Birdseye View | Market Snapshot | Year-end 2018
The best word that describes 2018 real estate sales was “steady”. And, steady is always healthier than extreme, in either direction. Following a light snow year for the ski season, the Crested Butte area enjoyed a nice, long summer season with great visitor traffic. And, the early winter months in 2019 are bringing great snowfall as we approach the spring ski season.
The big news of Vail Resorts purchasing the ski area has sparked great enthusiasm for ski operations and our local economy. Anticipation is high this year, as we contemplate the benefits of this world class international operator and network. Within a couple of months of the acquisition, two of the largest land parcels surrounding the ski mountain, Prospect and North Village went under contract. We have also welcomed visitors from farther reaches such as Australia and Europe.
Sales of homes and condominiums were relatively consistent with the previous year. The Town of Crested Butte had the highest average price at $588/ sq ft. The average price of a condominium near the ski area is approaching $400,000. There were almost twice the sales of condos (11) priced between 750,000 and $1,000,000 from last year. Crested Butte South continues to have the lowest inventory of available homes, with only six properties on the market representing a four-month supply.
Land sales continue to be a hot segment with a 25% increase over the previous year. Of the 146 parcels that traded in 2018, twelve were over 35 acres. Further, 762 acres sold, when just 278 acres sold in the north end of the valley in 2017.
Bluebird continues to grow and achieve #1 market share in available properties in the Crested Butte area. The firm also leads the market in luxury properties priced above $1,000,000 with 51 high end offerings currently available. As the fastest growing brokerage in the valley, our sales increased over 50% with the most experienced agents in the region.
Bluebird Real Estate is the exclusive regional affiliate of Luxury Portfolio International, the largest network of independent brokerages and luxury properties in the world.
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