COLLECTION – Winter 16/17
Our local real estate market is going to finish 2016 with a bang. The fourth quarter sales brought our market up from zero growth in overall sales volume at the end of the third quarter to now being up by almost 10%.
Multiple factors have helped our strong real estate growth. The overall national economy, and in particular the stock market, continue to grow. The DOW is about to break the 20,000 mark as of this writing. Also Colorado and Crested Butte continue to be discovered by visitors and new families who are looking to relocate here for a lifestyle change.
Looking back at 2016 our strongest market segment was the condo and townhome market in Mt. Crested Butte. More buyers, particularly those from the metro areas of Colorado, were looking to get there foot in the door before prices rose too much. These are buyers that have been priced out of other ski resort markets such as Vail, Aspen and Telluride. The condo sales volume was up over 80% compared to 2015. There were over 100 condos sold in 2016 under the $250,000 price point.
Our market will continue to see average prices rise in 2017. Our biggest concern in 2017 is going to be listing scarcity. As Crested Butte grows there will be a lack of listings as there was a deficit of new construction here after the crash.