The Crested Butte real estate market continues to pump along. Prices remain high in most categories in spite of growing inventories of new listings. In the last seven days, 41 new properties hit the market. The sheer number of new and current listings up for sale is creating the perception we’re softening into a valley-wide "buyer’s market". Yet, prices remain steady while the growing supply is outpacing a steady flow of demand. Price reductions are occurring in some categories due to the competitive pressure. For example, the market for vacant land in Crested Butte South (over 70 listings) has softened and many sellers have reduced their asking prices. Currently, there are 16 land listings for sale under $170,000 in Crested Butte South.
The huge inventory of residential listings in Mt. Crested Butte (250 condos/townhomes and 60 single family homes) has created a competitive climate for sellers yet buyers are showing demand with 38 homes and condos purchased there over the last 7 months. And, demand continues for the million dollar-plus properities – 18 homes and 10 pieces of vacant land have sold year to date.
The year-to-date, local market for homes and vacant land (Almont to Mt. Crested Butte) has reached over $82 million in sales spread out over 121 deals. We are on pace to match 2006 numbers and this year we’ve realized some of the highest priced deals in the history of our real estate market. In spite of negative national real estate conditions, Crested Butte remains a growth market and a target for saavy investors.
Year To Date Statistics:
85 transactions representing over $58 million in sales.
18 residences sold for $1,000,000 or more.
2 homes sold at $3,405,000 and $3,375,000
38 of these deals were in Mt. Crested Butte.
17 deals were in Crested Butte South.
Vacant Land Sales
36 transactions representing over $23 million in sales.
10 land properties sold for over $1, 000,000.
1 land property sold for $1,700,000.
6 deals closed at Buckhorn Ranch.
4 deals closed at Prospect averaging $1.2 million per sale.
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