crested butte real estate market report | through july 31, 2013

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 2013 YEAR TO DATE – THROUGH JULY

PREPARED BY CHRIS KOPF

65

87

132149

182

YTD 2009 YTD 2010 YTD 2011 YTD 2012 YTD 2013

Crested Butte Real Estate Market Report – Year to Date through July 31, 2013 Crested Butte Real Estate Year to Date (YTD) Sales Up As expected the positive trends continue in the Crested Butte Real Estate Market. As the charts and numbers show the trends are rising in all categories, and inventory is falling. Total Number of Properties Sold is up 22%, Total Volume is up 28%. We are also seeing Price per square foot for both Single Family homes and Condos and Town homes on the rise. The businesses in Crested Butte are reporting record Summer sales and the Arts Festival Week was a success. While still a Buyer’s market in Crested Butte - many would agree these positive trends are in part due to a burgeoning stock market and oil & gas industry. As well in many metro Residential Real Estate markets there continues to be extremely high demand for a shrinking inventory of single family homes. Year to date Single Family homes made up 65% of the total volume representing $51.2M and 68 transactions with an average sales price of $754,000 and median price of $520,000. There were 79 Condos & Townhome transactions YTD and this represented $21.2.M in volume and an average sales price of $269,000 and median sales price of $210,500.

2013 YTD Total $ Volume of Properties Sold

2013 YTD Total Number of Properties Sold

$32,594,307$37,513,750

$50,038,453$56,347,513

$78,409,210


Month 2011 2012 2013JAN $4,216,000 $13,923,750 $8,751,700FEB $2,778,078 $4,545,898 $8,671,475MAR $8,091,400 $6,600,200 $10,261,486APR $9,259,925 $8,057,800 $17,126,400MAY $8,391,150 $10,228,700 $8,539,400JUNE $7,010,900 $9,121,865 $11,327,749July $10,291,000 $3,869,300 $13,731,000

Totals $50,038,453 $56,347,513 $78,409,210





Single Family Homes for sale with Asking Prices over $1M for a total Volume of $287M. Of these there are 28 Homes for sale over $2M with the most expensive home being $5.5M. Of note there have only been 4 transactions at $4M or above ever sold in the Crested Butte Real Estate Market (2 at the height of the market in 2006).

Crested Butte Luxury Real Estate Market - Homes Sold for $1 Million + Year to Date There have been 15 Single Family homes Sold for $1M or more YTD 2013, this is compared with 6 during this same period in 2012, and11 in 2011. The average sold price for these homes was $1.7M, median price of $1.49M, and Average Price per sq. ft. was $417.

The total volume of $25.5M makes up 33% of the overall market volume YTD. The distribution of these 11 homes sold was spread out – there were 3 in Crested Butte, 4 in Mt. Crested Butte, and 1 in Glacier Lily, Buckhorn Ranch, Roaring Judy Ranch, and Rural Crested Butte (on Slate River Road), and 1 Ranch property on the East River near Jack’s Cabin. Luxury Properties For Sale in the Crested Butte Area There are a total of 119

YearTotal # Luxury

Homes Sold

$ Volume Luxury

Homes Sold

Avg. Price Per Sq. Ft

YTD 2009 4 $6,127,500 $328YTD 2010 6 $7,825,000 $282YTD 2011 11 $17,200,000 $448YTD 2012 6 $12,200,000 $309YTD 2013 15 $25,588,000 $417

2013 Year to Date Total Luxury Homes $1M+

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

Single Family Homes $25,588,000 $1,705,867 $28,589,000 $1,905,933 $31,098,000 $2,073,200 -17.72% -10.50% $417 15Mt. Crested Butte $9,925,000 $1,985,000 $11,245,000 $2,249,000 $9,174,000 $1,834,800 8.19% -11.74% $439 5Mt. CB Single Family Homes $9,925,000 $1,985,000 $11,245,000 $2,249,000 $12,569,000 $2,513,800 -21.04% -11.74% $439 5Crested Butte Single Family Homes $4,775,000 $1,591,667 $4,939,000 $1,646,333 $5,344,000 $1,781,333 -10.65% -3.32% $584 3Skyland Single Family Homes $2,669,000 $1,334,500 $2,845,000 $1,422,500 $3,525,000 $1,762,500 -24.28% -6.19% $363 2

High-end Land – There are 48 properties (Land) for sale listed at over $1M. These represent some of the best opportunity for the Buyer who is looking to build their dream home. Of these the majority are in Mt. Crested Butte in the Prospect Subdivision – offering Ski-in / Ski-out lots (there are 3 homes under construction in Prospect). The next large category are developments offering fishing and equestrian amenities – these lots are located in both The Reserve on the East River, and Wilder on the Taylor. Wilder on the Taylor has a unique offering of 12 Riverfront Homestead Sites sitting along 2 miles of the Taylor River with 2,100 shared acres total on the ranch.

Land / Lots Sold YTD Count YTD %

YTD 2009 10 15%YTD 2010 12 14%YTD 2011 17 13%YTD 2012 34 23%YTD 2013 35 19%

41

913

3YTD ALL LAND SALES

There have been 35 Parcels Sold YTD in 2013.





