http://chriskopf.com Year to date Single family homes made up 70% of the total volume of $17.4 Million, and also edged out Condos & Townhomes for the most number of transactions by type (16 vs. 15). 42% of all transactions were in Mt. Crested Butte. In the luxury market there were 4 properties sold over $1M this year vs. last year totaling nearly 40% of the total volume. There are 47 properties under contract representing $24.5M which is a jump from the beginning of January where we showed 33 properties under contract representing $16.5M. Listing inventory is holding steady at 760 Active Listings in the MLS representing just under $500M total. Interesting that there was a jump in Distressed Sales with 18 transactions (42% of total) that were either Foreclosures and Short Sales. The Active Listings show only 5% that are distressed properties.... here has been a lot of talk about the direct flights in and out of Gunnison (GUC) and the switch to Montrose (MTJ) next year. I wish there were more flights and cheaper flights via GUC but there are not. I would rather leave downtown CB and drive 30 minutes go GUC vs. 1 hour and 30 minutes to MTJ. But the reality is there is hardly an airline that is making money, the costs to subsidize the flights have gone up, the number of seats has gone down, the load factor % have stayed the same, resulting in fewer butts in seats at higher fares. Something has to change. Perhaps more flights in and out of MTJ will result in cheaper flights and more people. There is a long list of ski areas that require a 90+ minute drive from an airport (all of the I-70 corridor Summit County Ski Areas do). When the lifts stop running here we take a Spring Break family vacation to the Caribbean – it takes a full day of travel with a lay-over in Miami, but it is worth the trip. Crested Butte is a Special Place – like no other, Winter and Summer. And I often hear people say just that. It is worth the trip. https://plus.google.com/111143755368324078254/
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 FEBRUARY PREPARED BY CHRIS KOPF 17 21 22 41 43 2009 2010 2011 2012 2013 $6,878,807 $7,308,669 $6,994,078 $18,469,648 $17,423,175 2009 2010 2011 2012 2013 What Type and Where are Properties Selling? Crested Butte Real Estate Market Report – Year to Date through February 28, 2013 2102 Results carry over into 2013 So how is 2013 shaping up? Pretty much on par with 2012 so far, and the results for the Crested Butte Real Estate Market for 2012 showed that the market was on solid ground. Year to date Single family homes made up 70% of the total volume of $17.4 Million, and also edged out Condos & Townhomes for the most number of transactions by type (16 vs. 15). 42% of all transactions were in Mt. Crested Butte. In the luxury market there were 4 properties sold over $1M this year vs. last year totaling nearly 40% of the total volume. There are 47 properties under contract representing $24.5M which is a jump from the beginning of January where we showed 33 properties under contract representing $16.5M. Listing inventory is holding steady at 760 Active Listings in the MLS representing just under $500M total. Interesting that there was a jump in Distressed Sales with 18 transactions (42% of total) that were either Foreclosures and Short Sales. The Active Listings show only 5% that are distressed properties. 2012 YTD Total $ Volume of Properties Sold 2013 YTD Total Number of Properties Sold Area / Type = Category $ Volume of Properties Sold % of Total Count of # Properties Sold % of Total Total All Sales $17,423,175 100% 43 Condos & Townhomes $4,080,720 23% 15 35% Single Family Homes $12,127,055 70% 16 37% Mt. Crested Butte $5,712,412 33% 18 42% Mt. CB Single Family Homes $2,825,000 16% 3 7% Crested Butte SF Homes $1,615,005 9% 3 7% Skyland Single Family Homes $0 0% 0 0% CB South Single Family Homes $310,000 2% 1 2% Land/Lots $1,215,400 7% 9 21% SF Homes Sold > $1M $6,809,000 39% 4 9%
Transcript
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.
CRESTED BUTTE REAL ESTATE MARKET REPORT 2013 YEAR TO DATE – THROUGH FEBRUARY
PREPARED BY CHRIS KOPF
1721 22
41 43
2009 2010 2011 2012 2013
$6,878,807 $7,308,669 $6,994,078
$18,469,648$17,423,175
2009 2010 2011 2012 2013
What Type and Where are Properties Selling?
