Birdseye View | Market Snapshot | Mid-Year 2020
Thankfully, as we anticipated, real estate sales have taken off since a very modest level of activity in Crested Butte this spring. Three factors seem to be playing in to our explosive surge in sales. First, we had a high level of pent up demand from visitors who had to postpone trips from earlier in the year. Second, our home seekers are re-evaluating their lifestyle choices, realizing that working remotely is possible, and peaceful, beautiful surroundings enhance their quality of life. Third, the shock of a global pandemic has forced people to accelerate bucket list plans to live life the way they envision, and not wait on tomorrow’s uncertainty.
Surprisingly, sales are catching up to last year and might even surpass 2019’s results if buyer demand and confidence sustains through the fall. Bluebird’s sales this year are actually 60% higher than mid-year 2019. Prices continue to rise and average time on the market continues to drop in the north end of the valley. The average price in the Town of Crested Butte has eclipsed $1.8 million, and in CB South the average selling price has surpassed $800,000 for the first time with only six available homes for sale.
Area listing inventory remains low as properties are selling quicker than ever. Attractive new listings are seeing multiple offers in their first week on the market. In Mt. Crested Butte, there are merely seven available homes. Mountain properties that have spent months and years on the market are selling consistently without price adjustments. In rural Crested Butte, the average selling price is over $1.5 million and there are only eighteen active listings.
Bluebird is grateful to continue to lead the market this year in sales as well as properties priced over $1 million, with nearly twenty percent of the overall market. The firm has represented five of the six clients in the highest priced transactions year to date. Bluebird also represents the highest number of available properties in the Crested Butte area with 163.
Our associates are reflecting that they haven’t seen this level of energy in the market since 2007. We project that with the delayed start to our summer market, sales will remain vibrant deeper into the fall and transitioning into the holidays. Maybe Crested Butte has been discovered, but shhh, don’t tell anyone.