2017 Year End Market Update ~
As we close out 2017, we reflect back on another strong year in the Crested Butte real estate market. The 2017 year end market update shows robust growth in 2017. Overall average prices, numbers of properties sold and sales volume all showed incredible increases of between 18% and an outstanding 41%, the most we have seen in the Crested Butte area in the past ten years. The Upper Valley saw a total 458 property sales in 2017 for a total of $262.2 million in sales volume. That’s a 41% increase over 2016.
We saw growth in almost all areas for single-family homes with rural Crested Butte, Crested Butte South, rural Gunnison and Almont homes showing growth of 40% or more. We also saw high rates of sales volume and growth of over 33% of Mt. Crested Butte area condos and townhomes.
Land sales were also up in 2017 in both Mt. Crested Butte and rural Crested Butte. Mt. Crested Butte land sales volume was $2.9 million in 2016 and more than doubled to $7.4 million in 2017. We saw similar results in rural Crested Butte land sales with sales volume of $7.6 million in 2016 and a volume of $18.2 million in sales for 2017.
Currently there are 49 properties under contract in the Upper Valley with a listing value of $31.2 million. We are expecting an active real estate market in 2018, with average prices expected to rise throughout all market segments. With over half the available properties currently on the market being vacant land, we expect an dramatic upward trend in that sector.
For more comprehensive information from the 2017 Year End Market Update, Click Here.