February 2016 Market News
What’s Happening in the Real Estate Market
The Crested Butte real estate market started strong the first month of 2016. A total of eight condos and single family homes closed for a total of $6,470,500. This total represents a range from an $88,000 Skyland condo to a $2,250,000 Mt. Crested Butte single family home. The average reduction off listing price was 7.2%. Compared to January 2015, the same number of residential homes were sold, but the total price last year for the same month was significantly lower at $3,343,500. Currently, another 66 residential properties are under contract with a total listing amount of $25,905,505.
A total of nine land parcels closed in January for a total of $2,041,000. These sales represented a range from a five acre rural parcel for $25,000 to a .25 acre parcel in Crested Butte that sold for $650,000. The average reduction off list price for land in January was 8.3%. January, 2015 there were only seven land sales in the area totaling $1,024,000. Currently, another eleven parcels are under contract, totaling $2,120,000.