Its time for a look at 2006 real estate figures for the north end of our valley including Crested Butte South, Crested Butte, Mt. Crested Butte and our rural areas. One thing is for sure, the market is not as "flat" as some might believe. True, we didn’t go as big as 2005’s record year, but 2006 was very strong in terms of dollar volume and the types of properties that were sold. Investors and second home buyers remain bullish on Crested Butte.
Residential property sales reached 170 properties sold and $127 million in volume. Interestingly, average days on market (DOM) was only 166! Compared to national averages and other western resort markets our DOM was decent. The average sale price for residential property was $741,000.
Land property sales this year reached 101 sales with a dollar volume of just over $62 million and an average DOM of only 152! The average sale price for vacant land was $618,000.
Commercial property sales reached 28 properties sold and $16.1 million in volume with the average DOM at 288 days. The average commercial property sale price was $575,000.
2006 total dollar volume: $191 million (271 transactions)
2005 total dollar volume: $237 million (626 transactions)
2004 total dollar volume: $17.7 million (59 transactions)
It is safe to say that our real estate market is in transition. We did almost the same dollar volume as last year with less than half the number of transactions! And, over 60 residential and land properties sold this past year in the $1.0 MM to $4.0 MM price range with an average sold price of $1.9 MM. WOW!
2007 is already shaping up to be another "growth year". The Lodge at Mountaineer Square development will be completed with closings due to begin in April 2007. Additionally, we’ll see closings for the Elevation Hotel & Spa begin in the Spring of 2007 – this activity will be impressive considering the $550/sft to $1000/sft prices we will see these Mt. Crested Butte properties fetch.
Thanks for visiting today and enjoy the season!