Strong Summer Pushes Market Up in Crested Butte
Summer is over but the real estate economy in the Crested Butte area is as vibrant as our wildflowers and sun splashed peaks. Construction activity including new housing starts has also picked up significantly throughout the valley. In addition to the many custom homes being built, the 'spec home' segment continues its rebound with new luxury home offerings currently under construction in Prospect, Wildhorse at Prospect and the town of Crested Butte.
This summer, demand rose for higher end properties and it appears prices in general are headed higher in most locations around the valley. We've already sold $60 million worth of single family homes (71 sales) and another $31 million in condos and town homes (117 sales). The median sale price of a single family home has jumped from $525K last year to $650K in 2014. Another key metric, days on market, has plummeted. Last year we averaged 306 days on market and this year it's down to 254 days for both homes and condos.
Year-to-date, 14 homes sold above $1 million and 2 properties fetched higher than $ 3 million. Last week, the renovated historic property located at 102 Maroon Ave sold for just over $2.2 million, marking the highest priced sale in the town of Crested Butte this year.
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