Crested Butte Real Estate Market Report – YTD through July 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 JULY

PREPARED BY CHRIS KOPF

YTD SOLDPROPERTIES

2013 2014 2015 2013 2014 2015

CONDO & TOWN HOME MEDIAN SALES PRICE

YTD TOTALVOLUME

TOTAL $ VOLUME SOLD YTD YearTotal # Luxury

Homes Sold

$ Volume Luxury

Homes Sold

Avg. Price Per Sq. Ft

YTD 2011 6 $10,323,500 $378YTD 2012 6 $12,200,000 $378YTD 2013 11 $19,153,000 $417YTD 2014 7 $9,822,050 $396YTD 2015 15 $22,322,000 $395




PREPARED BY CHRIS KOPF Crested Butte Real Estate Market Report –

Year to Date through July 31, 2015 Crested Butte Tourism and Real Estate Market Buzzing The Crested Butte area has been buzzing since early July with restaurants filled nightly and sales tax receipts for June reporting 15-20% increase over 2014. Statistics shows that with a growing economy and an increase in visitors the Crested Butte real estate market is also very active. As the charts and numbers show the Year to Date (YTD) results in the Crested Butte Real Estate market are up year over year, and similar to the same period in 2013. Comparing the YTD results in 2015 we see that Total Number of Properties Sold is up 26% over last year (5.2% over 2013), Total Volume is up 31% (4.7% over 2013). The majority of the single family homes under $750,000 have sold, there are 34 remaining between $340,000 and $750,000 with 11 Under Contract (32%). Of the 23 remaining there are a number of projects, 5 in Almont, 6 in CB South, and a handful of nice homes that are good value. Of note there are many very nice townhomes or condos in this price range. There have been 18 luxury single family homes sold YTD (over $1 Million). This is probably the most competitive space with 94 homes currently for sale. Of these there are 10 above $3M, 18 between $2M and $3M, and 66 between $1M and $2M. Average Days on Market for these homes is 280.

YTD Total $ Volume of Properties Sold

YTD Total Number of Properties Sold





Crested Butte Luxury Real Estate Market Homes Sold for $1 Million + Year to Date - There have been 18 Single Family homes, one West Wall condo and one high-end parcel Sold at Wilder on the Taylor for $1M or more YTD 2015. This is similar to the activity in 2013 and more than double the this same period in 2014. There are 5 additional single family homes Under Contract over $1M. The average sold price for these homes was $1.660M, median price of $1.325M, and Average Price per sq. ft. was $456 (well below replacement cost).

Luxury Properties For Sale in the Crested Butte Area There are a total of 94 Single Family Homes Listed for over $1M for a total Volume of $180M. There are 31 luxury home listings on Mt. Crested Butte, 17 in downtown Crested Butte, 9 in Skyland and 18 in surrounding 35 acre developments.

YearTotal # Luxury

Homes Sold

$ Volume Luxury

Homes Sold

Avg. Price Per Sq. Ft

YTD 2011 11 $17,200,000 $543YTD 2012 6 $12,200,000 $427YTD 2013 15 $25,588,000 $417YTD 2014 8 $11,172,050 $406YTD 2015 18 $29,847,000 $456

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 $32,622,000 $1,631,100 $35,818,000 $1,790,900 37,333,900 $1,866,695 -12.62% -8.92% 20Condos & 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 $29,847,000 $1,658,167 $32,919,000 $1,828,833 34,434,900 $1,913,050 -13.32% -9.33% $456 18Mt. 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 $5,150,000 $1,287,500 $5,515,000 $1,378,750 5,709,900 $1,427,475 -9.81% -6.62% $556 4Skyland 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





Averages(for(Single(Family(Homes((&(Condo(prices(Starting(to(Rise(

Single Family (SF) homes – Comparing YTD 2015 results to prior years we see that the price per sq. ft. for Single Family homes has risen about 14% from $293 to $342 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 the highest prices per sq. ft. at $433, Mt. Crested Butte $293, and CB South $218 averages per sq. ft. As mentioned the luxury homes above $1M have an average price per sq. ft. of $456. Condos and Townhomes The Average Price per sq. ft. for Condos and Townhomes was $229 compared to $236 for the same period in 2014.

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 (70), with Single Family homes making up the second largest count (57). As the table shows the Luxury Single Family Homes Sold over $1M represents 36% of the dollar volume in our market, and Land or Lots represents only 15% of the Volume and 34% of the total transactions sold YTD.

How Long Does it Take a Property to Sell?

Single Family Home " Average Price Per Sq. Ft.

Reminder about price per sq. ft. – 1) It is an interesting metric to compare “similar” homes, but it is impacted by the mix of what is sold. 2) The more transactions - the better the data. 3) A small home on a highly desirable piece of land will skew the numbers and show a very high price per sq. ft. not representative of the value compared with other homes on “less valuable land”.

