crested butte real estate market report for end of march 2015

The data represents all Single Family Homes, Condos, Townhomes and Land sales in the North End of the Gunnison Valley, including Almont, CB South, Irwin, Crested Butte, Rural Crested Butte, Mt. Crested Butte and Rural Mt. Crested Butte as shown in the Gunnison Country Association of Realtors MLS. Information contained herein deemed reliable, but not guaranteed.

CHRIS KOPF PREVIEWS® PROPERTY SPECIALIST COLDWELL BANKER BIGHORN REALTY cell: 970.209.5405 [email protected] www.chriskopf.com

CRESTED BUTTE REAL ESTATE MARKET REPORT YEAR TO DATE RESULTS THROUGH MARCH 2015

PREPARED BY CHRIS KOPF

YTD SOLDPROPERTIES

2013 2014 2015 2013 2014 2015

CONDO & TOWN HOME MEDIAN SALES PRICE

YTD TOTALVOLUME

TOTAL $ VOLUME SOLD YTD




PREPARED BY CHRIS KOPF The 2015 Ski Season is Over, but the Real Estate is Just

getting Started This Market Update looks at the Crested Butte Real Estate Market for the Month of February 2015 and compares previous years. The Crested Butte Real Estate Market has seen two strong years of steady activity and a high volume of transactions. The results year to date for 2015 are impressive especially when comparing similar result from the past two strong years. The report last week from the National Association of REALTORS® (NAR) 2015 Investment and Vacation Home Buyers Survey shows US vacation home transactions soaring. There are high expectations that the Summer season will soar in Crested Butte as well. Total Number of Properties Sold (69) YTD is up just slightly over 2013 (66) but 53% over Q1 2014 (45). Year to Date Total $ Volume is $23.8M which is also up nearly 27% over 2014 ($16.6M), but short of the total volume of $27.3M for the same period in 2013. The good news is there has consistently been a Qlurry of activity over the Spring Break weeks – there are 55 properties Under Contract representing a volume of $30.4M. Year to date Single Family homes made up 56% of the total volume representing $13.3M and 20 transactions. There have been only 5 Luxury Single Family Homes sold over $1M representing $5.9M in volume. There were 21 Condos & Townhome transactions YTD and this represented $4.6M.

Total $ Volume of Properties Sold YTD

Total Number of Properties Sold YTD





Luxury Properties For Sale in the Crested Butte Area - There are a total of 74 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 – of note the 20 Luxury Homes sold in 2014 had a very similar average price per sq. ft. and with a discount from Asking to Selling price of 11.6% the resulting sold price per sq. ft. was $476. There are 11 Luxury Single Family homes for sale in downtown Crested Butte, and a total of 27 SF Homes for sale in Mt. Crested Butte, with 13 of them boasting ski-in/ski-out access. There are 4 Condos or Town homes listed for over $1M on Mt. Crested Butte – 2 in the West Wall Lodge, 2 in The Villas. Land / Lots Market – There has been a huge increase in this category of properties sold with 28 lots that sold YTD compared with only 8 sold for the same period in 2014 and 11 sold YTD in 2013. There were no 35 acre parcels sold YTD, all the lots sold are less than 5 acre lots up and down the North end of the valley. With an increasing decline in inventory of finished homes, the tide may be turning as it seems buyers now consider the economics better buying a lot and building a new home vs. buying a home and remodeling.

What Real Estate is Selling in the Crested Butte area? There were 14 transactions in January and 21 in February, and 34 in March. Year to Date the totals by category are Single Family Homes (20), Condos and Townhomes (21) and Lots (28). Year to date Single Family homes made up 56% of the total volume representing $13.3M. Condos & Townhome made up 30% of the total transactions and 20% of the YTD Volume, while land/lots represents $5.9M in volume, and 28 parcels representing 25% of the transactions year to date.

Totals - Properties "Under Contract end of March

52

55

44

2015 YTD - Category $ Volume of Properties Sold

% of TotalCount of # Properties

Sold% of Total

Total All Sales $23,885,500 69Condos & Townhomes $4,664,000 20% 21 30%Single Family Homes $13,365,000 56% 20 29%Mt. Crested Butte $7,363,000 31% 23 33%Mt. CB Single Family Homes $2,737,000 11% 4 6%Crested Butte Single Family Homes $5,350,000 22% 7 10%Skyland Single Family Homes $1,535,000 6% 2 3%CB South Single Family Homes $1,582,500 7% 4 6%Almont $0 0% 0 0%Land/Lots $5,856,500 25% 28 41%SF Homes Sold > $1M $5,925,000 25% 5 7%




PREPARED BY CHRIS KOPF The detail below represents the past three years data by category. Given the small sample set Year to Date the % Difference Asking Price vs. Sold Price by Category may not be representative

of the market which was at 12.35 % for all property types YTD in 2015, and 9.67 for SF Homes. See Crested Butte Real Estate Market Report – 2014 in Review which showed 9.66% for all.

