes in downtown Crested Butte. There are a total of 26 SF Homes for sale in Mt. Crested Butte, with a handful of them boasting ski-in/ski-out access. There are 5 Condos or Town homes listed for over $1M – 2 in the West Wall Lodge, 2 in The Villas, and 1 downtown Crested Butte.
Land / Lots Market – Of the 13 lots that sold – all were less than 5 acre lots, and the three of the highest priced lots sold were in town two in the Verzuh Ranch annexation for $650K and $500K, and up on Treasury Hill for $625K, also of note was a sale of a ski lot in Prospect at $500K. With 267 parcels for sale there are lots of choices for the buyer looking to build their dream home in Crested Butte. The median price of these home sites is $260,000. Here is a quick count of parcels in different categories/areas: 35+ Acres: 57. In CB: 15. Mt. CB: 52. Skyland: 33. Over $1M: 31.
Under Contract There are 47 properties Under Contract. There are 14 Condos/Townhomes, 19 Single Family homes and 14 lots. At the end of February these 47 properties under contract represent $24.6M compared with February 2014 when there were 21 properties Under Contract representing $11.6M in volume.
Here is a helpful link to a map of the many Crested Butte subdivisions and communities
Crested Butte CO Real Estate Active Listings There are 596 properties For Sale in our market representing $398M. There are 220 properties in Mt. Crested Butte, 146 Single Family Homes, 132 Condos & Townhomes and 267 parcels of land.
Some Great Features of a Mountain Home?
I am often asked when working with Buyers “what are some of the more desirable features in a mountain home?” If you are buying a home that needs work, you may consider integrating some of these features into your home remodel for your enjoyment. As well, when it comes time to sell your home, you will have a mountain home that appeals to the majority of Buyers. If you are considering Selling your Crested Butte home, below is a short list of items that I see appeal to most Buyers:
- 4+ Bedrooms, 3.5 Baths – Many buyers have kids, family and friends. The 4th bedroom is nice for accommodating the guests.
- 2nd Living Area – Above the garage or finished walkout basement. Very nice for kids to go somewhere else and make noise (especially if they are not your kids).
- Garage – Oversized 2 car garage, heated, drains in the floor a bonus. Cars and “stuff” will fill this space (ski equipment, bikes, clothes bins…).
- Natural Gas - If available, else install a propane tank (buried underground). Lower utility cost vs. electric, gas cook top, gas appliances.
- Steam Showers – If you have them you know how nice they are all year…
- Slate, Stone, Hardwoods – especially in entryways and main living areas.
- Countertops – Honed granite, soapstone, and slate are timeless materials.
- Shiny Chrome Fixtures and Trim really date a home. Choose a matte finish like brushed nickel, or an oil-rubbed bronze.
Download the full Crested Butte Real Estate Market Report – February 2015 as a .pdf file
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 considering Selling your home and 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).
Previews® Property Specialist
Coldwell Banker Bighorn Realty