Market Updates

A question many realtors are frequently asked is, “How is the real estate market doing?”

Most realtors would love to say that real estate is doing “awesome,” and many may be tempted to report just that. Some may declare that it is a “Buyers” market or a “Sellers” market. Or, it may be said that the market has not met previous forecasts, however What do the statistics say about what is happening in Crested Butte real estate?

What are some of the facts? Let’s take a look at some of the different sectors of the Crested Butte real estate market to see how each is doing.

Single Family Homes

Mt. Crested Butte

Single-family home sales in Mt. Crested Butte have risen fairly well over the last few years. Average “sold” prices have gone up steadily as seen below:

2000, 4 homes sold, $437,250
2001, 10 homes sold, $454,590
2002, 17 homes sold, $648,522
2003, 15 homes sold, $695,389
2004, 26 homes sold, $709,769
2005, 28 homes sold, $819,446
2006, 11 homes sold, $1,078,846
2007, 11 homes sold, $1,088,409
2008, 13 homes sold, $1,515,096
2009, 13 homes sold, $1,212,108
2010 (first 4 months) 2 homes, $319,950

Currently, the average asking price for the 57 active single-family homes in Mt. Crested Butte is $1,610,552. Prices range from $309,000 to $5,900,000.

Town of Crested Butte

In the town of Crested Butte the average sold price of a single-family home has varied widely:

2000, 20 homes sold, $427,496
2001, 13 homes sold, $579,288
2002, 9 homes sold, $423,778
2003, 23 homes sold, $424,095
2004, 29 homes sold, $675,833
2005, 26 homes sold, $951,467
2006, 25 homes sold, $937,323
2007, 9 homes sold, $942,666
2008, 12 homes sold, $1,037,750
2009, 19 homes sold, $820,368
2010, (first 4 months), 5 homes sold, $790,800

Currently, in the town of Crested Butte, there are 44 active single-family listings, ranging in price from $165,000 to $2,700,000. These homes have an average asking price of $1,145,032.

Skyland/Country Club area

Although condos/townhomes have been a more popular product in the Skyland/Country Club area, many high-end luxury homes are currently being built here. Three homes sold in 2004, for an average price of $1,280,833. In 2005, 10 homes sold averaging $1,302,750. In 2006, 10 homes sold averaging $1,541,400. In 2007, 3 homes have sold for an average of $1,683,333. No single family homes sold in 2008. Two homes sold in the first 10 months of 2009 averaging $2,043,500. There are presently 18 single-family homes for sale in the Skyland/Country Club area with an average asking price of $1,839,000. Prices range from $545,000 to $7,900,000.

Crested Butte South

Average sold single-family home prices in CB South have experienced the following:

2000, $293,167
2001, $373,181
2002, $325,053
2003, 18 homes sold, $336,611
2004, 23 homes sold, $355,826
2005, 30 homes sold, $477,697
2006, 21 homes sold, $533,714
2007, 16 homes sold, $518,906
2008, 8 homes sold, $503,125
2009, 9 homes sold, $450,500
2010 (first 4 months), 1 home sold for $542,431

There are currently 36 single-family homes for sale in CB South ranging from $225,900 to $825,000, now averaging $506,508.

Condominiums/Townhomes

Mt. Crested Butte

Here’s a look at what’s happening with Mt. Crested Butte condos:

2000, 37 condos sold, total sales $5,652,650
2001, 70 condos sold, total sales $16,599,975
2002, 59 condos sold, total sales $15,516,691
2003, 65 condos sold, total sales $15,417,900, averaging $237,198/condo
2004, 193 condos sold, total sales $50,000,000, averaging $260,852/condo
2005, 140 condos sold, total sales $51,016,935, averaging $364,407/condo
2006, 47 condos sold, total sales $22,251,326, averaging $473,432/condo
2007, 118 condos sold, total sales $81,484,239, averaging $690,544/condo
2008, 35 condos sold, total sales $16,873,400, averaging $482,097
2009, 54 condos sold, averaging $353,558
2010 (first 4 months), 21 condos sold, averaging $384,862

Currently there are 225 condo/townhome units for sale in the MLS system in Mt. Crested Butte, ranging in price from $80,000 to $2,525,000. The average asking price for a mountain condo is currently $474,071.

