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Crested Butte Market Update – First Half of 2013

I can’t believe it is the middle of July!  This summer has been very busy and spectacular in a number of ways.  Everyone I talk to around town says the wildflowers this year are the best they have ever seen.  The sheer numbers of purple, yellow, red & pink flowers throughout the valley have made for beautiful photo opportunities and lovely smells as you hike or bike your way through the flowers.  It was a bit like the Wizard of Oz or the Sound of Music!

Lodging properties throughout the valley are reporting higher then ever occupancy rates for the summer and I won’t be surprised to hear that sales tax set records too.  Crested Butte has been the place to be this summer with perfect temperatures, no rain and no wildfires.  The afternoon rains have started and that is helping to keep the dust down on the trails & back roads and keeping everything green!

There are many statistics which demonstrate improvement in the Crested Butte real estate market.   Sales through the first half of 2013 are up no matter which way you look at them.

2012        2013           % Change
Number of Sales              133          158              19%
Dollar Volume                 $53M       $66M         25%
Avg. Days on Market       426           299           -30%

Sellers are also selling their properties for a higher percentage of what they are asking for them.  For the first half of the year in 2012 buyers were paying 87% on average of asking prices.  That number has increased to 91% for the firsthalf of 2013.  Another good sign for sellers is the average price per square foot has increased by anywhere from 6-25%.  These numbers could be affected by one or two higher than average sales because the data set isn’t very large, but overall things are moving the right direction.

There are a lot of events in the valley through the end of September.  For a complete list please visit my website – Events.  Another afternoon rain storm is rolling in and it is Friday afternoon so I better go look at the list of events to decide what we’re doing this weekend!

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