April 2017 Market News
What’s Happening in the Real Estate Market
As we head into Spring, we continue to see the local real estate market drive towards a “Seller’s Market”. Inventory in the valley continues to decline while demand remains high as homes sell quickly. Right now only 14 single family homes are on the market in the town of Crested Butte. There are only 30 active homes on Mt. Crested Butte and 89 active condos. The least expensive home in the upper valley is currently listed at $639,900 compared to the least expensive home available in February which was listed at $435,000. Crested Butte South continues to see rapid sales with only 5 single family homes currently on the market. If you wish to list your home, condo or land I’m available anytime to discuss the current real estate market in-depth.
In March, we saw a total of 21 single family homes and condos sales, compared to 12 in February for a total of $10,871,249. Six of those sales were single family homes. Sales in March ranged from a Grand Lodge condo selling for $66,250 to a beautiful, luxurious six bedroom, six bath Crested Butte home selling for $2,700,000 listed and sold by Benson Sotheby’s. Currently, another 49 homes and condos are under contract, representing a listing amount of $34,872,887.
In land sales, a total of three parcels sold in March for a total of $410,000. Current land sales represent a wide range from a .49 acre parcel in Crested Butte South, which sold for $85,000 to a .32 acre parcel with skier access in Mt. Crested Butte, which sold for $170,000. Currently, another 17 parcels are under contract with a total listing price of $3,632,000. Land values continue to improve as we look forward to a busy summer selling season. Stay tuned for our extensive quarterly report coming soon.
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