Labor Day Real Estate Market Report

Greetings from Crested Butte Colorado,

This summer’s real estate market in Crested Butte took a different turn compared to last year. Heading into this year’s summer selling season, luxury home sellers had every right to be excited about the potential for a repeat performance of 2011. While last summer will be remembered for million dollar plus luxury home buying, this summer’s story is a tale of a fickle buyer’s market place and a market wide focus on sub-$1 million properties.Luxury Home Market Cools – Less Sales, Lower Average Sold Prices

This summer, buyers strayed from high priced luxury properties and focused on homes offering better price opportunities in the lower segments of our market.

During the first 8 months of 2011, 50 single family homes sold, reaching $37 million in volume. 15 of these sales were homes that closed at or above $1 million. These 15 sales averaged $541/per square foot and sold, on average, at a $200,000 discount off original list price.By comparison, year-to-date in 2012, we’ve sold a total of 58 single family homes. But, only 7 of these homes have sold at or above the $1 million price point. These 7 sales averaged $434/per square foot and on average sold at a $300,000 discount from original list price. Interestingly, we’ve matched 2011 year-to-date sales volume again: $37 million so far in 2012.

Demand and Average Sold Prices for Mid-Market Properties Rise Significantly

During the first 8 months of 2011, only 16 homes sold in the $400,000 to $999,000 price range. Homes that sold in this category averaged $553,000 per transaction and the average sold price per square foot was $220.

By comparison, during the first 8 months of 2012, 27 homes priced in the $400,000 to $999,000 category have sold. The average sold price went up significantly to $626,000 and the average sold price per foot also rose dramatically, to $262. 13 of these sold properties are located in Mt. Crested Butte and 9 are located in the Town of Crested Butte.

Crested Butte Sales Tax in June Spikes – Summer Economy Bigger than Winter?

The Crested Butte News reported recently that Town of Crested Butte sales tax revenues enjoyed a big spike in June. Tax revenues were up an incredible 10 percent over 2011 for the month. And, year to date, Crested Butte sales tax is up 4 percent over 2011.

Spotlight: Energy Smart Program and the Office for Resource Efficiency

Crested Butte’s Office for Resource Efficiency’s (ORE) mission is to facilitate resource savings through energy services and education programs that empower the Gunnison Valley to lower utility costs, develop renewable energy sources, decrease carbon emissions, and build a more sustainable self-sufficient economy. A big part of their mission is the facilitation of the Energy Smart Colorado program.

Read a Crested Butte News article about a recent Energy Smart upgrade to a bed and breakfast building: Builders, and buildings, reborn through ORE program

The Office for Resource Efficiency offers free home energy assessments here in the Gunnison Valley. Visit their website to learn more and to watch a video: Website

Thanks for reading today!

Channing Boucher
Broker Associate
Benson Sotheby’s International Realty

Contact Channing at 970-596-3228 or via his website.

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