YTD Crested Butte Real Estate Market Report through June

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 2014 YEAR TO DATE – THROUGH JUNE

PREPARED BY CHRIS KOPF PROPERTIES !

UNDER !CONTRACT 38

ACTIVE!LISTINGS IN THE MLS 746

MEDIAN PRICE

SINGLE FAMILY HOME!

$618,000

DISTRESSED PROPERTY

SALES DOWN

AS % OF OVERALTRANSACTIONS

6%!

LUXURY !PROP. SOLD!

YTD = 7!% OF !

TOTAL VOLUME!= 21%!



PREPARED BY CHRIS KOPF


All Properties % Difference !Asking Price vs. Sold Price

-7.15%




PREPARED BY CHRIS KOPF Crested Butte Real Estate Market Report –

Year to Date through June 30, 2014 Crested Butte Real Estate Results Continues to Lag Previous Years There is a buzz around Crested Butte and the Crested Butte Real Estate - but the results fall short of previous years totals when looking at the year to date (YTD) numbers. With both Q1 and Q2 number in, we see Total Number of Properties Sold down 26%, Total Volume down 28%. There is still optimism for the 2nd half of 2014 – but unclear if the market can achieve the high volume of 2013 – my prediction is we will see results similar to 2012. Given these numbers it is interesting we are seeing a rise in Average Price per square foot for both Single Family homes (5%) and Town homes and Condos (20%) purchased (this may be a result of the mix of properties purchased and small sample size). Year to date Single Family homes made up 51% of the total volume representing $23.5M and 31 transactions with an average sales price of 760,600 and median price of $618,000. There were 63 Condos & Townhome transactions YTD and this represented $18.9M in volume and an average sales price of $251,400 and median sales price of $175,000.

YTD Total $ Volume of Properties Sold

YTD Total Number of Properties Sold

Month 2011 2012 2013 2014JAN $4,216,000 $13,923,750 $8,751,700 $5,773,686FEB $2,778,078 $4,545,898 $8,671,475 $7,026,450MAR $8,091,400 $6,600,200 $10,261,486 $3,803,000APR $9,259,925 $8,057,800 $17,126,400 $8,187,800MAY $8,391,150 $10,228,700 $8,539,400 $14,169,200JUNE $7,010,900 $9,121,865 $11,327,749 $7,331,189Totals $32,736,553 $43,356,348 $53,350,461 $38,960,136




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

High-end Land / Riverfront Home sites - There are 139 properties Listed for over $1M and 43 vacant parcels ready to build on. Of these the majority are in Mt. Crested Butte in the Prospect Subdivision – offering Ski-in / Ski-out lots. The next large category are developments offering 35 Acre parcels and multiple miles of live water fishing access as well as equestrian amenities – these lots are primarily located in The Reserve on the East River and Wilder on the Taylor. There is a new 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

2009 2 $2,670,000 $3292010 5 $6,325,000 $3322011 6 $10,323,500 $5002012 6 $12,200,000 $4282013 11 $19,153,000 $3962014 7 $9,822,050 $396

2014 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 $12,809,550 $1,601,194 $14,209,000 $1,776,125 12,504,000 $1,563,000 2.44% -9.85% 8Condos & Townhomes $1,487,500 $1,487,500 $1,600,000 $1,600,000 1,650,000 $1,650,000 -9.85% -7.03% $664 1Single Family Homes $7,897,050 $1,128,150 $8,609,000 $1,229,857 8,854,000 $1,264,857 -10.81% -8.27% $318 7Mt. Crested Butte $2,862,500 $1,431,250 $3,250,000 $1,625,000 3,049,000 $1,524,500 -6.12% -11.92% $383 2Mt. CB Single Family Homes $1,375,000 $1,375,000 $1,650,000 $1,650,000 1,650,000 $1,650,000 -16.67% -16.67% $263 1Crested Butte Single Family Homes $5,422,050 $1,355,513 $5,709,000 $1,427,250 5,805,000 $1,451,250 -6.60% -5.03% $472 4Skyland Single Family Homes None Sold 0Land/Lots $1,500,000 $1,500,000 $2,050,000 $2,050,000 1,595,000 $1,595,000 -5.96% -26.83% 1

