Market Update from Crested Butte

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Market Update

Summer is in full swing here in Crested Butte and the real estate market is as hot as its been since 2007.64 residential properties are currently under contract in the Upper East River Valley ($28 million in volume). Year to date, 96 homes, condos and town homes have sold off, totaling $64 million in volume.  The average price for a single family home in our area is now $1,146,000 and the median price is $900,000. If you are shopping for a condo or town home you’ll find average sold prices are now hovering around $341,000 with the median sold prices hitting $265,000.

The vacant land market segment is heating up too. With the sharp rise in prices for residential properties, investors have responded in 2016 with $8 million in land purchases spread out over 34 deals. There are 15 more land properties under contract, totaling $3.5 million in list prices.

Last week, a homesite on Ruth’s Road in Crested Butte sold for $1,025,000, the highest price paid for a parcel year-to-date. Down in Crested Butte South, the average AND median list prices for homesites are now hovering around $90,000. This is a significant change for that community. It was not that long ago when CB South view lots were selling for less than $30K each.

By The Numbers – Median List Prices for Single Family Homes in Our Market

Crested Butte South: $630,000
Town of Crested Butte: $990,000
Rural Crested Butte: $1,500,000
Mt Crested Butte: $1,300,000

$10 Million for Conservation

Great Outdoors Colorado (GOCO) just awarded a $10 million grant to the Trampe Ranch conservation project, which aims to place nearly 6,000 acres of land between Gunnison and Gothic into a conservation easement held by The Nature Conservancy. The grant is the largest ever awarded by GOCO and goes a long way toward raising the funds to conserve the Trampe Ranch. Learn More >>>

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
970-596-3228

Review my recent significant sales here