Steady Interest in Crested Butte Real Estate Results in Significant Rise in Transactions and Volume for 2011
A 34% increase in total transactions over 2010 (272 vs. 180) is a clear signal that buyer demand is strong for Crested Butte Real Estate. As well overall Sales Volume climbed to $104 million, and it is the first time since 2008 that it topped the $100 million mark.
The majority of the properties sold were Condos/Townhomes (110) and Single Family Homes (93) and because the majority of the Condo/Townhomes are in Mt. Crested Butte, this area had the most sales (116). Single Family homes made up the lion share of the transaction dollar volume ($69.4M or 67%), which was buoyed by the $1M+ Single Family home category ($41.6M or 40% of the total dollar volume). (If you would like to see the full report and all the details go to www.chriskopf.com)
Overall Prices Still Show Decline Asking Prices and Selling Prices continue to decline as Sellers come down to meet the Market created by the large number distressed property sales (44%). Price per square foot for condos and townhomes averaged $185 per sq. foot, while Single Family homes averaged $292 per sq. foot. There were a few high-end sales of homes that skewed the numbers a bit, taking out some of these transactions and looking at the remainder of the Single Family Home sales we see the average in the $285 per sq. foot range. The decline in the Condo/Townhome numbers was also representative of a higher number of distressed properties in this category which drove down the price points.
Company: Coldwell Banker Bighorn Realty
Phone: 970-209-5405
Email: chriskopf at bighornrealty dot com