There have been 9 properties sold for over $1M YTD. The total high-end volume of $9.8M makes up 21% of the overall market volume YTD. There were 7 Single Family homes that Sold for $1M or more YTD 2014; this is compared with 11 during this same period in 2013, and 6 in 2012. The average sold price for these homes was $1.128M; median price of $1.26M, and Average Price per sq. ft. was $396. There has been 1 luxury condo sold for $1.49M – this was a ski-in/ski-out Silver Ridge Condo sold fully furnished. There has also been 1 parcel of land sold for $1.5M – this was a riverfront home site at The Wilder on the Taylor (the Wilder on the Taylor is a 2,100-acre ranch with 5 miles of live water running through it. Luxury Properties For Sale in the Crested Butte Area There are a total of 139 properties Listed for over $1M. 89 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $187M. There are a handful of high-end luxury condos and town homes for sale in Mt. Crested Butte at both the ski-in/out West Wall, and The Villas.




PREPARED BY CHRIS KOPF Single Family Homes!

$ Per Sq. Ft. Averages(for(Single(Family(Homes((&(Condo(prices(Starting(to(Rise((Single(Family((SF)(homes!–!Comparing!YTD!2014!results!to!prior!years!we!see!that!the!price!per!sq.!ft.!for!Single!Family!homes!has!risen!about!5%!from!$281!to!$295!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!$426,!Mt.!Crested!Butte!$262,!Skyland!$403,!and!CB!South!$194!as!averages!per!sq.!ft.!!Condos(and(Townhomes!have!seen!a!steady!rise!in!price!points!in!the!past!four!years.!Looking!back!at!previous!Market!Reports!for!full!years!in!2012!to!2013!the!Average!Price!per!sq.!ft.!for!Condos!and!Townhomes!was!$198!and!$209!respectively.!!So!the!2014!YTD!Average!price!per!sq.!ft.!of!$250!is!quite!a!jump!and!may!be!more!a!factor!of!the!mix!of!condos!&!townhomes!sold.!!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!(63),!with!Single!Family!homes!making!up!the!second!largest!count!(31).!!As!the!table!shows!the!Luxury!Single!Family!Homes!Sold!over!$1M!represents!21%!of!the!dollar!volume!in!our!market,!and!Land!or!Lots!represents!only!6%!of!the!transactions!but!18%!of!the!total!volume!sold!YTD.!

Condo / Town Homes !$ Per Sq. Ft.

2014 YTD TOTALS - CATEGORY $ Volume of Properties Sold

% of TotalCount of # Properties

Sold% of Total

Total All Sales $46,516,325 114 Condos & Townhomes $18,948,475 41% 63 55%Single Family Homes $23,579,850 51% 31 27%Mt. Crested Butte $19,895,189 43% 56 49%Mt. CB Single Family Homes $7,131,300 15% 10 9%Crested Butte Single Family Homes $9,774,550 21% 10 9%Skyland Single Family Homes $1,925,000 4% 1 1%CB South Single Family Homes $2,134,000 5% 5 4%Almont $1,906,500 4% 5 4%Land/Lots $3,988,000 9% 20 18%SF Homes Sold > $1M $9,822,050 21% 7 6%




PREPARED BY CHRIS KOPF A Rise in Prices for Single Family Homes and

Condos & Townhomes Single Family (SF) homes – Comparing Year to Date (YTD) results from 2014 to prior years we see that the Median Price for Single Family homes has risen from $527,000 to $618,000 and Average SF Home price has risen slightly from $752,000 to $760,000. This may be a result of the sample set – as there were only 31 Single Family Homes Sold in 2014 compared with a larger sample set of 54 in 2013. Prices Firm up, SF homes Priced Closer to the Market -- Asking Price to Selling Price for Single Family homes has dropped from 10.6% to 6.2% in the past 3 years. Condos & Townhomes – The activity for Condos and Town homes is strong. Sales Prices for Condos shows a fairly flat trend - Median Sales Price currently at $175,000 and Average Sales Price is $251,400.

