February continued the strong start made in January in local real estate. There were 36 transactions totaling $17.6 million, more than any year since at least 2006. This is perhaps slightly surprising, given that inventory continues to be limited in many price ranges and property types.
2019 is off to a good start in Crested Butte real estate. There were 35 transactions totaling $17.8 Million, a significant increase compared to last year, with 24 sales at $8.2 Million. A number of these transactions also involved commercial property.
Limited inventory continues to be a major factor in the Crested Butte area. Currently, for instance, there are 186 residential properties on the market, compared to just over 300 at the same time last year. And even last year, that inventory would be considered quite low. No question about it, now is a great time to sell,
Two Mount Crested Butte properties of high interest are under contract that bear watching for their development value. One is located at the Snodgrass trailhead, and was known as the “North Village”. The other is located in the upper reaches of the Prospect neighborhood, near the top of the Prospect chairlift.
Taking a year-to-date perspective, unit sales are down slightly (2%), while dollar volume is down slightly more, at 6.3%. As I’ve mentioned before, many buyers have turned to vacant land which has dropped the dollar volume (and if you look around today, you’ll see cranes everywhere, since many of those land buyers are now building homes).