June Market Update.
The fire is still hot. So far, June has been equally as busy in the real estate market as May. There has already been a total of 11 properties closed in the Crested Butte areas totally $12,284,000, while May successfully closed 25 properties for a total sales volume of $22,755,500. There’s no need to waste time preparing for our summer, selling season when no momentum has been lost. With the demand for homes continuing to grow, we are observing unusually low days on market listed for condos and town homes especially. The luxury real estate market also continues to see activity with 10 properties sold over $1,200,000 in the past six weeks, and another 4 comparable properties currently under contract with a listing price total of $5,699,400. 817 Elk Avenue went under contract in only 12 short days. There is a ten month supply of single family homes in the Town of Crested Butte. On average, homes are being listed for $685/square foot in the Town of Crested Butte.
Although you can see the real estate market is still going strong following a fantastic 2016, it may not be a result from our historically known buyers from Texas, Oklahoma and Louisiana. Many of the new faces you will notice purchasing real estate are, in fact, from the North East, California, and the front range area of Colorado, along with Denver metro and Boulder. Whether it is due to the new, direct flights to Gunnison or Crested Butte Mountain Resort’s 2016 winter marketing strategies, there is an undeniable increase in tourism from new faces and new homebuyers.
The condo market is among the most favorable to our new home buyers. There are 66 condos for sale in the Crested Buttes areas ranging in price between $65,000 and $1,950,000, not including 22 condotels. 19 condos are set to close with a sales volume of $5,530,387. The Riverbend area, notorious for being known as a Crested Butte local’s neighborhood, recently has 3 condo offeringswhich we do not often see.
With almost $183M in sales volume in 2016, I’d say we still have plenty of momentum in the real estate market. Thank you for reading today. I look forward to seeing you this summer season.
Bluebird Real Estate
211 Elk Avenue
Crested Butte, CO 81224