Birdseye View | Market Snapshot | Summer 2019
The summer real estate market had a bit of a delayed start, due to a big winter snow season. Our ski area received over 300 inches of snow last season, fifty percent higher than average. This translated to later openings for hiking trails and river fishing, causing some visitors to postpone trips.
Since the July 4th holiday, our market is in full swing, with steady sales and rising prices. The average price of sold properties in the region is almost $700,000, a 50% increase over the same period last year. Twenty nine properties have sold so far above $1,000,000, representing a 45% increase. Properties in town have the highest average sales price at over $1.75 million.
Twelve properties priced above $2 million have sold or are currently under contract, with only two having sold during the same period last year. The average price for a mountain condominium is nearly $500,000, a nearly 90% increase from 2016. Crested Butte South continues to have the highest demand, with only 2 months of available supply. Land parcels are selling well this year, as average prices are approaching a record level of $400,000. The North Village parcel, a significant 156 acre multi-use tract recently sold for $5.3 million.
This dynamic activity translates to high confidence for travelers and investors seeking a cooler, peaceful and beautiful destination for relaxation and adventure. Bluebird continues to maintain #1 market share, leading the region in available properties, with over $167 million in volume and 60 properties priced above $1 million.
Our climate for real estate continues to be favorable. Interest rates are lowering, fueling increased economic activity and buyer confidence. Our ski area, now owned by Vail Resorts, is attracting new visitors and investors from farther reaches. Following our big winter, the wildflowers are in “super bloom” and more vibrant than ever. Crested Butte is the main attraction for family trips and outdoor recreation in the West.
Pictured: 6 Peakview Drive | Offered for $2,950,000 | Click Here for Details