Town of Crested Butte

The condo/townhome market in the town of Crested Butte has witnessed the following growth statistics over the last few years:

2000, 22 condos sold, $237,764
2001, 6 condos sold, $232,750
2002, 11 condos sold, $237,773
2003, 14 condos sold, $244,107
2004, 25 condos sold, $297,296
2005, 23 condos sold, $402,826
2006, 11 condos sold, $518,444
2007, 4 condos sold, $503,613
2008, 7 condos sold, $521,714
2009, 12 condos sold, $358,283
2010, (first 4 months) 2 condos have sold for an average of $160,200

There are presently 25 condos/townhomes for sale in town ranging from $168,000 to $1,100,000 (average asking price is $503,836).

Skyland/Country Club area

The condo/townhome market at the Skyland/Country Club area has witnessed the following sales figures:

2000, 17 condos sold, $358,529
2001, 17 condos sold, $441,852
2002, 9 condos sold, $486,111
2003, 20 condos sold, $295,439
2004, 21 condos sold, $375,233
2005, 20 condos sold, $312,585
2006, 12 condos sold, $732,075
2007, 10 condos sold, $704,250
2008, 7 condos sold, $800,625
2009, 5 condos sold, $307,500
2010 (first 4 months), 2 condos sold, $125,000

There are currently 25 condos/townhomes for sale in the Country Club area ranging from $95,000 to $1,275,000, averaging $476,128.

Crested Butte South

There are a few condo/townhomes in CB South. Sales statistics here show the following in recent years:

2000, 7 condos sold, $139,700
2001, 8 condos sold, $198,188
2002, 7 condos sold, $152,000
2003, 7 condos sold, $198,614
2004, 37 condos sold, $193,588
2005, 23 condos sold, $270,346
2006, 19 condos sold, $565,000
2007, 10 condos sold, $316,610
2008, 9 condos sold, $334,720
2009, 7 condos sold, $302,285
2010, (first 4 months) 2 condos have sold for an average of $214,500

Presently, there are 23 condos/townhomes for sale in CB South ranging in price from $138,000 to $485,000, with an average asking price of $287,867.

Vacant Lots (up to 5 acres)

Mt. Crested Butte

Vacant land sales in the Mt. Crested Butte area have seen the following activity:

2000, $190,000
2001, $200,000
2002, $177,250
2003, 23 lots sold, $231,565
2004, 45 lots sold, $292,661
2005, 31 lots sold, $473,448
2006, 18 lots sold, $738,547
2007, 11 lots sold, $840,455
2008, 3 lots sold, $691,667
2009, 2 lots sold, $602,500
2010 (first 4 months), 1 lot sold for $178,000

There are currently 71 active land listings for sale in Mt. Crested Butte, ranging in price from $185,000 to $1,495,000, with an average asking price of $700,039.

Town of Crested Butte

Residential lot sales in the town of Crested Butte have done the following:

2000, 12 lots sold
2001, 6 lots sold
2002, 1 lot sold
2003, 9 lots sold
2004, 12 lots sold, $375,910
2005, 18 lots sold, $554,528
2006, 12 lots sold, $475,329
2007, 5 lots sold, $736,750
2008, 5 lots sold, $678,750
2009, 3 lots sold, $418,333
2010 (first 4 months), 1 lot sold for $299,000

There are now 20 vacant town lots for sale with an average asking price of $629,188 (ranging from $289,000 to $950,000).

Skyland/Country Club area

The Skyland area has seen the following land sales activity over the years:

2000, 45 homesites sold, $160,451 (the majority of these parcels were located at the Back Nine (phase I) and Riverside at the Club)
2001, 15 homesites sold, $219,600
2002, 17 homesites sold, $88,162 (6 of these were local’s affordable housing lots)
2003, 9 homesites sold, $199,111
2004, 42 homesites sold, $197,086
2005, 44 homesites sold, $333,739
2006, 15 homesites sold, $396,217
2007, 7 homesites sold, $391,357
2008, 4 homesites sold, $320,000
2009, 5 homesites sold, $258,833
2010 (first 4 months), 1 homesite sold for $325,000

As of May 2010, there were 33 active homesite listings in the Skyland/Country Club area with an average asking price of $411,767. Prices range from $105,000 to $1,600,000.

