crested butte real estate market report – ytd through august 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 AUGUST

PREPARED BY CHRIS KOPF




YTD SOLDPROPERTIES

2013 2014 2015 2013 2014 2015

YTD TOTALVOLUME

ACTIVE LISTINGS2013 = 790 2014 = 7482015 = 700




PREPARED BY CHRIS KOPF Crested Butte Real Estate Market Report –

Year to Date through August 31, 2015 Market Remains Strong and Active Despite volatility in the stock market and the price of oil in the mid $40 per barrel the Crested Butte Real Estate market continues to be active and the Fall months of September and October have historically been good ones. There continues to be a run on lots with 74 lots sold YTD vs. 31 for the same period last year. As well the lower end of the market is getting thin with 34 single family homes below $750,000 and 24% of them under contract. The high number of homes sold has pushed the the median price for a single family home down to $635,000, but still a healthy historical trend line – but still well below the peak of 2006 through mid-way through 2008. Year to date through August we see Total Number of Properties Sold up 21%, Total Volume up 15.5% compared to 2014 and the metrics are similar but also up as compared with YTD in 2013. Looking at the monthly table over the past three years we see the variance from month to month.

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 $8,412,800 $9,568,000MAY $8,391,150 $10,228,700 $8,539,400 $14,169,200 $16,698,161JUNE $7,010,900 $9,121,865 $11,327,749 $7,425,189 $12,815,700JULY $10,291,000 $3,869,300 $13,731,000 $10,012,300 $19,163,500AUG $11,532,900 $6,929,000 $10,271,170 $22,431,750 $11,244,900Totals $61,571,353 $63,276,513 $88,680,380 $79,054,375 $93,560,761





Crested Butte Luxury Real Estate Market - Properties Sold for $1 Million + Year to Date

Luxury Properties For Sale in the Crested Butte Area There are a total of 96 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $184M. Of the 96 there are 76 between $1M and $2M, 20 between $2M and $3M, and the remaining 10 homes are above $3M with the two highest priced homes being ski-in/ski-out homes in Prospect. There are 4 high-end luxury condos and town homes for sale in Mt. Crested Butte at both the ski-in/out West Wall, and across the street at The Villas.

There have been 21 properties sold for over $1M YTD – 19 of them have been Single Family Homes, 1 ski-in/out condo at West Wall and 1 riverfront home site at Wilder on the Taylor. The total high-end volume of $30.8M makes up 33% of the overall market volume YTD but only 8% of the total transactions. The average sold price for the homes was $1.62M; median price $1.32M, and Average Price per sq. ft. was $454. There are 7 luxury single family homes under contract compared with 12 in 2014 – of note there is a ski-in/ski-out home in Prospect ($3.45M Asking Price), the $1.9M ranch property with large barn on HWY 135, a $1.7M riverfront home site at Wilder on the Taylor, and and the remainder are below $1.5M.

High-end Land / Riverfront Home sites For Sale – With all the land that has sold there are still a total of 321 current listings for Land – 35 of those are luxury vacant lots for sale above $1M - these lots are scattered around with the majority located in The Reserve on the East River and Wilder on the Taylor, but there are 6 lots in downtown Crested Butte, and others on Mt. Crested Butte and outlying areas. There are 21 ski-in / ski-out, or skier access lots for sale in the Prospect development in Mt. Crested Butte and all are below $1M (6 are below $500,000). There are also some nice 35 acre lots in Trappers Crossing (qty. 9)and one opportunity to own a contiguous 70 acres with panoramic views, and a Trappers Crossing homesite on the bench with an asking price of $1.5M.

