Crested Butte Real Estate Report - January 2011 - October 31, 2011

Significant Rise in Number of Transactions and Total Volume While Price per Sq. Foot Continues to Slide.

There continues to be an steady increase in activity in the Crested Butte Area Real Estate Market – The total number of Transactions is steady at 35% over the same period in 2010 and Total Market Volume also continues to rise, up 25%.   If this trend continues, and it appears it will ($17M in properties under contract) the totals for the year should surpass total volume in 2008 at well over the $100M mark.

Price per Square Foot still Lower than the Same period Previous Years  It is still a Buyers Market as prices continue to fall.  Classic Supply and Demand – the Crested Butte Market is finding Buyers who want to Buy, have Cash, are being rewarded with many choices in quality properties, and are getting great value for their dollar.  The transaction data shows that average price per square foot is down 6.5% from this period last year on Single Family homes ($281 per sq. ft.) and a whopping 36% on Condos ($189 per sq. ft.).

 21 Homes Sold => $1 Million YTD 2011  There have been 21 homes Sold for $1M or more this year – a 43% increase over 2010.  In the full report there is a detailed breakdown of these transactions, as well the pie chart shows the distribution (other homes were in outlying areas)

Foreclosures and Short-Sales Continue to play a Big Role  Of the 223 transactions YTD there were 103 that were either Short Sales or Foreclosures representing 46% of all the transactions. Comparing this to 2010 we see that this volume more has more than tripled. Of the 485 Active Listings in the MLS System for SF Homes and Condos, 43 are either Short Sales or Foreclosures (9%).  These represent a small percentage of the overall inventory, but they are attracting many active buyers.
Click link to see the full 5 page Crested Butte Real Estate Report for the YTD Results January 1, 2011 through October 31, 2011.

How can I help you?  This 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 property is worth, or want me to represent you as a Buyer - I would appreciate the opportunity to earn your business (or a friend you think I could help).


If you are a Buyer – this continues to be a very good market with lots of choices and great values.  Fall is an exceptionally good time to revisit the properties you had an interest in – many Sellers would welcome a bona fide offer now.  Ski Season will be starting in less that one month – and with that we will continue to see new visitors and Buyers exposed to Crested Butte throughout the Winter months.
Send me an email to subscribe to automatically receive these reports at chriskopf@bighornrealty.com
To see featured properties or search the MLS – visit www.chriskopf.com.  You can always reach me at: (970) 209-5405 or chriskopf@bighornrealty.com

Thanks,
Chris Kopf
Broker Associate
Coldwell Banker Bighorn Realty
Crested Butte, CO
(970) 209-5405