It was a Red, White & Bluebird Day
to remember in Crested Butte!
It was a beautiful, bluebird day to behold and celebrate Independence Day in Downtown Crested Butte. The atmosphere was full of laughter, smiles and memories being made from local families and visitors as far as the eye could see! It’s a great time to be in Crested Butte, and an even better time to buy real estate.
July’s Juxtaposition: Home buyers compete to acquire the relaxed lifestyle Crested Butte offers.
The second quarter has come to an end with the surprising news of Vail Resorts acquiring Crested Butte Mountain Resort. There continues to be a significant amount of real estate activity this year, and we are only just beginning the summer, selling season. With the news of new ownership at CBMR, much excitement, interest and increasing amounts of curiosity is surfacing in the Upper Valley of Gunnison county. Read the full article here. 25 properties have sold in the Upper Valley within the past month for a total sales volume of $14.35M; This is a 96% sales to list ratio. There are 51 condos listed between Mount Crested Butte and Crested Butte with 32 condos under contract and a median list price of $364,450. Properties are going under contract faster than being listed. We continue to see a rise in list price per foot, and properties closing at or above full asking (many with multiple offers). Buyers are recognizing the urgency of action in a competitive market with limited inventory. The average, list price for a single family home in the Upper Valley (excluding CB South), of those pending, hovers $995,000. The lowest priced property being a deed restricted home in the Pitchfork subdivision listed at $425,000 which, surprisingly, went under contract in less than two weeks. The need for affordable housing in our community is rapidly increasing.
Land transactions are down a slight 4% from second quarter 2017 to second quarter 2018 indicating the demand for custom built homes continues to be significant in the Crested Butte areas. There are 13 lots under contract ranging from a 0.17 acre lot in Buckhorn ranch ($79,000) to a 0.75 acre Aperture lot overlooking the Slate River ($1.1M). Eight lots have successfully closed within the past month with a median sales price of $168,500. The most affordable offerings remain in Crested Butte South and Buckhorn Ranch.
Let’s talk more about the real estate market, and how I can help with your buying, selling and investing needs. Please contact me anytime, and feel free to share this information with those who may be interested to learn more. Thank you for reading today.