June 2017 Market News
What’s Happening in the Real Estate Market
As we gear up for a busy summer selling season, we continue to see prices rise. Inventory in the valley continues to decline while demand remains high and properties are selling faster than they have in the last nine years. Right now only 17 single family homes are on the market in the town of Crested Butte. There are only 28 active homes on Mt. Crested Butte and 80 active condos. The least expensive home in the upper valley remains a manufactured home in Crested Butte currently listed at $479,000. Crested Butte South continues to see rapid decline in inventory with only 8 single family homes currently on the market.
In May, we had 26 single family homes and condos sales, compared to 19 in April for a total of $22,527,500 in sales. Eleven of those sales were single family homes. Sales in May ranged from a Mt. Crested Butte Condo selling for $143,000 to a beautiful, expansive six bedroom, six bath East River Front home selling for $3,550,000. Currently, another 44 homes and condos are under contract, representing a listing amount of $28,921,687.
In land sales, a total of 3 parcels sold in May for a total of $799,500. Currently, another 12 parcels are under contract with a total listing price of $4,317,000. Land values continue to improve as single family home inventory declines. If you wish to list your home, condo or land I’m available anytime to discuss the current real estate market in-depth.