Channing Boucher's Crested Butte Real Estate Guide - Crested Butte Real Estate Insider

Good day,
The Crested Butte real estate market continues to pump along. Prices remain high in most categories in spite of growing inventories of new listings. In the last seven days, 50 new properties hit the market. Locally, there are 570 residential listings and 410 land listings for sale. The sheer number of new and current listings up for sale is creating the perception we're softening into a valley-wide "buyer's market". Yet, prices remain steady while growing supply is outpacing a steady flow of demand. Price reductions are occurring in some categories due to the competitive pressure. For example, the market for vacant land in Crested Butte South (over 70 listings) has flooded and many sellers have reduced their asking prices. Currently, there are 16 land listings for sale under $170,000 in Crested Butte South.

The huge inventory of residential listings in Mt. Crested Butte (250 condos/townhomes and 60 single family homes) has created a competitive climate for sellers and buyers are responding with 38 homes and condos purchased over the last 7 months. Demand continues market-wide for the million dollar-plus properties - 18 homes and 10 vacant land parcels have sold at seven figures year to date.

The local real estate market for homes and land (Almont to Mt. Crested Butte) has reached over $82 million in sales on 121 deals. We are on pace to match 2006 numbers and we've realized some of the highest priced deals in the history of our real estate market. In spite of negative national real estate conditions, Crested Butte remains a growth market and a target for saavy investors.

Year To Date Statistics:
Residential Sales
85 transactions representing over $58 million in sales.
Big Winners:
18 residences sold for $1,000,000 or more.
1 home sold at $3,375,000
38 of the 85 deals were in Mt. Crested Butte.
17 deals were in Crested Butte South.
Vacant Land Sales
36 transactions representing over $23 million in sales.
Big Winners:
10 land properties sold for over $1, 000,000.
1 land property sold for $1,700,000.
6 deals closed at Buckhorn Ranch.
4 deals closed at Prospect averaging $1.2 million per sale.