crested butte real estate market report ytd may 2015

Sales Volume numbers represent all Single Family Homes, Condos, Townhomes and Land sales in the North End of the Gunnison Valley, including Almont, CB South, Rural Crested Butte, 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 2015 YEAR TO DATE – THROUGH MAY

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 Crested Butte Real Estate Market Report –

Year to Date through May 31, 2015 The Crested Butte Real Estate Market is Active poised for Summer As the charts and numbers show the Year to Date (YTD) trends in the Crested Butte Real Estate market up year over year and nearly identical to the results in 2013 YTD. There is a buzz in the air as many anticipate another strong Summer season for visitors in town and real estate transactions that will follow. Comparing the YTD results in 2015 we see that Total Number of Properties Sold is up 28% over last year, Total Volume is up 21%. There has been a run at the low-end of the market and a huge increase in lot sales (predominantly less than ½ acre lots in developed subdivisions) – also representing the lower end of the land offerings as buyers put a stake in the ground with anticipation of building their home in the near future. The belief is that the majority of this activity is lead by locals who are seeing inventories of homes below $600,000 vanishing. There is a lack of long-term rentals – either due to conversion to short-term rentals or more renters (nobody knows), but a good problem to have. Gone are the stories of families forced to leave the valley due to foreclosures and a lack of work. For an economy built on tourism, and real estate construction/property management – these are healthy times for the Crested Butte Community.

YTD Total $ Volume of Properties Sold

YTD Total Number of Properties Sold

Month 2011 2012 2013 2014 2015JAN $4,216,000 $13,923,750 $8,751,700 $5,773,686 $4,107,500FEB $2,778,078 $4,545,898 $8,671,475 $7,026,450 $8,097,000MAR $8,091,400 $6,600,200 $10,261,486 $3,803,000 $11,866,000APR $9,259,925 $8,057,800 $17,126,400 $8,187,800 $9,568,000MAY $8,391,150 $10,228,700 $8,539,400 $14,169,200 $16,698,161Totals $32,736,553 $43,356,348 $53,350,461 $38,960,136 $50,336,661

YTD Monthly & Total $ Volume of Properties Sold




PREPARED BY CHRIS KOPF Crested Butte Luxury Real Estate Market

- Homes Sold for $1 Million + Year to Date - There have been 11 Single Family homes and one high-end parcel Sold for $1M or more YTD 2015, this is double the this same period in 2014, and 10 in 2013. The average sold price for these homes was $1.37M, median price of $1.125M, and Average Price per sq. ft. was $378 (well below replacement cost). The total volume of $16.4M makes up 33% of the overall market volume YTD. The distribution of these 12 homes sold was spread out – there were 4 in Crested Butte, 2 in Mt. Crested Butte, 1 in Skyland, and 6 in Rural Crested Butte.

Luxury Properties For Sale in the Crested Butte Area There are a total of 13 properties Listed for over $1M. 76 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $145M. There are two West Wall Ski-in Ski-out condos listed at over $1M (and another just under $1M). Floresta Ranch - $26M - Of note is phenomenal property known as the "Floresta Townsite" located on the top of Kebler Pass only 20 minutes (winter or summer) from (winter or summer) from Downtown Crested Butte. There is a 4,800 sq. ft. lodge and a 1,760 sq. ft. barn. This ranch is 1,650 scenic

acres surrounded by National Forest on three sides and the 5 acre Lilly lake and terrain that supports back-country skiing on northern exposure. A price few could afford at $26M. High-end Land – There are 32 parcels of land listed for over $1M. Of these the majority are in Mt. Crested Butte in the Prospect Subdivision – offering Ski-in / Ski-out lots. There are also numerous home sites offering 2+ miles of private fishing at both The Reserve on the East River and Wilder on the Taylor. There is also a luxury home site listing in East River Ranches that has a unique riverfront home site on the East River with 1.5 Miles of fishing access and located only 4 miles from downtown Crested Butte.