2015 YTD 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 $33,639,500 $1,601,881 $36,868,000 $1,755,619 38,383,900 $1,827,805 -12.36% -8.76% 21Condos & Townhomes $1,075,000 $1,075,000 $1,149,000 $1,149,000 1,185,000 $1,185,000 -9.28% -6.44% $519 1Single Family Homes $30,864,500 $1,624,447 $33,969,000 $1,787,842 35,484,900 $1,867,626 -13.02% -9.14% $454 19Mt. Crested Butte $3,645,000 $1,215,000 $3,899,000 $1,299,667 4,410,000 $1,470,000 -17.35% -6.51% 3Mt. 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% $275 2Crested Butte Single Family Homes $6,167,500 $1,233,500 $6,565,000 $1,313,000 6,759,900 $1,351,980 -8.76% -6.05% $529 5Skyland Single Family Homes $3,475,000 $1,737,500 $4,064,000 $2,032,000 4,030,000 $2,015,000 -13.77% -14.49% $350 2Land/Lots $1,700,000 $1,700,000 $1,750,000 $1,750,000 $1,500,000 $1,500,000 13.33% -2.86% 1

YearTotal # Luxury

Homes Sold

$ Volume Luxury

Homes Sold

Avg. Price Per Sq. Ft

YTD 2011 14 $22,709,500 $541YTD 2012 7 $13,385,000 $434YTD 2013 15 $25,588,000 $417YTD 2014 12 $21,423,050 $430YTD 2015 19 $30,864,500 $454





Condo Median Sales Price

Single Family Home " Median Sales Price

Condo Average Sales Price

Single Family Home " Average Sales Price

$400,000%

$475,000%

$550,000%

$625,000%

$700,000%

$775,000%

$850,000%

2007% 2008% 2009% 2010% 2011% 2012% 2013% 2014% 2015%

AVERAGE%PRICE%

$550,000%

$625,000%

$700,000%

$775,000%

$850,000%

$925,000%

$1,000,000%

$1,075,000%

2007% 2008% 2009% 2010% 2011% 2012% 2013% 2014% 2015%

AVERAGE%PRICE%

$50,000%

$150,000%

$250,000%

$350,000%

$450,000%

$550,000%

$650,000%

2007%

2008%

2009%

2010%

2011%

2012%

2013%

2014%

2015%

AVERAGE%

AVERAGE%PRICE%

$100,000%

$200,000%

$300,000%

$400,000%

$500,000%

$600,000%

$700,000%

2007% 2008% 2009% 2010% 2011% 2012% 2013% 2014% 2015%

AVERAGE%PRICE%

Historical Look at Median and Average Prices for Crested Butte Area Single Family Homes and Condos




PREPARED BY CHRIS KOPF Single Family Homes"

$ Per Sq. Ft. Price&per&Sq.&Ft.&Averages&for&Condo&&&Townhomes&&Starting&to&Rise&&Single&Family&(SF)&homes&–&In#the#Crested#Butte#area#every#home#is#custom#built#and#different#so#comparing#home#values#can#be#hard.#Unlike#suburban#USA#where#there#are#many#subdivisions#with#very#similar#homes#all#built#nearly#the#same#time#with#similar#layouts,#@inishes…#That#being#said#Price#per#sq.#ft.#is#one#way#to#provide#a#metric#to#use#to#compare#“similar”#homes##and#as#a#general#rule#it#provides#a#way#to#compare#and#historically#it#gives#us#a#perspective#over#a#large#number#of#transactions#(there#have#been#69#SF#homes#sold#YTD#compared#with#56#YTD#in#2014).#So#far#in#2015#we#have#seen#a#slight#price#per#sq.#ft.#increase#in#single#family#homes#(again#this#is#subject#to#the#mix#of#what#is#sold).##Current#Price#Per#Sq.#Ft.#Averages#are#at#$333#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#$432,#Mt.#Crested#Butte#$313,#Skyland#$324,#and#CB#South#$219#averages#per#sq.#ft.#&Condos&and&Townhomes&&The#2015#YTD#Average#price#per#sq.#ft.#of#$227#is#a#slight#decrease#when#compared#to#the#same#period#in#2013#($236#per#sq.#ft.).####What&Real&Estate&is&Selling&in&the&Crested&Butte&area?&Condos#and#Townhomes#represents#the#most#transactions#(81#compared#with#90#same#period#in#2014),#with#Single#Family#homes#transactions#at#69.##There#have#been#19#Luxury#Single#Family#Homes#Sold#for#over#$1M#represents#33%#of#the#dollar#volume#in#our#market,#and#Land#or#Lots#represent#33%#(a#whopping#qty.#of#74)#and#33%#of#the#volume.#

Condo / Town Homes "$ Per Sq. Ft.