Crested Butte South

Residential vacant land prices in CB South shot up tremendously in 2005, but have been dropping most recently. Here are the statistics for this area:

2000, 37 lots sold, $62,169
2001, 20 lots sold, $60,408
2002, 17 lots sold, $76,376
2003, 23 lots sold, $67,235
2004, 70 lots sold, $80,039
2005, 49 lots sold, $174,003
2006, 18 lots sold, $196,711
2007, 11 lots sold, $172,667
2008, 7 lots sold, $143,143
2009, 6 lots sold, $71,000
2010 (first 4 months), 1 lot sold for $100,000

There are currently 39 residential lots for sale in CB South averaging $121,156 per lot. Prices range from $47,500 to $259,000.

Ranches/11+acre sites

Ranches and tracts of land between 11 to 45 acres in the Crested Butte area (Crested Butte area = Rural Crested Butte, Crested Butte South, Town of Crested Butte, Mt. Crested Butte and Rural Mt. Crested Butte) have seen a good amount of interest. Statistics show the following in this market:

2000, 10 parcels sold, $352,700
2001, 7 parcels sold, $313,000
2002, 3 parcels sold, $371,667
2003, 11 parcels sold, $428,955
2004, 35 parcels sold, $380,003
2005, 35 parcels sold, $911,943
2006, 10 parcels sold, $971,700
2007, 11 parcels sold, $1,250,591
2008, 7 parcels sold, $1,019,286
2009, 4 parcels sold, $1,410,000
2010 (first 4 months), 0 parcels sold

Currently there are 59 listings of ranches/11+acre sites in the CB area, ranging in size from 11 to 45 acres. These parcels are now averaging $1,138,127 per homesite.

Overall picture

Overall, real estate sales in all categories (residential, vacant land, ranchland and commercial) have resulted in the following numbers in the Crested Butte area:

2000, 414 listings sold, total sales dollars $90,723,414
2001, 246 listings sold, total sales dollars $65,546,541
2002, 240 listings sold, total sales dollars $64,932,448
2003, 311 listings sold, total sales dollars $93,986,592
2004, 723 listings sold, total sales dollars $212,509,165
2005, 627 listings sold, total sales dollars $309,479,724
2006, 294 listings sold, total sales dollars $204,764,749
2007, 283 listings sold, total sales dollars $195,843,989
2008, 155 listings sold, total sales dollars $109,126,355
2009, 160 listings sold, total sales dollars $84,438,857
2010 (first 4 months), 47 listings sold, total sales dollars $18,813,762

The Crested Butte Master Vision for real estate

For an excellent overview of past, present and future real estate developments in the Crested Butte area, check out www.cbmastervision.com. This interactive site provides some great maps, and details what Crested Butte’s master vision is for real estate. Below is an excerpt from this Master Vision site:

“The Master Vision is meant to show the big picture improvements that have already happened and those that are on the way. Since buying the ski area in 2004, Tim and Diane Mueller and other area developers have invested $315 million in amenities on and off the mountain. As you explore the Master Vision, you will notice that what has happened recently is just the beginning with another $2.2 billion of resources being poured into every element of our future.

We are planning and building today with the future and the past firmly in mind. Within the ski resort itself, each element has been master-planned. This master planning has been undertaken in order to ensure that the location of buildings, amenities and open spaces all work in harmony together.

Our collective goal is to evolve in a responsible manner that answers the needs of our growing community and visitors while respecting our fantastic native environment. While the experience is being upgraded, we are deeply committed to growing in a way that protects what matters most to those who love this area from the wide-open views, to the colorful small town atmosphere.

Consider the special nature of Crested Butte–its unique wilderness setting, its deep history and amazing collection of people. Account for the fact that millions of people over the next 10 years will be buying homes in destination resorts. Look at the commitment of the community, local government, Crested Butte Mountain Resort, area businesses, developers and non-profits in the valley. Add it all together and your opportunity to live in this enchanting place knocks here and now.”

Note: The above figures and data were taken from Gunnison Country Association of Realtors’ MLS system.

by Doug Duryea