COLLECTION – Summer ’17
Our local real estate market is up 27.1% in total sales volume compared to 2016, but 2017 did not start out strong. The first quarter of 2017 was actually down 1.7%. The slow start could be attributed to the massive snow year Crested Butte had along with everybody just trying to catch their breath after a long election cycle. That all changed in April and May as we saw the total sales volume in May reach over $30 million, a mark we have not seen since the real estate boom in 2007.
Again we are seeing substantial numbers of buyers coming from the front range as Denver, Boulder and the entire metro area continues to see massive growth. The whole state of Colorado is experiencing a boom in tourism along with people relocating to the state for new job opportunities and a better lifestyle.
The lower end of the market, less expensive single family homes, condos, and townhomes continue to sell at a feverish pace. The town of Crested Butte has seen some of the larger offerings sell, including the two highest priced homes to ever sell within the Town of Crested Butte. The homes sold this winter for $2.7 million and $2.725 million. Crested Butte Sotheby’s International Realty was the exclusive listing brokerage for both of these homes.
The land market has yet to catch on and has been down in 2017. We expect this trend to change soon as the average price of single family homes and condos rises, and we continue to see a decrease in inventory.
The summer is expected to be as busy as ever, and if you are in the market to purchase a property in the Crested Butte or Gunnison areas, please contact one of our experienced, knowledgeable brokers at Crested Butte Sotheby’s International Realty.