Birdseye View | Market Snapshot | Third Quarter 2020
We are elated to report that life as we knew it before Covid is resuming in the Crested Butte area! Our county has been deemed one of the safest in the state. The Town experienced a busy summer, and the real estate market is booming. Most sectors made up for lost business from the spring. Restaurants opened outdoor seating and retailers experienced thriving sales as visitors flocked to our area for a welcome respite from lockdown this spring. Our municipalities’ building permit and tax revenue exceeded budgets. Overall, we are grateful that this rebound has reinvigorated our people and our businesses.
Experienced realtors who have been practicing for decades indicate that this selling season has eclipsed the spike in sales that occurred when the ski resort last sold in 2004. Our real estate market is lively and year to date sales are actually overtaking the activity from last year. Sales volume in the Crested Butte vicinity is up 30 percent over the previous year at $207 million. Bluebird leads the market with over 34 percent of total sales activity. The average selling price in the north valley is peaking above $785,000.
Properties selling over $1 million are peaking as well. Sales are up so far over 50 percent from last year with $145 in volume. Bluebird leads the luxury market in sales with 53 sales over $1 million year to date.
In summary, sales are increasing, prices are rising and the inventory of available homes is being absorbed at a record pace. Historically, visitors make several trips to the area and shop for properties over several seasons. This summer, buyers are coming to town and surveying the listings and committing to purchase the best available property at the time. There is definitely more urgency in the market, as purchasers are accelerating their plans to live life the way they envision – in a beautiful place like Crested Butte.