Condo/Townhome" Average Price Per Sq. Ft.

2015 YTD - Category $ Volume of Properties Sold

% of TotalCount of # Properties

Sold% of Total

Total All Sales $82,277,361 192Condos & Townhomes $19,017,661 23% 70 36%Single Family Homes $50,888,000 62% 57 30%Mt. Crested Butte $19,274,000 23% 55 29%Mt. CB Single Family Homes $5,698,000 7% 8 4%Crested Butte Single Family Homes $13,040,000 16% 16 8%Skyland Single Family Homes $4,010,000 5% 3 2%CB South Single Family Homes $6,607,500 8% 14 7%Almont $2,635,000 3% 3 2%Land/Lots $12,371,700 15% 65 34%SF Homes Sold > $1M $29,847,000 36% 18 9%

DAYS ON MARKET

COMPARISON

SOLD PROPERTIES YTD AVERAGE

DAYS ON MARKET (DOM)

FOR SALE PROPERTIES

YTD AVERAGE DAYS ON

MARKET (DOM)YTD 2012 415 531YTD 2013 292 432YTD 2014 306 410YTD 2015 303 400




PREPARED BY CHRIS KOPF Trends show Prices for Single Family Homes and

Condos & Townhomes rise Single Family (SF) homes – Comparing Year to Date (YTD) results from 2015 to prior years we see that the Median Price for Single Family homes has risen consistently, and from $590,950 in 2014 to $635,000 YTD 2015. Average SF Home price has risen slightly from $720,00 to $892,000. This is a result of the sample set – and the mix of homes in the Crested Butte area varies given the location, the age, and the quality of the home. The Crested Butte market is unique with new construction next to a home that was built over 100 years ago. This is a great reason to reach out to a quality Crested Butte Real Estate Agent for help understanding the values in the market and specific properties.

Condos & Townhomes –The Median Price for Condos and Townhomes has risen slightly to $188,750 when compared to the same period in 2014 ($170,000) but is similar to 2013 at $187,500. The Average Price YTD in 2015 is $233,700 compared with $234,300 in the 2014. Crested Butte Land Sold While inventories have been dropping for finished homes – the activity in the Land/Lots category has continued to be a hot segment of the market – the transactions have nearly tripled from 2014. As the table shows there have been 65 parcels Sold YTD compared with 26 in 2014, and 35 in 2013 for the same period. Only 11 parcels sold over $300,000 and 50 of the parcels sold were under $200,000 and 39 below $100,000. Perhaps with so many home for sale in $1M - $2M range – and the lack of inventory of homes below $750,000 this is have an impact on the land sales.

Condo Median Sales Price

Single Family Home" Median Sales Price

Condo Average Sales Price

Single Family Home" Average Sales Price

Land Sold YTD "and Comparing Previous Years

Land / Lots Sold Count % of Total2010 12 14%2011 17 13%2012 34 23%2013 35 18%2014 26 11%2015 65 26%





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 7.31% for all property types.

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 $82,277,361 428,528 $88,768,889 462,338 92,116,200 479,772 -10.68% -7.31% 192Condos & Townhomes $19,017,661 271,681 $19,967,389 285,248 20,438,900 291,984 -6.95% -4.76% $229 70Single Family Homes $50,888,000 892,772 $54,959,300 964,198 57,014,700 1,000,258 -10.75% -7.41% $342 57Mt. Crested Butte $19,274,000 350,436 $20,856,489 379,209 20,988,900 381,616 -8.17% -7.59% 55Mt. CB Single Family Homes $5,698,000 712,250 $5,989,500 748,688 6,363,000 795,375 -10.45% -4.87% $293 8Crested Butte Single Family Homes $13,040,000 815,000 $13,871,000 866,938 14,160,900 885,056 -7.92% -5.99% $433 16Skyland 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 $6,607,500 471,964 $6,921,900 494,421 7,031,900 502,279 -6.04% -4.54% $218 14Almont $2,635,000 878,333 $2,739,000 913,000 2,445,000 815,000 7.77% -3.80% 3Land/Lots $12,371,700 190,334 $13,842,200 212,957 13,579,600 208,917 -8.89% -10.62% 65SF Homes Sold > $1M $29,847,000 1,658,167 $32,919,000 1,828,833 34,434,900 1,913,050 -13.32% -9.33% $456 18


Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $56,047,625 397,501 $61,327,599 434,948 64,394,125 456,696 -12.96% -8.61% 141Condos & Townhomes $21,023,975 280,320 $22,483,749 299,783 23,368,000 311,573 -10.03% -6.49% $236 75Single Family Homes $28,799,650 719,991 $31,086,850 777,171 32,571,150 814,279 -11.58% -7.36% $293 40Mt. Crested Butte $23,033,689 329,053 $24,823,799 354,626 26,222,525 374,608 -12.16% -7.21% 70Mt. CB Single Family Homes $8,354,300 642,638 $9,031,950 694,765 9,591,750 737,827 -12.90% -7.50% $247 13Crested 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% $431 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 $3,260,800 407,600 $3,419,500 427,438 3,473,500 434,188 -6.12% -4.64% $191 8Almont $3,406,500 567,750 $4,794,000 799,000 4,228,000 704,667 -19.43% -28.94% 6Land/Lots $6,224,000 239,385 $7,757,000 298,346 7,488,650 288,025 -16.89% -19.76% 26SF Homes Sold > $1M $11,172,050 1,396,506 $12,054,000 1,506,750 12,704,000 1,588,000 -12.06% -7.32% $406 8


Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $78,409,210 $430,820 $85,752,420 $471,167 $94,159,300 $517,359 -16.73% -8.56% 182Condos & Townhomes $21,272,019 $269,266 $23,062,353 $291,929 $28,352,400 $358,891 -24.97% -7.76% $202 79Single Family Homes $51,268,455 $753,948 $55,929,000 $822,485 $61,448,000 $903,647 -16.57% -8.33% $274 68Mt. Crested Butte $28,523,411 $425,723 $31,462,650 $469,592 $32,059,850 $478,505 -11.03% -9.34% 67Mt. CB Single Family Homes $14,215,000 $1,184,583 $15,823,900 $1,318,658 $18,065,400 $1,505,450 -21.31% -10.17% $321 12Crested Butte Single Family Homes $9,476,005 $861,455 $9,930,900 $902,809 $10,600,400 $963,673 -10.61% -4.58% $412 11Skyland 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 $3,507,900 $389,767 $3,614,700 $401,633 $3,714,800 $412,756 -5.57% -2.95% $178 9Almont $860,550 $215,138 $880,400 $220,100 $1,867,900 $466,975 -53.93% -2.25% 4Land/Lots $5,868,736 $167,678 $6,761,067 $193,173 $8,839,900 $252,569 -33.61% -13.20% 35SF 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 Activity – This has been an unusual summer of weather – lots of rain has not deterred the visitors and real estate activity. Many have said the wild flowers and mushrooms have never been better, and all are hopeful of an indian summer to stretch out the beauty of this time of year before snow starts falling in late October. There are still 8-10 weeks of great the summer/fall weather and selling season with many family vacations resulting in couples returning for the autumn colors with a focus to look at real estate. Mt. Crested Butte large parcels of land for sale – Of note CBMR has listed a number of their developable properties including the North Village (Promontory Ranch) reduced to $9.2M, the 50 home sites on approximately 20-acres near the top of the Gold Link, Painter Boy and Prospect ski lifts $8.9M. Interesting...

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 At the end of June 2015 there were 62 properties Under Contract (compared with 54 last month) representing a total volume of $33.5M. Of the 54 properties Under Contract 27 are Condos/Townhomes, 27 are Single Family homes and 8 are lots. Active Listings There are 717 properties for sale – this compares with 665 properties For Sale last month. Total volume of property for sale is $505M.

All Properties Under Contract

Total Under Contract by Asking Price

Average Under

Contract by Asking Price


Under Contract

Total All Properties Under Contract $33,560,699 $541,302 62Condos & Townhomes $7,979,199 $295,526 27Single Family Homes $24,555,100 $909,448 27Mt. Crested Butte $13,505,299 $519,435 26Mt. CB Single Family Homes $7,752,000 $969,000 8Crested Butte Single Family Homes $2,569,000 $856,333 3Skyland Single Family Homes $989,000 $989,000 1CB South Single Family Homes $1,094,500 $547,250 2Land/Lots $1,026,400 $128,300 8SF Homes > $1M $10,095,000 $2,019,000 5Almont $1,274,000 335 Acre SF Homes $2,595,000 $1,297,500 2

All Current ListingsTotal Current Listing Price by Category

Average Listing Price

Count of # Properties on

the MarketTotal All Sales $505,480,017 $704,993 717Condos & Townhomes $76,746,700 $372,557 206Single Family Homes $241,020,249 $1,339,001 180Mt. Crested Butte $188,781,699 $717,801 263Mt. CB Single Family Homes $82,686,250 $1,531,227 54Crested Butte Single Family Homes $31,428,600 $1,257,144 25Skyland Single Family Homes $14,992,999 $1,249,417 12CB South Single Family Homes $7,529,400 $684,491 11Almont $15,375,950 $313,795 49Land/Lots $187,713,068 $567,109 331SF Homes > $1M $180,932,849 $1,924,818 9435 Acre SF Homes $45,195,000 $1,807,800 25