The numbers don’t lie. Home and land buyers and real estate investors continue to pour money into the Crested Butte real estate market. Our local market just topped $180 million in transaction sales volume year-to-date 2007! We still have 7 weeks to go in 2007 with plenty of under contract activity and some serious closings expected. Volume for this year could very well hit $200 million. This is remarkable. This activity marks the 4th year in a row of bullish behavior in our real estate market.
Since our real estate boom commenced in 2004 our market has withstood skyrocketing prices that have doubled and tripled. We have experienced record-breaking sales for homes and vacant land parcels. The average sales price for a home in our area just topped $1 million and vacant 35 acre parcels now fetch $1 million to $2.36 million! A 1400 sft, 2 bedroom / 1 bath home on a dark alley in Crested Butte just sold for $675,000 while another small 1380 sft. duplex in a Crested Butte high density neighborhood just sold for $595,000.
All of this in the face of the national sub-prime lending fiasco and the national news media’s infatuation for painting doomsday pictures all day long.
Saavy buyers and investors are investing right now in Crested Butte. Anyone who is aware of what happened in Telluride, Vail, Beaver Creek, Steamboat, Breckenridge and of course Aspen is jumping onto the Crested Butte real estate train.
See the results for yourself. I compiled the results from our local Multiple Listing Service – Year To Date for 2007.
2007 total dollar volume (YTD): $182 million (267 transactions)
2006 total dollar volume: $191 million (271 transactions)
2005 total dollar volume: $237 million (626 transactions)
2004 total dollar volume: $211 million (721 transactions)
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