A Seller's Market*

Greetings from Crested Butte!

If you are in the market for a home or condo in the Crested Butte area then you're likely feeling the pinch of a growing seller's market condition. Inventory is shrinking and values are as high as they've been around the valley and in some locations like CB South homes are selling for more than ever surpassing the peak values of the 2004-7 real estate boom.  Year-to-date, 274 homes and condos have sold off in the Upper Valley representing $176 million in volume. Another 30 properties are under contract ($31 million). This year's performance mimics last year's however we are on track to hit a similar volume with less transactions.
In 2017 (our strongest year since 2006) 315 properties closed representing just over $216 million in sales.

But, to me this is a seller's market with an asterisk. While residential real estate prices haves jumped significantly over the past two years values for acreage, land and home sites lag behind.

It is still a buyers market for these type of properties. The inventory of vacant land properties is still glutted with average sales prices per acre hovering around 60% of their peak value from 2006. There are 212 active land listings and only 28 pending deals ($7 million).  So far in 2018, 132 land sales have closed representing $35 million in volume. Last year, the land market topped out at 122 sales and $32 million in volume so we've run right by 2017's sales performance.

In some area neighborhoods like CB South and Buckhorn Ranch, homesites are still available for less than $100K. At Skyland, there are 30 homesite listings including a view lot on Vista Court (.7 acres) for $149K. Up in Mt. Crested Butte, there are almost 40 homesite listings for sale ranging in price from $119K to over $700K.

The exception is the town limits of Crested Butte where there are just 9 homesites available for sale ranging in price from $750K for a lot on Butte Avenue behind the Gas Cafe to $1.35M for a .26 acre view lot on 9th Street. And, in the last week, two of Crested Butte's highest profile homesite listings have gone under contract. Site 5 on Journeys End Road listed at $1.2MM and 7 Aspen Hill Road listed at $1,050MM.

Thanks for reading today. For a deeper perspective on our local market please contact me anytime.

Channing Boucher
Broker Associate
Crested Butte | Sothebys International Realty
401 Elk Avenue
Crested Butte CO 81224
970-596-3228

Review my recent significant sales here.