First 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.
According to our very own Diane Aronovic, "2017 is off to a good start in Crested Butte real estate. We continue to experience low supply and steady to increasing demand, which is switching our overall market from a buyer’s to seller’s market. In the new paradigm, we should experience rising sales prices and sellers getting closer to their listing price for their properties.
One segment of our market that is experiencing exceptional demand is the lower priced, entry level home market. With the overall decrease in the number of affordable condos, sales have increased in the under $250,000 market. This is why the overall number of sales has risen, while the overall market volume and average sales price has fallen. That segment of the market has also become very competitive. Properties in this price range are experiencing multiple offers and going under contract within days rather than weeks or longer. That trend is evident in the decreasing number of days on market statistic.
CB South is an area that is specifically suffering from the lack of inventory. Just a year or two ago, you could easily find a single family house for under $500,000 and around $250/square foot. Currently, there are only 5 single family houses listed in CB South, and the price range is from $624,000—$829,000. Only one of those houses sports a list price under $250/square foot. Time will tell whether this new price point will be appealing to buyers.
In general, the real estate market in Crested Butte remains strong. The switch from a buyer’s to seller’s market will continue to cause an increase in sold prices, shorten the number of days on market and the lack of inventory could cause a decrease in the overall number of sales. There is definitely a change from a sleepy real estate market to one in which buyers need to be more reactive."
Market Update through 3/31/17
Market Update through 2/28/17
Previous Market Updates:
*For a description of the data provided in each section of the market update, please scroll down to the "Go-To-Guide"
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)
This chart below shows the overall Market Sales for the Upper Valley in respects to dollar volume and number of transactions over the last 10 years. The bar graph below shows the current year to date totals for the listed years. The graph on the right hand side shows the total year end dollar volume (verticle bars) compared to the current YTD total (the line).