Crested Butte Land Sold Inventories for finished homes has been dropping over the past few years – but with 445 Single Family homes, Condos & Townhomes on the market – there are many good choices… the activity in the Land/Lots category is still lagging the previous 2 years. As the table shows there have been 20 parcels Sold YTD compared with 30 in 2013, and 31 in 2012 for the same period. 10 of the 20 lots sold were under $100,000 and a dozen of the lots were under 1 acre, and 5 were 35 - 40 acre parcels. With over 300 parcels for sale – and high quality architects and builders in the valley – there is the opportunity to find the perfect location with spectacular views to build a mountain dream home. Distressed Properties - Foreclosures & Short Sales - as you can see from the table this category of property has become a footnote in our market compared with previous years representing only 6% of our current transactions and $2.3M in total volume.

Condo Median Sales Price

Single Family Home! Median Sales Price

Condo Average Sales Price

Single Family Home! Average Sales Price

Land / Lots Sold YTD Count YTD %

YTD 2010 10 13%YTD 2011 17 15%YTD 2012 31 23%YTD 2013 30 18%YTD 2014 20 11%

Short Sales & Foreclosures YTD Count YTD %

YTD 2010 16 21%YTD 2011 62 53%YTD 2012 37 28%YTD 2013 42 27%YTD 2014 7 6%





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 7.1% for all property types.

2014 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 $46,516,325 408,038 $50,097,949 439,456 52,437,475 459,978 -11.29% -7.15% 114Condos & Townhomes $18,948,475 300,769 $20,219,849 320,950 22,451,625 356,375 -15.60% -6.29% $250 63Single Family Homes $23,579,850 760,640 $25,159,100 811,584 26,063,400 840,755 -9.53% -6.28% $295 31Mt. Crested Butte $19,895,189 355,271 $21,492,649 383,797 23,683,125 422,913 -15.99% -7.43% $262 56Mt. CB Single Family Homes $7,131,300 713,130 $7,795,700 779,570 8,355,500 835,550 -14.65% -8.52% $231 10Crested Butte Single Family Homes $9,774,550 977,455 $10,317,500 1,031,750 10,489,000 1,048,900 -6.81% -5.26% $426 10Skyland 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 $2,134,000 426,800 $2,222,000 444,400 2,246,000 449,200 -4.99% -3.96% $194 5Almont $1,906,500 381,300 $2,544,000 508,800 2,327,400 465,480 -18.08% -25.06% $4,650 5Land/Lots $3,988,000 199,400 $4,719,000 235,950 4,757,100 237,855 -16.17% -15.49% 20SF Homes Sold > $1M $9,822,050 1,403,150 $10,559,000 1,508,429 10,804,000 1,543,429 -9.09% -6.98% $396 7


Average Sold Price




Average Original

Price



vs. Sold Price



Sold

Total All Sales $64,678,210 419,988 $71,283,053 462,877 78,180,100 507,663 -17.27% -9.27% 154Condos & Townhomes $19,442,019 277,743 $21,153,153 302,188 22,439,250 320,561 -13.36% -8.09% $209 70Single Family Homes $40,616,955 752,166 $44,707,700 827,920 49,434,100 915,446 -17.84% -9.15% $281 54Mt. Crested Butte $23,103,411 405,323 $25,618,350 449,445 24,994,150 438,494 -7.56% -9.82% $299 57Mt. CB Single Family Homes $9,905,000 1,100,556 $11,153,900 1,239,322 13,037,400 1,448,600 -24.03% -11.20% $354 9Crested Butte Single Family Homes $7,916,005 791,601 $8,335,900 833,590 8,750,400 875,040 -9.54% -5.04% $408 10Skyland 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 $1,671,400 417,850 $1,722,800 430,700 1,777,900 444,475 -5.99% -2.98% $180 4Almont $105,550 105,550 $91,000 91,000 95,900 95,900 10.06% 15.99% $68 1Land/Lots $4,619,236 153,975 $5,422,200 180,740 5,631,750 187,725 -17.98% -14.81% 30SF Homes Sold > $1M $19,153,000 1,741,182 $21,694,000 1,972,182 23,644,000 2,149,455 -18.99% -11.71% $417 11


