Crested Butte Real Estate Market Report - Winter 2011/12

2011 has been a great year for Crested Butte with a 35% volume increase over 2010 with Benson Sotheby's International Realty sales exceeding that average with a total increase of 61% year to date. These figures are being driven by decreasing home costs from our peak in 2006. Clients are recognizing the incredible values in condos, homes, ranches and land making Crested Butte one of the most affordable resorts in the west. We appear to be at the bottom or now slightly rising out of those depths with the majority of foreclosures selling quickly and a slower inventory replacement and at more aggressive prices. These signs all point to a positive future and that there are still gains to be made for our current buyers looking for “bargains” in Crested Butte.

Indicators that the Crested Butte market has begun to rebound from the 2008 to 2010 decline are:

Inventory is down. Currently we have only 36 single family homes on the market in Mt. Crested Butte compared to approximately 85 a couple of years ago. 160 active Mt. CB condos and town homes compared to roughly 320 a couple of years ago. In CB South there are only 27 active single family homes and condos available. Two years ago it seemed hopeless we would ever get through the inventory on the market!

Sales have increased. Every year sales have increased over the last three years in the upper valley. 2008: 111 sales, 2009: 136 sales, 2010: 150 sales and so far in 2011: 193 sales.

Distressed units are diminishing. Complexes like West Wall Lodge, Mountaineer Square and even the Grand Lodge have sold many to all of their distressed properties and new listings of foreclosed properties throughout the valley have been on the decline. 

Room reservations are up.  Reservations have increased by 8% and group reservations are up 7% from last year. The goal is to increase skier days by 2.6 percent over last year, to roughly 370,000 skier visits according to Jeff Moffett, director of Crested Butte vacations.

Sales tax collections increase.  Mt. Crested Butte sales tax collections continue upward with this September 6% higher than collections in the same month last year. In the town of Crested Butte sales tax is up more than 7% for the year.

Crested Butte Real Estate Market Report - Summer 2011

Presented by Benson Sotheby’s International Realty (In The Collection - Summer 2011)

The Crested Butte Real Estate Market is heating up this summer!  The start of 2011 has seen both sales volume and number of transactions up from the previous two years.  The driving force to the increase in transactions and sales volume is the average home price is down by 27% from what it was two years ago.  This is a hard pill to  swallow if you are trying to sell right now but if you are looking to purchase a piece of property this makes for a great opportunity to own in one of the most gorgeous  areas  of the world. 

As of the middle of June 2011 there have been 108 transactions ranging from a $38,000 residential lot, to a $3.125 million dollar magnificent piece of property just outside of Crested Butte with a home sitting on 50 acres overlooking Peanut Lake.  The total sales volume this year is up 33% from 2010 and an astonishing 70% from 2009.  With this much real estate activity prices will not stay low forever.  Many people have already realized this and have purchased some of the great values that are to be found.

Benson Sotheby’s International Realty has been leading the charge this 2011.   With 18 of our listings sold so far and our brokers accounting for 23 transactions on the buying side.  Benson Sotheby’s International Realty has a higher sales volume to date in 2011 than any other office in the entire Gunnison Valley.