Market Update for Crested Butte

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Greetings from Crested Butte!
The crush of the summer tourism season is waning in Crested Butte but the local real estate market appears to be winding up for a late year push with the Vail Resorts takeover of CMBR looming large. Our market has kept pace with last year’s robust activity (2017 was our strongest year since 2007) and it feels like we are set up for more of the same as we head into Fall. The most glaring aspect to our market? Prices and values are rising as inventory of available residential properties shrinks dramatically.

Year-to-date (YTD) the market area from Almont to Mt. Crested Butte realized 170 residential sales and almost $100 million in volume. Median sales price hovered around $450,000. Last year at this time, we realized 163 residential sales and $103.5 million in volume with the median sales price sitting at $450,000.

Currently, there are 61 residential properties under contract representing just shy of $50 million in value. Most telling? The median list price of these current contracts is $600,000, a significant jump from the first half of 2018 and all of 2017.

So far this year, the vacant land and homesite segment realized 73 transactions and $17 million in volume. Median sales price hit $150,000. 39 land properties are currently under contract representing $13.5 million in value. The median list price of these pending deals is $200,000, another notable jump from the first half of the year.

Last year at this time we realized just 58 total land transactions. So, it appears many investors are shying away from rising home values and the lack of options and targeting land. Seems to me its a great time to be a home builder in Crested Butte. We need inventory!

Check out last month’s newsletter for a little more market perspective.

Thanks for reading today.
Channing Boucher
Broker Associate
Crested Butte | Sothebys International Realty
401 Elk Avenue
Crested Butte CO 81224
970-596-3228

Review my recent significant sales here.