Market Report - 2008

Overview
Real Estate sales in 2008 saw a significant decline in the Crested Butte market compared to 2007, with gross dollar volume down from $196 million in 2007 to $109 million in 2008, a decrease of $87 million, or 45%. The number of closed sales transactions in 2007 was 283, while 2008 dropped to 154, a decline of 129 transactions, or 46%. Declines were seen in all categories including residential, vacant land and commercial properties, and in nearly all locations.

The good news is that I feel the market has finally stabilized here, and that the market has bottomed out. Sellers who need to sell are motivated, and buyers who are looking for great deals are finding them. For example, I sold a 3500 square foot 4 bedroom home in Glacier Lily Estates in December for only $807,500. I sold a new 3400 square foot 3 bedroom home located in Mt. Crested Butte in September for $820,000. That's only $230 -$240 a square foot for quality homes. A new 2400 square foot home in Crested Butte South just sold for $450,000, for $190 per foot! If you're a buyer and looking to hold a property in Crested Butte for more than 1 year, now is the time to buy.

Town of Crested Butte
Residential Sales in the Town of Crested Butte were actually up over 2007, the major bright spot of this report. Residential sales beat 2007 by $6.5 million, up 62%, with 7 more transactions taking place in 2008, up 54%. Twelve homes sold in Crested Butte, with the average sale price at $1,037,750. Seven Condominium/Townhome properties sold in 2008, at an average of $521,700. The average days on market for a single family home in Crested Butte was 519, while the average for condo/townhomes was 314.

Land Sales in Town for 2008 were down by nearly $7 million/68%, with number of transactions down by 5, or 50%. The average price of a lot in Town dropped to $653,000, down from $868,750 in 2007. It took an average of 302 days for land in Crested Butte to sell.

Mt. Crested Butte
Residential sales in Mt. Crested Butte declined from $93.5 million in 2007 to $42.8 million in 2008, a drop of $50.7 million, or 54%. I attribute this decline mainly due to all of the Mountaineer Square sales and closings that occurred in 2007. The number of residential transactions dropped from 131 to 50, a 68% decrease. There were 13 single family home sales, totaling $19.7 million, making the average price of a home in Mt CB $1,515,100. Condominium/Townhome sales totaled $16,873,400 through 35 closed transactions. The average price of a condominium/townhome in Mt. Crested Butte was $482,000. The average days on the market for a residential property in Mt. Crested Butte was 365 days, an even year!

Land sales in Mt Crested Butte changed from $9.2 million in 2007 to $5.0 million in 2008, a $4.2 million decrease, or 45%. The number of transactions changed from 11 in 2007 to 4 in 2008, a 64% decrease. Excluding a multifamily parcel that sold for $3 million, the average sale price of a lot in Mt Crested Butte was $692,000, and the average days on the market was 656, almost 2 years.

Crested Butte South
Residential sales in Crested Butte South changed from $11.5 million in 2007 to $6.6 million in 2008, a decrease of $4.9 million, or 41%. The number of transactions changed from 27 in 2007 to 16 in 2008, a 43% decline. The average sale price of a single family home in Crested Butte South was $503,000, while the avereage for condo/townhome was $335,000. The average days on the maket for residential properties in CB South was 287.

Vacant land sales in CB South changed from $1.75 million in 2007, to $1.0 million in 2008, a 44% decline. The average price of a lot in CB South was $143,000, and was on the market an average of 393 days.

Rural Crested Butte
Residential sales in Rural Crested Butte declined from $26.2 million in 2007 to $6.1 in 2008, a decrease of $20.1, or 77%. This sharp decline is attributed to the fact that no homes in Skyland sold in 2008. The number of residential transactions decreased from 25 in 2007, to 8 in 2008, a 68% decline. There was only one single family home sale in rural Crested Butte, and 8 condominium/townhome sales in 2008. All of the Condo/townhome sales took place in Skyland. The average sale price of a condo/townhome is Skyland was $817,000, and the average days on the market was 219.

There were 24 vacant land sale transactions in 2008, totaling $10.2 million is gross dollar volume. This represents a 27% decrease in transactions, and a 51% decrease in gross dollar volume. The average sale price of a vacant land parcel in Rural Crested Butte was $423,000, and was on the market an average of 375 days.

Rural Mt. Crested Butte
There were 5 single family homes sold in Rural Mt. Crested Butte (Glacier Lily and Meridian Lake) in 2008, totaling $5.8 million in sales. This is a significant jump compared to 2007, with a 4 additional transactions, and an increase of $4.6 million in dollar volume. The average sales price for 2008 was $1,156,000, and the average days on market was 308.

Vacant Land sales in Rural Mt. Crested Butte totaled just over $4 million, through 8 transactions. This is only 2 fewer sales than 2007, and only a 3% decline in dollar volume. The average sale price of vacant land in rural Mt. Crested Butte was $503,000, and was on the market an average of 269 days.