Average Sold Price




Average Original

Price



vs. Sold Price



Sold

Total All Sales $52,478,213 394,573 $60,391,898 454,074 73,888,897 555,556 -28.98% -13.10% 133Condos & Townhomes $13,121,800 257,290 $14,803,100 290,257 21,753,999 426,549 -39.68% -11.36% $198 51Single Family Homes $33,323,713 653,406 $37,292,798 731,231 44,373,398 870,067 -24.90% -10.64% $270 51Mt. Crested Butte $22,007,500 360,779 $26,236,100 430,100 26,635,899 436,654 -17.38% -16.12% $285 61Mt. CB Single Family Homes $9,855,000 985,500 $11,206,500 1,120,650 14,137,000 1,413,700 -30.29% -12.06% $292 10Crested Butte Single Family Homes $10,413,513 650,845 $11,184,798 699,050 12,586,798 786,675 -17.27% -6.90% $327 16Skyland 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 $2,266,800 323,829 $2,396,700 342,386 2,888,800 412,686 -21.53% -5.42% $149 7Almont $994,500 331,500 $1,129,900 376,633 1,289,500 429,833 -22.88% -11.98% $242 3Land/Lots $6,032,700 194,603 $8,296,000 267,613 8,633,600 278,503 -30.13% -27.28% 31SF Homes Sold > $1M $12,200,000 2,033,333 $14,126,500 2,354,417 16,645,000 2,774,167 -26.70% -13.64% $428 6





!

Crested Butte Visitors Love the Summer – Many have commented they have never seen so many people here for the 4th of July. I have also heard that at this point the inventory of short-term rental properties are nearly all booked for the remainder of the Summer. This bodes well for the Crested Butte area as more people are coming here to enjoy the charm of our towns the beauty of our surrounding mountains and the opportunity to create life-long family memories. The 4th of July fireworks show this year on Mt. CB with live music was awesome. I have heard that there will be approximately 75 Weddings in the Crested Butte area this Summer. Destination weddings here have blossomed here in recent years – and there are many great venues for both the service and the reception here in CB. One of my daughters has been working 14-hour days for Maxwell’s restaurant who do a great job of catering these events. The Mt. Crested Butte Performing Arts Center (MCPAC) made some big announcements recently – and along with hosting performing arts events, this will also be a first class facility for weddings and receptions. There are lots of choices in Real Estate properties and price points in Crested Butte, representing great values (especially compared with some of the other more glitzy mountain towns in Colorado and the West). Call me to help you find that perfect mountain property for you and your family.

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 Of the 24 properties Under Contract 16 are Condos/Townhomes, 15 are Single Family homes and 7 are lots. At the end of June there were 38 properties Under Contract representing a total volume of $22M. Active Listings There are 746 properties For Sale in our market representing $521M – this is a bit less than a year ago when we saw 800 properties for Sale. There continues to be a slight reduction in Average Listing Price compared with the same time in 2013.

All Properties Under Contract

Total Under Contract by Asking Price

Average Under

Contract by Asking Price


Under Contract

Total All Properties Under Contract $22,039,800 $579,995 38Condos & Townhomes $3,078,300 $192,394 16Single Family Homes $15,452,500 $1,030,167 15Mt. Crested Butte $5,187,300 $288,183 18Mt. CB Single Family Homes $2,285,000 $761,667 3Crested Butte Single Family Homes $2,520,000 $840,000 3Skyland Single Family Homes None None 0CB South Single Family Homes $678,500 $339,250 2Land/Lots $3,509,000 $501,286 7SF Homes > $1M $12,975,000 $1,853,571 7Almont $3,000,000 $933,333 335 Acre SF Homes $7,085,000 $2,361,667 3

All Current ListingsTotal Current Listing Price by Category

Average Listing Price

Count of # Properties on

the Market

Total All Sales $521,886,145 $699,579 746Condos & Townhomes $85,361,318 $354,196 241Single Family Homes $262,829,902 $1,288,382 204Mt. Crested Butte $193,563,497 $660,626 293Mt. CB Single Family Homes $80,632,450 $1,439,865 56Crested Butte Single Family Homes $41,741,350 $1,070,291 39Skyland Single Family Homes $15,398,999 $1,399,909 11CB South Single Family Homes $10,688,699 $562,563 19Almont $22,854,820 $486,273 47Land/Lots $173,694,925 $577,060 301SF Homes > $1M $186,772,748 $2,098,570 8935 Acre SF Homes $53,635,899 $2,234,829 24

YTD Crested Butte Real Estate Market Report through June

Real Estate

Transcript of YTD Crested Butte Real Estate Market Report through June