Steady Interest in Crested Butte Real Estate Results in Significant Rise in Transactions and Volume for 2011
A 34% increase in total transactions over 2010 (272 vs. 180) is a clear signal that buyer demand is strong for Crested Butte Real Estate. As well overall Sales Volume climbed to $104 million, and it is the first time since 2008 that it topped the $100 million mark.
The majority of the properties sold were Condos/Townhomes (110) and Single Family Homes (93) and because the majority of the Condo/Townhomes are in Mt. Crested Butte, this area had the most sales (116). Single Family homes made up the lion share of the transaction dollar volume ($69.4M or 67%), which was buoyed by the $1M+ Single Family home category ($41.6M or 40% of the total dollar volume). (If you would like to see the full report and all the details go to www.chriskopf.com)
Interesting as well that 65% of all the transactions were Cash sales (177), perhaps due to the fact that it can be both difficult and onerous to obtain financing for many buyers. As well, with many sellers eager to sell, “Cash is King” and can simplify the transaction and shorten the time to close.
Homes Sold for $1 Million + in 2011
There have been 24 Single Family homes Sold for $1M or more in 2011, a 38% increase over 2010. Below is the detailed breakdown of these transactions, as well the pie chart shows the distribution. Of the 10 homes sold for over $1M in downtown Crested Butte, 5 of them were in the Kapushion Subdivision on the North Side of downtown. This subdivision borders open space with coveted views facing Paradise Divide. As you can also see from the chart comparing previous years this represents significantly more high dollar homes sold than the past two years.
Overall Prices Still Show Decline
Asking Prices and Selling Prices continue to decline as Sellers come down to meet the Market created by the large number distressed property sales (44%). Price per square foot for condos and townhomes averaged $185 per sq. foot, while Single Family homes averaged $292 per sq. foot. There were a few high-end sales of homes that skewed the numbers a bit, taking out some of these transactions and looking at the remainder of the Single Family Home sales we see the average in the $285 per sq. foot range. The decline in the Condo/Townhome numbers was also representative of a higher number of distressed properties in this category which drove down the price points.
Foreclosures and Short-Sales Continue to play a Big Role
• Of the total 272 transactions in 2011, 120 were either Short Sales or Foreclosures (44%) (This volume nearly tripled compared to 2010).
• Of the 760 properties currently For Sale in the MLS, 44 are either Short Sales or Foreclosures (6%).
• Of the 405 Single Family Homes and Condos currently For Sale in the MLS, 32 are either Short Sales or Foreclosures (8%).
The detail in the full report shows 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 (11.2% for all property types).
Crested Butte Trend… There is an increase in visitors and second homeowners spending more time in the area in the Summer. With plenty of activities and events for the kids, many families are here to escape the heat (especially in 2011), enjoy the hiking, biking, rafting, fly fishing, wildflowers, the fun Crested Butte 4th of July parade & fireworks, the Arts Fest weekend, free Alpenglow concerts every Monday and Wednesday, performances at the Center for the Arts, and the many other events that populate the summer calendar.
The USA Pro Cycling Challenge is back again in 2012 and is a very cool event. This race provides broad media exposure for our beautiful valley with a sprint through historic downtown Crested Butte on Elk Avenue, and an a picturesque uphill finish in Mt. Crested Butte. Gunnison sees the riders come through town, and host a Stage start the next day.
Many visitors first came to Crested Butte for the skiing in the Winter, but when they came back in the Summer they were hooked. This is a great place to create lasting memories with family and friends.
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 the Full Report and featured properties or search the MLS – visit www.chriskopf.com. Contact me at: (970) 209-5405, or chriskopf@bighornrealty.com
Thanks,
Chris Kopf
Broker Associate
Coldwell Banker Bighorn Realty
chriskopf@bighornrealty.com
(970) 209-5405
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