Single Family Homes"$ Per Sq. Ft.

Condo / Town Homes"$ Per Sq. Ft. $300

$271

$198 $191$209


$300

$263

$279

$267

$284


Averages(for(Single(Family(Homes((&(Condo(prices(Continuing(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 from $267 per sq. ft. to $284. 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 $432, Mt. Crested Butte $351 as averages per sq. ft. and these numbers are up from previous years. Condos and Townhomes have seen a greater volatility in price points in the past five years. Looking back at previous Market Reports for full years in 2011 to 2012 the Average Price per sq. ft. for Condos and Townhomes was $196 and $198 respectively. So the 2013 YTD Average price per sq. ft. of $209 is up. 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 (79) – but close behind is Single Family homes (67). As the table shows the Single Family Home and Luxury Properties over $1M purchased by the Second Homeowner represents the largest percentage of the dollar volume in our market (33%).

What Real Estate is Selling in the Crested Butte area

2013 YTD - Category $ Volume of Properties Sold

% of TotalCount of # Properties

Sold% of Total

Total All Sales $78,409,210 182 Condos & Townhomes $21,272,019 27% 79 43%Single Family Homes $51,268,455 65% 68 37%Mt. Crested Butte $28,523,411 36% 67 37%Mt. CB Single Family Homes $14,215,000 18% 12 7%Crested Butte Single Family Homes $9,476,005 12% 11 6%Skyland Single Family Homes $3,597,000 5% 4 2%CB South Single Family Homes $3,507,900 4% 9 5%Almont $860,550 1% 4 2%Land/Lots $5,868,736 7% 35 19%SF Homes Sold > $1M $25,588,000 33% 15 8%





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 8.56% for all property types.

2013 Year to Date Totals


Average Sold Price




Average Original

Price

% Difference Original Price vs. Sold Price


vs. Sold Price



SoldTotal All Sales $78,409,210 $430,820 $85,752,420 $471,167 $94,159,300 $517,359 -16.73% -8.56% 182Condos & Townhomes $21,272,019 $269,266 $23,062,353 $291,929 $26,152,250 $331,041 -18.66% -7.76% $209 79Single Family Homes $51,268,455 $753,948 $55,929,000 $822,485 $61,448,000 $903,647 -16.57% -8.33% $284 68Mt. Crested Butte $28,523,411 $425,723 $31,462,650 $469,592 $30,503,700 $455,279 -6.49% -9.34% $301 67Mt. CB Single Family Homes $14,215,000 $1,184,583 $15,823,900 $1,318,658 $18,065,400 $1,505,450 -21.31% -10.17% $351 12Crested Butte Single Family Homes $9,476,005 $861,455 $9,930,900 $902,809 $10,600,400 $963,673 -10.61% -4.58% $432 11Skyland Single Family Homes $3,597,000 $899,250 $3,834,000 $958,500 $4,564,000 $1,141,000 -21.19% -6.18% $330 4CB South Single Family Homes $3,507,900 $389,767 $3,614,700 $401,633 $3,714,800 $412,756 -5.57% -2.95% $178 9Almont $860,550 $215,138 $880,400 $220,100 $958,500 $239,625 -10.22% -2.25% $145 4Land/Lots $5,868,736 $167,678 $6,761,067 $193,173 $7,430,250 $212,293 -21.02% -13.20% 35SF Homes Sold > $1M $25,588,000 $1,705,867 $28,589,000 $1,905,933 $34,797,000 $2,319,800 -26.46% -10.50% $417 15



Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $56,347,513 $378,171 $64,406,848 $432,261 $78,803,747 $528,884 -28.50% -12.51% 149Condos & Townhomes $14,058,800 $246,646 $15,800,600 $277,204 $23,107,849 $405,401 -39.16% -11.02% $191 57Single Family Homes $35,896,213 $618,900 $39,862,548 $687,285 $47,399,148 $817,227 -24.27% -9.95% $267 58Mt. Crested Butte $23,480,000 $350,448 $27,819,600 $415,218 $28,509,749 $425,519 -17.64% -15.60% $277 67Mt. CB Single Family Homes $11,052,500 $850,192 $12,480,500 $960,038 $15,682,000 $1,206,308 -29.52% -11.44% $289 13Crested Butte Single Family Homes $10,789,513 $634,677 $11,472,698 $674,865 $12,874,698 $757,335 -16.20% -5.95% $332 17Skyland Single Family Homes $1,615,000 $538,333 $1,764,000 $588,000 $1,764,000 $588,000 -8.45% -8.45% $301 3CB South Single Family Homes $2,945,800 $327,311 $3,054,550 $339,394 $3,546,650 $394,072 -16.94% -3.56% $150 9Almont $1,002,300 $250,575 $1,137,700 $284,425 $1,326,500 $331,625 -24.44% -11.90% $244 4Land/Lots $6,392,500 $188,015 $8,743,700 $257,168 $8,956,000 $263,412 -28.62% -26.89% 34SF Homes Sold > $1M $12,200,000 $2,033,333 $17,321,500 $2,886,917 $23,985,000 $3,997,500 -49.13% -29.57% $309 6



Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $50,038,453 $379,079 $57,228,077 $433,546 $126,360,199 $957,274 -60.40% -12.56% 132Condos & Townhomes $16,767,903 $246,587 $18,658,878 $274,395 $25,739,569 $378,523 -34.86% -10.13% $198 68Single Family Homes $30,650,750 $652,144 $35,032,999 $745,383 $96,544,600 $2,054,140 -68.25% -12.51% $279 47Mt. Crested Butte $21,386,178 $344,938 $24,160,378 $389,684 $36,139,750 $582,899 -40.82% -11.48% $255 62Mt. CB Single Family Homes $7,582,000 $947,750 $8,435,400 $1,054,425 $13,466,400 $1,683,300 -43.70% -10.12% $318 8Crested Butte Single Family Homes $5,379,750 $896,625 $6,234,800 $1,039,133 $7,514,700 $1,252,450 -28.41% -13.71% $390 6Skyland Single Family Homes $3,426,000 $856,500 $3,989,000 $997,250 $5,240,000 $1,310,000 -34.62% -14.11% $259 4CB South Single Family Homes $3,859,000 $385,900 $4,171,800 $417,180 $56,999,900 $5,699,990 -93.23% -7.50% $168 10Almont $1,230,500 $246,100 $1,402,800 $280,560 $1,993,100 $398,620 -38.26% -12.28% $186 5Land/Lots $2,619,800 $154,106 $3,536,200 $208,012 $5,661,400 $333,024 -53.73% -25.91% 17SF Homes Sold > $1M $17,200,000 $1,563,636 $20,406,500 $1,855,136 $80,857,500 $7,350,682 -78.73% -15.71% $448 11





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 contemplating selling and interested in finding out what your existing property is worth, or if you are 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,

!

Crested Butte – Giving Back… I have had the opportunity to attend some great events this summer – one of my favorite is the Tough Enough to Wear Pink concert – thanks to songwriter Dean Dillon for hosting and inviting this year’s singer / songwriters Kellie Pickler and Kyle Jacobs. The Crested Butte Music Festival hosted a fantastic gala event in the Big Mine Ice Rink (no ice, but there were former Cirque du Soleil acrobats!). I also helped sponsor an evening with opera singers including world renowned tenor Marcello Giordani. Mixing business with pleasure is a wonderful way to spend some time fly fishing – and RMBL hosted events at the Estess Ranch and Wilder on the Taylor which included interesting talks from scientists about stream and river biology. I am proud to be a Rotarian and we had a very successful Rubber Duck Race – all 5,000 of our ducks were floating! I would like to say THANK YOU to the many generous donors who give back to our community. As a previous second homeowner and now a full time resident here in Crested Butte, I know that the work being done at so many of our non-profits in the valley is incredible, and does contribute to a sustainable economy here. The Mt. Crested Butte Performing Arts Center will be a “game changer”, the science work at RMBL is inspiring, the Center for the Arts is integral to our community, Wooden Nickel Open supporting Youth Hockey, Adaptive Sports Center, the Land Trust, … the list goes on. To those who give back with their time and money – thank you. For those who do not yet – I hope you will reconsider, and take a moment to thank those neighbors who do.

Under Contract There are 50 properties Under Contract representing a total volume of $20.4M. Of the 50 properties Under Contract 22 are Condos/Townhomes, 17 are Single Family homes and11 are lots. Active Listings There are an even 750 properties For Sale in our market representing $527M – we continue to see inventory dropping - a year ago inventories were in the 900 range..

All Properties Under Contract

Total Under Contract by Asking Price

Average Under

Contract by Asking Price


Under Contract

Total All Properties Under Contract $20,428,250 $408,565 50Condos & Townhomes $5,773,600 $262,436 22Single Family Homes $11,841,300 $696,547 17Mt. Crested Butte $8,726,550 $379,415 23Mt. CB Single Family Homes $3,890,000 $972,500 4Crested Butte Single Family Homes $5,702,500 $950,417 6Skyland Single Family Homes None 0CB South Single Family Homes $765,000 $382,500 2Land/Lots $2,813,350 $255,759 11SF Homes > $1M $7,314,000 $1,462,800 5Almont $793,900 $241,300 335 Acre SF Homes None 0

All Current ListingsTotal Current Listing Price by Category

Average Listing Price


on the Market

Total All Sales $527,918,750 $703,892 750Condos & Townhomes $76,676,889 $374,034 205Single Family Homes $272,781,839 $1,245,579 219Mt. Crested Butte $152,472,998 $612,341 249Mt. CB Single Family Homes $61,826,800 $1,315,464 47Crested Butte Single Family Homes $57,518,500 $1,085,255 53Skyland Single Family Homes $19,996,250 $1,666,354 12CB South Single Family Homes $12,384,300 $538,448 23Almont $41,989,300 $688,349 61Land/Lots $178,460,022 $547,423 326SF Homes > $1M $184,609,249 $2,097,832 8835 Acre SF Homes $47,299,999 $2,252,381 21