*For a description of the data provided in each section of the market update, please scroll down to the "Go-To-Guide"
Fourth Quarter 2017 Market Report
*To view the market report in full screen, click the square either in the center of the above box or in the lower right hand corner.
Here is the 2017 Market recap from Red Lady Realty Owner, Molly Eldridge:
"Happy 2018! The year has started by continuing our Christmas gift of desperately needed snow and it is really starting to feel like ski season in Crested Butte.
2017 was the seventh year in a row where real estate sales improved over the previous year. From the low of 2010, the number of transactions is up 164% and dollar volume is up 217% (more than triple!). Things were very slow from 2008 to 2014 and we only started to see significant improvement starting in 2015. We ended this year with $265 million in sales vs. $187 million in 2016. This still is well below 2005 and 2006 when sales topped $350 million, but it is not out of line to think we could meet or exceed those levels in 2018.
Any Realtor in Crested Butte will tell you that we have “low inventory” right now. This is not clear if you simply look at the number of properties on the market. Overall, inventory numbers have been steady for the last year or so – although the numbers are down from previous years. It is when you look at specific segments of the market - price points, areas and types – that you can get a sense of the shortages. For example, there are 85 condos in Mt. Crested Butte on the market right now vs. 101 this time in 2016 vs. 154 this time in 2015. More importantly, the least expensive 2-bedroom condo is listed for $315,000 and there were 24 2-bedroom condos that sold for less than that in 2017 and 77 sold in 2016. Even considering this information, sales of condos in Mt. Crested Butte are a large segment of the market and will continue to be even with reduced inventory simply because there are so many of them.
Although I don’t have a crystal ball, I don’t see any reason why the Crested Butte real estate market won’t continue to improve for the next several years. The marketing is working and people have discovered that this is a great place to be. Our real estate prices make Crested Butte a great value compared other mountain resorts so it just makes sense for people who want to be in an authentic Colorado ski town to consider Crested Butte.
Now more than ever it is important to have a trusted adviser to keep you updated on the market and to help interpret the information you may find online. The dedicated and experienced Brokers of Red Lady Realty are happy to be of assistance. Contact one today!"
Market Update through 12/31/17
Market Update through 11/30/17
Previous Market Updates:
Here is your Go-To-Guide to understanding our Monthly Market Update Snapshot
The list below corresponds to sections on the nearby image of the Market Update for August.
- This section shows you the average sold price per square foot for comparison between different areas and types of residential properties. The number in parenthesis is the year to date(YTD*) number of transactions for those types/areas.
- This pie chart provides a visual representation of the market share for the total number of transactions YTD.
- The first box in the lower left shows the total number of sales YTD in the Upper Valley**.
- This box provides you the total dollar volume of sales YTD in the Upper Valley.
- The lower right box shows the percentage of list price that properties ultimately sold for in the Upper Valley.
- The right hand pie chart shows you the market share split for the total dollar volume sold YTD.
- The interesting fact piece lists the residential properties that sold for the highest and lowest prices in the previous month.
- This section provides a snapshot of the current market inventory in regards to active and pending listings in the Upper Valley.
**Upper Valley includes: Almont, Crested Butte South, Rural Crested Butte, Crested Butte, Mt. Crested Butte, Rural Mt. Crested Butte, and Kebler.
*YTD= January 1 – Last day of Previous Month
(ex: For August 2016 Market Update: YTD = Jan 1 - July 31)