YearTotal # Luxury

Homes Sold

$ Volume Luxury

Homes Sold

Avg. Price Per Sq. Ft

YTD 2011 4 $8,170,000 $378YTD 2012 5 $10,350,000 $378YTD 2013 10 $14,903,000 $384YTD 2014 6 $8,770,000 $394YTD 2015 12 $16,445,000 $378

2015 Luxury Properties $1M+ Sold

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 $18,145,000 $1,395,769 $19,714,000 $1,516,462 20,629,900 $1,586,915 -12.05% -7.96% 13Condos & Townhomes None Sold 0Single Family Homes $16,445,000 $1,370,417 $17,964,000 $1,497,000 18,879,900 $1,573,325 -12.90% -8.46% $378 12Mt. Crested Butte $2,570,000 $1,285,000 $2,750,000 $1,375,000 3,225,000 $1,612,500 -20.31% -6.55% $276 2Mt. CB Single Family Homes $2,570,000 $1,285,000 $2,750,000 $1,375,000 2,995,000 $1,497,500 -14.19% -6.55% $276 2Crested Butte Single Family Homes $5,150,000 $1,287,500 $5,515,000 $1,378,750 5,709,900 $1,427,475 -9.81% -6.62% $559 4Skyland Single Family Homes $1,000,000 $1,000,000 $1,069,000 $1,069,000 1,035,000 $1,035,000 -3.38% -6.45% $233 1Land/Lots $1,700,000 $1,700,000 $1,750,000 $1,750,000 $1,500,000 $1,500,000 13.33% -2.86% 1




PREPARED BY CHRIS KOPF Averages(for(Single(Family(Homes((&(Condo(prices(Starting(to(Rise(

Single Family (SF) homes – Comparing YTD 2013 results to prior years we see that the price per sq. ft. for Single Family homes has risen about 10% from $302 to $332 per sq. ft. Looking at the details in the tables you will see these prices per sq. ft. vary based on the area – as example Downtown Crested Butte shows $423, Mt. Crested Butte $296, and CB South $224 as averages per sq. ft. Condos and Townhomes The Average Price per sq. ft. for Condos and Townhomes was $223 compared to $253 for the same period in 2013. What Real Estate is Selling in the Crested Butte area? Given the inventory and price points of Condos and Townhomes this category represents the most transactions (58), with Single Family homes making up the second largest count (26). As the table shows the Luxury Single Family Homes Sold over $1M represents 23% of the dollar volume in our market, and Land or Lots represents only 5% of the Volume and 15% of the total transactions sold YTD.

2015 YTD - Category $ Volume of Properties Sold

% of TotalCount of # Properties

Sold% of Total

Total All Sales $50,336,661 127Condos & Townhomes $12,204,161 24% 47 37%Single Family Homes $28,732,000 57% 36 28%Mt. Crested Butte $12,996,000 26% 40 31%Mt. CB Single Family Homes $4,382,000 9% 6 5%Crested Butte Single Family Homes $10,097,000 20% 12 9%Skyland Single Family Homes $1,535,000 3% 2 2%CB South Single Family Homes $2,597,500 5% 6 5%Almont $2,335,000 5% 2 2%Land/Lots $9,400,500 19% 44 35%SF Homes Sold > $1M $16,445,000 33% 12 9%

How Long Does it Take a Property to Sell?

DAYS ON MARKET

COMPARISON

SOLD PROPERTIES YTD AVERAGE

DAYS ON MARKET (DOM)

FOR SALE PROPERTIES

YTD AVERAGE DAYS ON

MARKET (DOM)YTD 2011 328 397YTD 2012 428 468YTD 2013 298 470YTD 2014 329 504YTD 2015 329 515

Single Family Home" Average Price Per Sq. Ft.

Three things to remember about price per sq. ft. – 1) It is an interesting metric to compare “similar” homes, but it is impacted by the mix of what is sold. 2) The more transactions - the better the data. 3) A small home on a highly desirable piece of land will skew the numbers.




PREPARED BY CHRIS KOPF Trends show Prices for Single Family Homes Rise and

Condos & Townhomes flat Single Family (SF) homes – Comparing Year to Date (YTD) results from 2015 to prior years we see that the Median Price for Single Family homes has fallen from $572,750 to $520,000 (same as in 2013) but the Average SF Home price has risen slightly from $754,000 to $796,000. This may be a result of the sample set – as there were only 26 Single Family Homes Sold YTD in 2014 compared with a larger sample set of 46 YTD in 2015. Interesting as well in the Crested Butte area – there are new homes sold - sitting next to 30 year old homes that have not been updated. This is the reason to reach out to a quality Crested Butte Real Estate Agent for help understanding the values in the market and specific properties. Also of note is that the delta from Asking Price to Selling Price for Single Family homes has dropped from 8.75% to 6.2% in the past 3 years. Condos & Townhomes – The volume for Condos and Town homes is down 47 transactions YTD in 2015 vs. 57 & 58 in the 2 previous years). The Median Price for Condos and Townhomes has dropped when compared to the same period in 2014 ($195,000) but is the same as 2013 at $183,500. The Average Price was $223,500 compared with $254,000 in the 2014. As previously mentioned price per sq. ft. is also lower – again likely due to the mix of what sold. Crested Butte Land Sold While inventories have been dropping for finished homes – the activity in the Land/Lots category has shot up – the transactions nearly tripled from 2014. As the table shows there have been 44 parcels Sold YTD compared with 15 in 2014, and 24 in 2013. for the same period. 25 of these home sites were purchased for under $100,000. Nine home sites were sold for $495,000and up. Three parcels were 35 acres, including another primo riverfront lot at beautiful Wilder on the Taylor which sold for $1.7M.