Crested Butte Real Estate Market Report – Year to Date through February 28, 2013 2102 Results carry over into 2013 So how is 2013 shaping up? Pretty much on par with 2012 so far, and the results for the Crested Butte Real Estate Market for 2012 showed that the market was on solid ground. Year to date Single family homes made up 70% of the total volume of $17.4 Million, and also edged out Condos & Townhomes for the most number of transactions by type (16 vs. 15). 42% of all transactions were in Mt. Crested Butte. In the luxury market there were 4 properties sold over $1M this year vs. last year totaling nearly 40% of the total volume. There are 47 properties under contract representing $24.5M which is a jump from the beginning of January where we showed 33 properties under contract representing $16.5M. Listing inventory is holding steady at 760 Active Listings in the MLS representing just under $500M total. Interesting that there was a jump in Distressed Sales with 18 transactions (42% of total) that were either Foreclosures and Short Sales. The Active Listings show only 5% that are distressed properties.
2012 YTD Total $ Volume of Properties Sold
2013 YTD Total Number of Properties Sold
Area / Type = Category $ Volume of Properties Sold % of Total
Count of # Properties
Sold % of TotalTotal All Sales $17,423,175 100% 43Condos & Townhomes $4,080,720 23% 15 35%Single Family Homes $12,127,055 70% 16 37%Mt. Crested Butte $5,712,412 33% 18 42%Mt. CB Single Family Homes $2,825,000 16% 3 7%Crested Butte SF Homes $1,615,005 9% 3 7%Skyland Single Family Homes $0 0% 0 0%CB South Single Family Homes $310,000 2% 1 2%Land/Lots $1,215,400 7% 9 21%SF Homes Sold > $1M $6,809,000 39% 4 9%
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.
There have been 4 Single Family homes Sold for $1M or more in January and February 2013, this is compared with 4 during this same period in 2012 as well with a total of 17 sold for all of 2012. The Average Price per sq. ft. for these 4 homes sold was $374. There are currently 132 Single Family Homes For Sale that are above $1M – lots of choices.
Crested Butte Homes Sold for $1 Million + YTD in 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.
Foreclosures and Short-Sales make up large part of Sold Market YTD in 2013
• 18 out of 43 transactions YTD in 2013 were either Short Sales or Foreclosures (42%). By comparison of the total 265 transactions in 2012, 61 were either Short Sales or Foreclosures (23%)
• Of the 764 properties currently For Sale in the MLS, only 39 are either Short Sales or Foreclosures (5%).
• Of the 47 properties Under Contract, 16 or 34% are either Short Sales or Foreclosures.
Condos $ Per Sq. Ft.
$219
$203
$188
2011 2012 2013
Short Sales & Foreclosures YTD Count
YTD %
2011 16 73%2012 9 22%2013 18 42%
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.
CRESTED BUTTE REAL ESTATE MARKET REPORT 2013 YEAR TO DATE – THROUGH FEBRUARY
PREPARED BY CHRIS KOPF
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 10.8% for all property types.
Totals 2013 YTD TotalsTotal Sold by
CategoryAverage Sold
Price
Total Asking Price by Category
Average Asking Price
Total Original Price by Category
Average Original
Price
$ Difference Origial Price
vs. Sold Price
% Difference
Original Price vs.
Sold Price
$ Difference Asking
Price vs. Sold Price
% Difference
Asking Price vs.
