Crested Butte Real Estate Advisor Current Issue

Gold Dust Interior

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Market Stays Ahead of Last Year

The current real estate market in the Crested Butte area is trending about 9% ahead of last year. So far in 2016 we’ve seen more residential (homes, condos and town houses) sales vs 2015 and better overall sales volume. Historically, the Crested Butte area sees strong sales activity in the 4th Quarter of each year. This year its more of the same. Currently, there are 63 pending residential transactions representing another $42 million in potential volume. If we stopped the clock today and included the pending sales, we would beat 2015 total sales numbers handily. Interestingly, the market for vacant land and homesites spiked in 2015 but has flattened out it 2016 due to rising prices. Last year, 104 parcels traded hands ($21 million in volume). The median sales price last year was $100,000. This year we’ve realized 55 land sales so far ($12.2 million in volume) with the median sales price jumping 40% to $140,000.

By The Numbers – Comparing 2015 to 2016

Year-to-Date: 186 residential sales and $100 million in volume
Same Period in 2015: 167 residential sales and $91 million in volume
Current Under Contract Activity: 63 pending residential sales and $42M in volume.
Same Period in 2015: 71 residential sales (9/20 to end-of-year) and $43M in volume.

In the News – Light at the End of the Mt. Emmons Mine Shaft?

An agreement that could end the possibility of a major molybdenum mine operation is in the works in Crested Butte. The town of Crested Butte and the Mt. Emmons Mining Company (a subsidiary of Freeport McMoRan and owner of mineral rights to the molybdenum beneath the mountain) have a plan calling for Freeport McMoRan to ask the U.S. Congress to permanently withdraw all of its mining claims. The catch? Crested Butte needs to come up with about $2 million in compensation to assist Freeport McMoRan’s disposition of all the mine’s assets including the 9,000 acres of unpatented mining claims that directly impact our four local watersheds. If approved, the ground would go back into the federal land bank and never be allowed for mining purposes into the future. Learn More at the Crested Butte News.

Thanks for reading today. To learn more about our marketplace and the Crested Butte community contact me anytime.

Channing Boucher
Broker Associate
Benson Sothebys International Realty
401 Elk Avenue
Crested Butte CO 81224

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