March 2017 Market News
What’s Happening in the Real Estate Market
The market continues to shift into a “Seller’s Market” as inventory in the valley has further declined while demand remains high. Right now only 15 single family homes are on the market in the town of Crested Butte. Compare that to 45 in ’06/’07, 34 active homes on Mt. Crested Butte compared to 85 and 83 active condos on the mountain compared to 380. The least expensive home in the upper valley is $639,900 and there are only two homes on the market in Crested Butte South, the least expensive being $795,000. If you wish to list your home, condo or land I’m available anytime to discuss the current real estate market in-depth.
In February, 12 single family homes and condos were sold for a total of $7,515,000. We saw in increase in luxury home sales in the month of February as well as continued interest in condos, ranging from a one bedroom Grand Lodge condo selling for $66,250 to a beautiful four bedroom, five bath Crested Butte Home selling for $1,770,000. Currently, another 45 homes and condos are under contract, representing a listing amount of $29,298,500.
In land sales, a total of four parcels sold in February for a total of $975,500. Current land sales represent a wide range from a .23 acre parcel in Larkspur, which sold for $112,500 to a 40 acre parcel near Almont, which sold for $400,000. Currently, another seven parcels are under contract with a total listing price of $1,177,000. Land values continue to slowly improve.
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