Sold Price
Average Price Per Sq. Foot
Total All Sales $17,423,175 $405,190 $19,549,750 $454,645 $21,163,050 $492,164 $3,739,875 -17.67% $2,126,575 -10.88%Condos & Townhomes $4,080,720 $272,048 $4,460,850 $297,390 $5,742,700 $382,847 $1,661,980 -28.94% $380,130 -8.52% $188Single Family Homes $12,127,055 $757,941 $13,715,700 $857,231 $14,582,300 $911,394 $2,455,245 -16.84% $1,588,645 -11.58% $263Mt. Crested Butte $5,712,412 $317,356 $6,366,800 $353,711 $7,756,300 $430,906 $2,043,888 -26.35% $654,388 -10.28% $254Mt. CB Single Family Homes $2,825,000 $941,667 $3,094,000 $1,031,333 $3,140,000 $1,046,667 $315,000 -10.03% $269,000 -8.69% $324Crested Butte Single Family Homes $1,615,005 $538,335 $1,679,900 $559,967 $1,759,900 $586,633 $144,895 -8.23% $64,895 -3.86% $314Skyland Single Family Homes No Sales YTD CB South Single Family Homes $310,000 $310,000 $324,900 $324,900 $355,000 $355,000 $45,000 -12.68% $14,900 -4.59% $158Land/Lots $1,215,400 $135,044 $1,373,200 $152,578 $1,799,900 $199,989 $584,500 -32.47% $157,800 -11.49%SF Homes Sold > $1M $6,809,000 $1,702,250 $8,085,000 $2,021,250 $8,185,000 $2,046,250 $344,000 -17.02% $319,000 -15.78% $383Almont $105,550 $105,550 $91,000 $91,000 $116,150 $116,150 $10,600 -9.13% ($14,550) 15.99% $68
Totals 2012 YTD TotalsTotal Sold by
CategoryAverage Sold
Price
Total Asking Price by Category
Average Asking Price
Total Original Price by Category
Average Original
Price
$ Difference Origial Price
vs. Sold Price
% Difference
Original Price vs.
Sold Price
$ Difference Asking
Price vs. Sold Price
% Difference
Asking Price vs.
Sold Price
Average Price Per Sq. Foot
Total All Sales $18,469,648 $450,479 $21,386,498 $521,622 $26,496,898 $646,266 $8,027,250 -30.30% $2,916,850 -13.64%Condos & Townhomes $5,132,150 $342,143 $5,921,000 $394,733 $6,631,998 $442,133 $1,499,848 -22.62% $788,850 -13.32% $203Single Family Homes $11,074,900 $922,908 $12,570,300 $1,047,525 $15,321,800 $1,276,817 $4,246,900 -27.72% $1,495,400 -11.90% $345Mt. Crested Butte $9,076,350 $453,818 $10,795,500 $539,775 $8,735,298 $436,765 ($341,052) 3.90% $1,719,150 -15.92% $346Mt. CB Single Family Homes $4,720,000 $2,360,000 $5,613,500 $2,806,750 $7,168,000 $3,584,000 $2,448,000 -34.15% $893,500 -15.92% $489Crested Butte Single Family Homes $2,413,000 $804,333 $2,490,000 $830,000 $2,614,000 $871,333 $201,000 -7.69% $77,000 -3.09% $419Skyland Single Family Homes No Sales YTD CB South Single Family Homes $405,000 $405,000 $399,000 $399,000 $495,000 $495,000 $90,000 -18.18% ($6,000) 1.50% $207Land/Lots $2,164,700 $216,470 $2,797,300 $279,730 $3,574,700 $357,470 $1,410,000 -39.44% $632,600 -22.61%SF Homes Sold > $1M $8,080,000 $2,020,000 $9,443,500 $2,360,875 $11,735,000 $2,933,750 $913,750 -38.70% $340,875 -14.44% $469Almont $403,500 $403,500 $455,900 $455,900 $495,000 $495,000 $91,500 -18.48% $52,400 -11.49% $263
Totals 2011 YTD TotalsTotal Sold by
CategoryAverage Sold
Price
Total Asking Price by Category
Average Asking Price
Total Original Price by Category
Average Original
Price
$ Difference Origial Price
vs. Sold Price
% Difference
Original Price vs.
Sold Price
$ Difference Asking
Price vs. Sold Price
% Difference
Asking Price vs.
