Crested Butte Real Estate Advisor Issue #2

Is our real estate marketplace growing too hot or are we just getting started on another significant run?  With over 110 local properties currently set to close and some of the higher priced listings in the Crested Butte area going under contract in recent days it is safe to say that folks are not waiting around for the summer buying season to make their investments. Coming off 2016, our best performing year since 2008, the word is out that our real estate market is on the move.

The $185M in sales volume we reached last year seems like a big deal but considering the boom days of 2004-2008 when we reached over $1.2 billion in sales during that 4-year stretch it feels like we are just warming up.

Affordability and availability of offerings at the lower end of the market seem to be going away as the inventory of available condos and single family homes is now at a 9 year low. Up in Mt. Crested Butte, there are only 55 condos for sale (at one point there were over 300 listings). Down in Crested Butte South there are only 3 homes for sale. Right now, the best price opportunity on a single family home in all rural Crested Butte locations is $795,000 for a new 4 bedroom spec home at Buckhorn Ranch. And, a three bedroom home that was just listed at Buckhorn Ranch for $679,000 went under contract inside of a week.

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