2015 YTD - Category $ Volume of Properties Sold

% of TotalCount of # Properties

Sold% of Total

Total All Sales $93,560,761 224Condos & Townhomes $21,485,561 23% 81 36%Single Family Homes $58,682,500 63% 69 31%Mt. Crested Butte $23,233,500 25% 66 29%Mt. CB Single Family Homes $8,171,500 9% 12 5%Crested Butte Single Family Homes $14,057,500 15% 17 8%Skyland Single Family Homes $4,010,000 4% 3 1%CB South Single Family Homes $7,107,000 8% 15 7%Almont $3,245,000 3% 4 2%Land/Lots $13,392,700 14% 74 33%SF Homes Sold > $1M $30,864,500 33% 19 8%





The detail below represents the past three years data by category. Interesting note for both Buyers and Sellers % Difference Original Price vs. Sold Price, and the % Difference Asking Price vs. Sold Price by Category, on average 7.01% for all property types - down from 10.95% for the same period in 2014.

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 $93,560,761 $417,682 $100,612,689 $449,164 $104,681,195 $467,327 -10.62% -7.01% 224Condos & Townhomes $21,485,561 $265,254 $22,559,189 $278,509 $24,180,400 $298,523 -11.14% -4.76% $227 81Single Family Homes $58,682,500 $850,471 $62,955,800 $912,403 $65,647,195 $951,409 -10.61% -6.79% $333 69Mt. Crested Butte $23,233,500 $352,023 $24,936,389 $377,824 $26,804,300 $406,126 -13.32% -6.83% 66Mt. CB Single Family Homes $8,171,500 $680,958 $8,492,500 $707,708 $8,866,000 $738,833 -7.83% -3.78% $313 12Crested Butte Single Family Homes $14,057,500 $826,912 $14,921,000 $877,706 $15,210,900 $894,759 -7.58% -5.79% $432 17Skyland Single Family Homes $4,010,000 $1,336,667 $4,613,000 $1,537,667 $4,729,000 $1,576,333 -15.20% -13.07% $324 3CB South Single Family Homes $7,107,000 $473,800 $7,421,400 $494,760 $7,531,400 $502,093 -5.64% -4.24% $219 15Almont $3,245,000 $811,250 $3,364,000 $841,000 $3,537,000 $884,250 -8.26% -3.54% 4Land/Lots $13,392,700 $180,982 $15,097,700 $204,023 $15,924,600 $215,197 -15.90% -11.29% 74SF Homes Sold > $1M $30,864,500 $1,624,447 $33,969,000 $1,787,842 $35,484,900 $1,867,626 -13.02% -9.14% $454 19


Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $79,054,375 446,635 $88,774,299 501,550 92,123,424 520,471 -14.19% -10.95% 177Condos & Townhomes $24,854,975 276,166 $26,590,049 295,445 25,431,699 282,574 -2.27% -6.53% $236 90Single Family Homes $47,333,900 845,248 $53,739,350 959,631 55,283,649 987,208 -14.38% -11.92% $316 56Mt. Crested Butte $31,094,939 349,381 $33,704,099 378,698 31,390,524 352,703 -0.94% -7.74% 89Mt. CB Single Family Homes $12,859,550 714,419 $14,095,950 783,108 14,555,750 808,653 -11.65% -8.77% $265 18Crested Butte Single Family Homes $13,604,550 906,970 $14,486,500 965,767 14,803,000 986,867 -8.10% -6.09% $423 15Skyland 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 $3,260,800 407,600 $3,419,500 427,438 3,473,500 434,188 -6.12% -4.64% $191 8Almont $3,810,500 476,313 $5,208,500 651,063 6,779,000 847,375 -43.79% -26.84% 8Land/Lots $6,865,500 221,468 $8,444,900 272,416 19,205,150 619,521 -64.25% -18.70% 31SF Homes Sold > $1M $21,423,050 1,785,254 $25,639,000 2,136,583 26,189,000 2,182,417 -18.20% -16.44% $430 12


Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $88,680,380 $420,286 $96,968,320 $459,565 $193,575,900 $917,421 -54.19% -8.55% 211Condos & Townhomes $23,649,039 $257,055 $25,572,353 $277,960 $118,981,100 $1,293,273 -80.12% -7.52% $199 92Single Family Homes $56,245,205 $721,092 $61,411,000 $787,321 $67,125,000 $860,577 -16.21% -8.41% $274 78Mt. Crested Butte $32,349,431 $409,486 $35,639,750 $451,136 $36,299,000 $459,481 -10.88% -9.23% 79Mt. CB Single Family Homes $16,344,000 $1,089,600 $18,213,900 $1,214,260 $20,539,400 $1,369,293 -20.43% -10.27% $302 15Crested Butte Single Family Homes $11,238,755 $802,768 $11,774,400 $841,029 $12,539,400 $895,671 -10.37% -4.55% $418 14Skyland 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 $4,167,900 $378,900 $4,339,200 $394,473 $4,454,800 $404,982 -6.44% -3.95% $176 11Almont $1,285,550 $214,258 $1,404,400 $234,067 $2,323,900 $387,317 -44.68% -8.46% 6Land/Lots $8,786,136 $214,296 $9,984,967 $243,536 $11,950,800 $291,483 -26.48% -12.01% 41SF Homes Sold > $1M $25,588,000 $1,705,867 $28,589,000 $1,905,933 $31,098,000 $2,073,200 -17.72% -10.50% $417 15





!

Crested Butte is a special place – and September and through mid October are some of the best days as Summer fades into Autumn and the burst of colors paints our valley and surrounding mountains. Labor Day is upon us and marks the end of summer. The days get shorter, the water level falls and the trout and salmon are more accessible for walk-and-wade in the rivers and streams. The trails are dry, the golf course is in fantastic condition, and the Crested Butte Film Festival is around the corner at the end of September. This is our first year to be “empty nesters” and the first time we don’t have any daughters in the top ranked Crested Butte Community School. We are blessed that our three daughters are all enjoying their college experience and doing well. I spoke before the Crested Butte Town Council two weeks ago – and put a letter in the paper hoping to educate some that Conservation Easements are a great thing – but it is very disappointing to to see millions of dollars of Public monies being used and NO recreational access in return. 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, Chris Kopf

Under Contract: 74 properties Under Contract, 37 are Condos/Townhomes, 24 are Single Family homes and 13 are lots. At the end of August these 74 properties Under Contract represent a total volume of $37.9M compared with $41.6M in 2014.

Active Listings There are 700 properties For Sale in our market (compared with 748 in 2014) representing over $500M. This is a decrease in local inventory, and still some great values available in the market.

All Properties Under Contract

Total Under Contract by Asking Price

Average Under

Contract by Asking Price


Under Contract

Total All Properties Under Contract $37,931,600 $512,589 74Condos & Townhomes $11,217,300 $303,170 37Single Family Homes $22,566,900 $940,288 24Mt. Crested Butte $15,861,400 $466,512 34Mt. CB Single Family Homes $8,949,000 $1,278,429 7Crested Butte Single Family Homes $2,844,000 $711,000 4Skyland Single Family Homes $2,483,900 $827,967 3CB South Single Family Homes $1,235,000 $617,500 2Land/Lots $4,147,400 $319,031 13SF Homes > $1M $12,640,000 $1,805,714 7Almont $2,399,000 335 Acre SF Homes $1,900,000 $1,900,000 1

All Current ListingsTotal Current Listing Price by Category

Average Listing Price

Count of # Properties on

the MarketTotal All Sales $501,295,617 $716,137 700Condos & Townhomes $72,975,900 $361,267 202Single Family Homes $239,040,149 $1,358,183 176Mt. Crested Butte $187,143,199 $722,561 259Mt. CB Single Family Homes $82,846,750 $1,593,207 52Crested Butte Single Family Homes $30,627,600 $1,225,104 25Skyland Single Family Homes $15,492,899 $1,191,761 13CB South Single Family Homes $6,819,000 $681,900 10Almont $14,078,450 $299,541 47Land/Lots $189,279,568 $587,825 322SF Homes > $1M $182,431,849 $1,920,335 9535 Acre SF Homes $46,974,000 $1,806,692 26