Sold Price
Average Price Per Sq. Foot
Total All Sales $6,994,078 $317,913 $7,323,377 $332,881 $10,117,730 $459,897 $3,123,652 -30.87% $329,299 -4.50%Condos & Townhomes $3,557,578 $296,465 $3,645,478 $303,790 $5,503,500 $458,625 $1,945,922 -35.36% $87,900 -2.41% $219Single Family Homes $3,024,000 $504,000 $3,042,399 $507,067 $4,711,900 $785,317 $1,687,900 -35.82% $18,399 -0.60% $221Mt. Crested Butte $4,565,078 $304,339 $4,652,978 $310,199 $5,702,500 $380,167 $1,137,422 -19.95% $87,900 -1.89% $233Mt. CB Single Family Homes $870,000 $870,000 $870,000 $870,000 $2,000,000 $2,000,000 $1,130,000 -56.50% $0 0.00% $255Crested Butte Single Family Homes No Sales YTD Skyland Single Family Homes $725,000 $725,000 $655,000 $655,000 $655,000 $655,000 ($70,000) 10.69% ($70,000) 10.69% $254CB South Single Family Homes $572,000 $572,000 $599,000 $599,000 $799,000 $799,000 $227,000 -28.41% $27,000 -4.51% $179Land/Lots $412,500 $137,500 $635,500 $211,833 $647,900 $215,967 $235,400 -36.33% $223,000 -35.09%SF Homes Sold > $1M No Sales YTD Almont $172,000 $172,000 $189,900 $189,900 $279,900 $279,900 $107,900 -38.55% $17,900 -9.43% $135
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.
CRESTED BUTTE REAL ESTATE MARKET REPORT 2013 YEAR TO DATE – THROUGH FEBRUARY
PREPARED BY CHRIS KOPF
!
Crested Butte is a Special Place - it is worth the trip There has been a lot of talk about the direct flights in and out of Gunnison (GUC) and the switch to Montrose (MTJ) next year. I wish there were more flights and cheaper flights via GUC but there are not. I would rather leave downtown CB and drive 30 minutes go GUC vs. 1 hour and 30 minutes to MTJ. But the reality is there is hardly an airline that is making money, the costs to subsidize the flights have gone up, the number of seats has gone down, the load factor % have stayed the same, resulting in fewer butts in seats at higher fares. Something has to change. Perhaps more flights in and out of MTJ will result in cheaper flights and more people. There is a long list of ski areas that require a 90+ minute drive from an airport (all of the I-70 corridor Summit County Ski Areas do). When the lifts stop running here we take a Spring Break family vacation to the Caribbean - it takes a full day of travel with a lay-over in Miami, but it is worth the trip. Crested Butte is a Special Place – like no other, Winter and Summer. And I often hear people say just that. It is worth the trip. 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,
Active Listings
Properties Under Contract
Totals All Current ListingsTotal Current
Listing Price by Category
Average Listing Price
Count of # Properties on the Market
Total All Properties Active Listings $493,658,360 $646,150 764Condos & Townhomes $82,431,678 $347,813 237Single Family Homes $245,895,400 $1,176,533 209Mt. Crested Butte $163,192,124 $568,614 287Mt. CB Single Family Homes $63,258,700 $1,171,457 54Crested Butte Single Family Homes $54,420,000 $1,088,400 50Skyland Single Family Homes $18,101,000 $1,508,417 12CB South Single Family Homes $5,779,900 $481,658 12Land/Lots $165,331,282 $519,910 318SF Homes Sold > $1M $258,403,400 $1,957,602 132Almont $40,384,300 $734,260 5535 Acre SF Homes $40,194,900 $2,233,050 18
Totals All Properties Under Contract
Total Current
Listing Price by Category
Average Listing Price
Count of # Properties
Under Contract
Total All Properties Under Contract $24,550,953 $522,361 47Condos & Townhomes $7,509,353 $300,374 25Single Family Homes $15,238,300 $896,371 17Mt. Crested Butte $5,448,900 $302,717 18Mt. CB Single Family Homes $1,872,500 $624,167 3Crested Butte Single Family Homes $4,822,000 $1,205,500 4Skyland Single Family Homes $2,845,000 $1,422,500 2CB South Single Family Homes None 0Land/Lots $1,803,300 $360,660 5SF Homes Sold > $1M $8,638,000 $1,439,667 6Almont None 035 Acre SF Homes $774,900 $774,900 1
Under Contract and On the Market As you can see from the tables below – there is a healthy funnel of business under contract – nearly $25 Million represented by 47 transactions. With 764 properties representing nearly $500 Million For Sale – there is approximately 3 – 5 years of inventory currently in the market (2012 saw $101 Million in Volume, and 265 transactions).
