Quarter Report | Third Quarter 2016
The first significant snow fell last night and the last of the aspen leaves are falling at this exact moment. So we say goodbye to fall and hello to the beginnings of winter. The overall sales volume in the Crested Butte real estate market is almost exactly where we were in 2015 with only a marginal 0.2% increase. So far this year there have been fewer homes that have sold but those that have sold have sold at a higher average price.
The high end luxury market has been soft as we have only had 5 homes sell for over $2 million and nothing over $3.3 million. This trend seems to be happening throughout the nation in the second home market and especially in the Colorado ski/resort market. Much of this can be contributed to two major factors. The first is it is a presidential election year where historically luxury buyers wait to purchase luxury items. The second is oil prices have continued to stay relatively low these past two years.
Now it is not all bad news. This year we had huge gains in the condo and townhome segments throughout the area but especially in Mt. Crested Butte. Most of this can be contributed to the influx of people moving to the front range of Colorado which in turns means an influx of buyers coming to Crested Butte to get their foot in the door and enjoy the mountain/ski lifestyle.
It looks like the fourth quarter will be slightly stronger than last year as there has already been $11 million worth of closings in the early part of October and we currently have $42 million worth of listings under contract in the Upper Valley.