2015 YTD Totals Total Sold by Category

Average Sold Price

Total Asking Price by Category

Average Asking Price

Total Original Price by Category

Average Original

Price

% Difference Original Price vs. Sold Price

% Difference Asking Price

vs. Sold Price

Average Price Per Sq. Foot

Count of # Properties

Sold

Total All Sales $23,885,500 346,167 $25,888,399 375,194 27,249,800 394,925 -12.35% -7.74% 69Condos & Townhomes $4,664,000 222,095 $4,984,199 237,343 5,517,700 262,748 -15.47% -6.42% $225 21Single Family Homes $13,365,000 668,250 $14,221,400 711,070 14,795,900 739,795 -9.67% -6.02% $291 20Mt. Crested Butte $7,363,000 320,130 $8,277,499 359,891 7,002,600 304,461 5.15% -11.05% $302 23Mt. CB Single Family Homes $2,737,000 684,250 $2,866,500 716,625 2,949,000 737,250 -7.19% -4.52% $284 4Crested Butte Single Family Homes $5,350,000 764,286 $5,718,000 816,857 6,003,000 857,571 -10.88% -6.44% $384 7Skyland Single Family Homes $1,535,000 767,500 $1,618,000 809,000 1,734,000 867,000 -11.48% -5.13% $245 2CB South Single Family Homes $1,582,500 395,625 $1,654,000 413,500 1,689,000 422,250 -6.31% -4.32% $197 4Almont $0 $0 0 0Land/Lots $5,856,500 209,161 $6,682,800 238,671 7,492,600 267,593 -21.84% -12.36% 28SF Homes Sold > $1M $5,925,000 1,185,000 $6,334,000 1,266,800 6,490,000 1,298,000 -8.71% -6.46% $391 5


Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $16,603,136 368,959 $17,535,900 389,687 18,415,100 409,224 -9.84% -5.32% 45Condos & Townhomes $8,349,136 309,227 $8,900,300 329,641 10,723,300 397,159 -22.14% -6.19% $279 27Single Family Homes $7,723,000 772,300 $8,016,600 801,660 8,393,400 839,340 -7.99% -3.66% $290 10Mt. Crested Butte $7,864,450 327,685 $8,390,000 349,583 10,439,300 434,971 -24.66% -6.26% $271 24Mt. CB Single Family Homes $1,638,000 546,000 $1,723,700 574,567 2,081,500 693,833 -21.31% -4.97% $199 3Crested Butte Single Family Homes $2,445,000 1,222,500 $2,549,000 1,274,500 2,549,000 1,274,500 -4.08% -4.08% $487 2Skyland Single Family Homes $1,925,000 1,925,000 $1,950,000 1,950,000 1,950,000 1,950,000 -1.28% -1.28% $403 1CB South Single Family Homes $1,031,000 515,500 $1,074,000 537,000 1,093,000 546,500 -5.67% -4.00% $178 2Almont $244,000 122,000 $299,000 149,500 288,900 144,450 -15.54% -18.39% #DIV/0! 2Land/Lots $531,000 66,375 $619,000 77,375 718,300 89,788 -26.08% -14.22% 8SF Homes Sold > $1M $3,710,000 1,855,000 $3,800,000 1,900,000 3,800,000 1,900,000 -2.37% -2.37% $490 2


Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $27,324,661 414,010 $30,401,350 460,627 33,553,950 508,393 -18.56% -10.12% 66Condos & Townhomes $8,034,620 243,473 $8,849,550 268,168 9,043,750 274,053 -11.16% -9.21% $173 33Single Family Homes $17,817,055 809,866 $19,829,700 901,350 21,966,500 998,477 -18.89% -10.15% $260 22Mt. Crested Butte $7,777,412 311,096 $8,590,700 343,628 10,600,500 424,020 -26.63% -9.47% $244 25Mt. CB Single Family Homes $3,550,000 887,500 $3,894,000 973,500 4,690,000 1,172,500 -24.31% -8.83% $288 4Crested Butte Single Family Homes $2,930,005 732,501 $3,028,900 757,225 3,258,900 814,725 -10.09% -3.27% $369 4Skyland Single Family Homes $1,175,000 1,175,000 $1,250,000 1,250,000 1,325,000 1,325,000 -11.32% -6.00% $344 1CB South Single Family Homes $310,000 310,000 $324,900 324,900 355,000 355,000 -12.68% -4.59% $158 1Almont $105,550 105,550 $91,000 91,000 355,000 355,000 -70.27% 15.99% $68 1Land/Lots $1,472,986 133,908 $1,722,100 156,555 2,304,700 209,518 -36.09% -14.47% 11SF Homes Sold > $1M $10,384,000 1,483,429 $11,934,000 1,704,857 12,259,000 1,751,286 -15.29% -12.99% $368 7





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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). Visit www.chriskopf.com. Phone: (970) 209-5405, or [email protected] Thanks, Chris Kopf

Under Contract There are 55 properties Under Contract. There are 23 Condos/Townhomes, 17 Single Family homes and 15 lots. At the end of March these 55 properties under contract represent $30.4M compared with March 2014 when there were 44 properties Under Contract representing $21.9M in volume. Active Listings There are 551 properties For Sale in our market representing $383M. This is down from 628 properties and $440M from March of 2013.

Ski Season was one of the Best The snow came in a few big storms, but the visitors were consistently streamed in throughout the ski season. CBMR made a good move by including Crested Butte as part of the Rocky Mountain Super Pass+. There were many visitors from the front range who were excited to get the opportunity to visit and ski Crested Butte, and the tax receipts show an increase over last years revenues of over 20%. The ski season is over – but the snowmobiles are rolling into town. CBMR is hosting The Ultimate Snowmobiler Event April 9 – 12 with the 3rd Annual snowmobile contest that will crown the Ultimate Snowmobiler. With the big hill climb event being cancelled in Jackson, WY due to a lack of snow Crested Butte is the beneficiary. The shoulder seasons are slowly shrinking... but the majority of locals typically head out of town once the lifts stop spinning seeking warm climates, and the majority of restaurants in town have already closed for the off-season. It may be a little early to be looking forward to Summer events – but just a warning that the Arts Fest Weekend will be extra busy this year due to the Enduro World Series of mountain bike racing is making the hallowed mountain biking trails of Crested Butte the only US venue. Evidently there will be approximately 300 racers and the race teams are said to show up at least a week in advance and the race dates are July 31 – August 2. This is a big deal and another event like the Pro Cycling Challenge that increases the visibility of the beauty of Crested Butte.

All Properties Under Contract

Total Under Contract by Asking Price

Average Under

Contract by Asking Price


Under Contract

Total All Properties Under Contract $30,427,300 $553,224 55Condos & Townhomes $7,516,900 $326,822 23Single Family Homes $18,794,900 $1,105,582 17Mt. Crested Butte $6,963,500 $409,618 17Mt. CB Single Family Homes $2,448,000 $816,000 3Crested Butte Single Family Homes $6,753,000 $964,714 7Skyland Single Family Homes $0 $0 0CB South Single Family Homes $539,900 $539,900 1Land/Lots $4,115,500 $274,367 15SF Homes > $1M $15,730,000 $1,573,000 10Almont $1,750,000 $1,750,000 135 Acre SF Homes None 2

All Current ListingsTotal Current Listing Price by Category

Average Listing Price

Count of # Properties on

the MarketTotal All Sales $383,087,595 $695,259 551Condos & Townhomes $60,938,639 $380,866 160Single Family Homes $187,608,899 $1,311,950 143Mt. Crested Butte $157,529,639 $736,120 214Mt. CB Single Family Homes $65,055,000 $1,626,375 40Crested Butte Single Family Homes $23,351,000 $1,111,952 21Skyland Single Family Homes $11,943,999 $1,493,000 8CB South Single Family Homes $5,657,900 $565,790 10Almont $9,131,300 $338,196 27Land/Lots $134,540,057 $542,500 248SF Homes > $1M $144,435,999 $1,951,838 7435 Acre SF Homes $31,979,000 $1,881,118 17

crested butte real estate market report for end of march 2015

Real Estate

rural crested butte

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gunnison valley

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