Condo Median Sales Price

Single Family Home" Median Sales Price

Condo Average Sales Price

Single Family Home" Average Sales Price

Land / Lots Sold Count % of Total2010 3 14%2011 11 12%2012 29 26%2013 24 15%2014 15 10%2015 44 26%

Land Sold YTD "and Comparing Previous Years





The detail below represents the past three years data by category. Interesting note for both Buyers and Sellers: after 3 years of price decline, most properties are priced to the Market and offer great value, evidence by % Difference Original Price vs. Sold Price and the % Difference Asking Price vs. Sold Price by Category, on average 7.39% for all property types.

2015 YTD Totals Total Sold by Category

Average Sold Price




Average Original

Price

% Difference Original Price vs. Sold Price

% Difference Asking Price

vs. Sold Price

Average Price Per Sq. Foot


Sold

Total All Sales $50,336,661 396,352 $54,352,989 427,976 56,778,100 447,072 -11.34% -7.39% 127Condos & Townhomes $12,204,161 259,663 $12,909,889 274,678 12,973,200 276,026 -5.93% -5.47% $222 47Single Family Homes $28,732,000 798,111 $30,851,300 856,981 32,231,700 895,325 -10.86% -6.87% $332 36Mt. Crested Butte $12,996,000 324,900 $14,265,789 356,645 14,346,800 358,670 -9.42% -8.90% 40Mt. CB Single Family Homes $4,382,000 730,333 $4,665,500 777,583 5,039,000 839,833 -13.04% -6.08% $296 6Crested Butte Single Family Homes $10,097,000 841,417 $10,756,000 896,333 11,045,900 920,492 -8.59% -6.13% $423 12Skyland Single Family Homes $1,535,000 767,500 $1,618,000 809,000 1,734,000 867,000 -11.48% -5.13% $252 2CB South Single Family Homes $2,597,500 432,917 $2,732,900 455,483 2,767,900 461,317 -6.16% -4.95% $224 6Almont $2,335,000 1,167,500 $2,400,000 1,200,000 2,145,000 1,072,500 8.86% -2.71% 2Land/Lots $9,400,500 213,648 $10,591,800 240,723 9,817,300 223,120 -4.25% -11.25% 44SF Homes Sold > $1M $16,445,000 1,370,417 $17,964,000 1,497,000 18,879,900 1,573,325 -12.90% -8.46% $378 12


Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $38,960,136 393,537 $41,596,949 420,171 43,800,975 442,434 -11.05% -6.34% 99Condos & Townhomes $17,386,836 299,773 $18,556,349 319,937 19,156,675 330,288 -9.24% -6.30% $253 58Single Family Homes $19,628,800 754,954 $20,925,600 804,831 21,759,400 836,900 -9.79% -6.20% $302 26Mt. Crested Butte $18,176,550 356,403 $19,683,149 385,944 18,381,600 360,424 -1.12% -7.65% 51Mt. CB Single Family Homes $6,181,300 686,811 $6,800,700 755,633 7,360,500 817,833 -16.02% -9.11% $228 9Crested Butte Single Family Homes $7,222,500 1,031,786 $7,533,000 1,076,143 7,629,000 1,089,857 -5.33% -4.12% $435 7Skyland 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 $1,685,000 421,250 $1,768,000 442,000 1,797,000 449,250 -6.23% -4.69% $192 4Almont $294,000 98,000 $374,000 124,667 848,900 282,967 -65.37% -21.39% 3Land/Lots $1,944,500 129,633 $2,115,000 141,000 3,817,900 254,527 -49.07% -8.06% 15SF Homes Sold > $1M $8,770,000 1,461,667 $9,369,000 1,561,500 9,614,000 1,602,333 -8.78% -6.39% $394 6


Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $53,350,461 420,082 $58,744,603 462,556 63,997,150 503,915 -16.64% -9.18% 127Condos & Townhomes $17,296,520 293,161 $18,890,603 320,180 20,093,300 340,564 -13.92% -8.44% $214 59Single Family Homes $31,857,955 724,044 $34,911,700 793,448 38,113,100 866,207 -16.41% -8.75% $276 44Mt. Crested Butte $17,499,412 349,988 $19,202,100 384,042 19,679,000 393,580 -11.08% -8.87% 50Mt. CB Single Family Homes $5,655,000 706,875 $6,178,900 772,363 7,042,400 880,300 -19.70% -8.48% $277 8Crested Butte Single Family Homes $7,116,005 790,667 $7,506,900 834,100 7,921,400 880,156 -10.17% -5.21% $390 9Skyland Single Family Homes $3,597,000 899,250 $3,834,000 958,500 4,564,000 1,141,000 -21.19% -6.18% $312 4CB South Single Family Homes $647,900 323,950 $664,800 332,400 719,900 359,950 -10.00% -2.54% $150 2Almont $105,550 105,550 $91,000 91,000 94,900 94,900 11.22% 15.99% 1Land/Lots $4,195,986 174,833 $4,942,300 205,929 4,937,350 205,723 -15.02% -15.10% 24SF Homes Sold > $1M $14,903,000 1,490,300 $16,719,000 1,671,900 17,649,000 1,764,900 -15.56% -10.86% $384 10





!

Crested Butte Summer is here (Finally) – The snow in May made up for the dry March and snowpack got back to 100%. Spring run-off is in full force as water levels are high in the rivers and steams. Kebler & Cottonwood Passes are open, the golf course at The Club at Crested Butte is in great condition and the wildflowers are popping up everywhere. There are lots of activities and events planned again this summer and the TA (Travel & Tourism) is promoting the great beginner and advanced mountain biking available in our valley. They are touting our 750 Miles of great trails from Hartman Rocks to the epic 401. Evidently mountain bikers span many socio-demographic segments from young to old and affluent. The Enduro World Series mountain bike series stop in Crested Butte is a feather in our cap and should illuminate this marketing effort. I hope you are making plans to gather with family and friends, enjoy the cool weather, hiking, fishing, biking, golf, Alpenglow concerts, the Arts, Tour de Forks… or just relax, get an ice cream cone and sit on a bench on Elk Avenue and make a new friend. 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 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). To see featured properties or search the MLS – visit www.chriskopf.com. Contact me at: (970) 209-5405, or [email protected] Thanks,

Under Contract At the end of May 2015 there were 46 properties Under Contract (nearly double from 1 year ago) representing a total volume of $25.3M. Of the 46 properties Under Contract 14 are Condos/Townhomes, 15 are Single Family homes and 17 are lots (nearly triple from 1 year ago). Active Listings There are 578 properties For Sale in our market (down 75 from 1 year ago) representing $414M. Inventory has shrunk since the same period in 2013 when we had 750 properties for Sale.

All Properties Under Contract

Total Under Contract by Asking Price

Average Under

Contract by Asking Price


Under Contract

Total All Properties Under Contract $25,362,299 $551,354 46Condos & Townhomes $5,408,899 $386,350 14Single Family Homes $17,059,000 $1,137,267 15Mt. Crested Butte $6,647,499 $511,346 13Mt. CB Single Family Homes $1,544,000 $772,000 2Crested Butte Single Family Homes $3,665,000 $916,250 4Skyland Single Family Homes $2,995,000 $2,995,000 1CB South Single Family Homes $2,156,000 $539,000 4Land/Lots $2,894,400 $170,259 17SF Homes > $1M $12,264,000 $1,752,000 7

All Current ListingsTotal Current Listing Price by Category

Average Listing Price

Count of # Properties on

the MarketTotal All Sales $414,138,055 $716,502 578Condos & Townhomes $56,315,350 $360,996 156Single Family Homes $192,393,249 $1,326,850 145Mt. Crested Butte $149,239,599 $746,198 200Mt. CB Single Family Homes $62,090,250 $1,592,058 39Crested Butte Single Family Homes $19,173,600 $1,198,350 16Skyland Single Family Homes $16,687,999 $1,390,667 12CB South Single Family Homes $8,014,900 $616,531 13Almont $13,252,300 $294,496 45Land/Lots $165,429,456 $597,218 277SF Homes > $1M $145,253,849 $1,911,235 7635 Acre SF Homes $36,639,000 $1,744,714 21

crested butte real estate market report ytd may 2015

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