Quarter Report | Second Quarter 2017
The Crested Butte real estate market is up an astonishing 29.9% through the first half of the year compared to 2016. We also officially hit the $100 million mark by the halfway point of 2017 for the first time in ten years. We saw record sales in May and June, and these two months hit sales totals we had not seen since 2007. Overall we saw a robust second quarter in 2017.
The Crested Butte real estate market’s growth was fueled by strong sales volume numbers on Rural Crested Butte single family homes and Mt. Crested Butte condos and townhomes, which were up 78% and 53% respectively. The Rural Crested Butte single family home segment saw an increase in upper-end home sales with nine homes selling for over $1 million and the highest selling for $4.5 million. The Mt. Crested Butte condos and townhomes segment saw 72 properties sell with a $65,000 increase in the average sales price.
The land market continues to be soft as total sales volume continues to show little to no growth from year to year. As average residential prices continue to increase the land market will start seeing growth in the latter part of 2017.
As we approach our three busiest real estate closing months of July, August, and September, we are looking at another strong quarter. Currently, there are 77 properties under contract in the upper valley with a listing valuation of over $38 million.