2015 Market Begins with a Bang
Crested Butte’s real estate market is charging ahead fueled by the strong momentum of 2014. Usually in January and February, property sales are sluggish in Crested Butte as folks are focused more on skiing and getting their tax returns done. This is not the case for 2015. Buyers and sellers are both aware of our improving market climate and rising home prices. Year to date, 43 residential properties in our area have either sold or gone under contract. This represents just over $21 million in volume. By comparison, last year during this same time frame, only 14 residential properties sold. A review of the vacant land and homesite market segment reveals only 2 properties sold last year during January and February but this year we’ve already sold 10 parcels and another 14 are under contract representing just over $8 million in total sales volume.
The In-Town Market Leads the Pack
Five homesites in the town of Crested Butte have gone under contract or sold in January. A 11,250 SF parcel located at Belleview and 9th just sold for $500,000. When we look back on 2015, that sale will be considered a bargain. Values for in-town homesites are skyrocketing. Only 9 homesites are currently available for sale. This is the lowest inventory condition we’ve seen in 10+ years. The median list price for a homesite in Crested Butte is currently just over $635,000.
And, with single family homes in town, there are only 16 properties available for sale with 6 homes under contract. This is the lowest inventory count we’ve realized since 2005. The median list price for a home in town is now $1,137,000 and $536/sf. This is a significant jump from 2014 values.
My Prediction – Rural Land is the Best Value Proposition
We are already seeing the impact of rising home prices and scarcity of affordably priced options in our market. Savvy buyers are turning their attention to vacant land in other locations around the valley including Crested Butte South, Mt. Crested Butte and rural Crested Butte locations like Buckhorn Ranch and Larkspur. I predict this trend will continue during the new year. Buckhorn Ranch and Crested Butte South are the most affordable locations to score a homesite. Prices for smaller homesites at Buckhorn are hovering around $60,000. Six parcels at Buckhorn Ranch have already sold or gone under contract this year. And, there are five new homes slated to be built at Buckhorn Ranch this summer. Prices could very well start to jump up in these rural locations with the rising demand and building activity.
For more details and Crested Butte real estate market insight, contact me anytime.
Thanks for reading today,
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