Sam Lumb @ 970.275.2448
Sam Lumb
970.275.2448
Sam.Lumb@SIR.com

Market Update

Sam Lumb / Market Update

Crested Butte & Gunnison Market Report – Year End 2018

In analyzing the 2018 year-end market statistics, one thing is certain – the clients of Crested Butte Sotheby’s International Realty had an incredibly successful year! Our collective goal as an office is to get results and the statistics show we have. Our office led Gunnison County in total sales volume for the 7th year in a row, led in total listings sold, and had the top broker for the 7th year in a row! Thank you to everyone that has been a part of our business in 2018. View page 11 for more statistics from the Gunnison County MLS.

Real estate sales throughout Gunnison County were down slightly in 2018 over 2017. The Upper Gunnison Valley saw a decline of 7.1%, due in part to higher prices and less inventory.

Single-family home buyers gravitated toward the more populous areas of Mt. Crested Butte, Crested Butte South, and the City of Gunnison for single-family homes, while rural area sales dipped 23% over 2017. We witnessed (and represented the seller of) the highest sale to date in the Town of Crested Butte, a beautiful single-family home selling for an impressive $3.85M!

Since the acquisition of Crested Butte Mountain Resort by Vail Resorts earlier this year, Mt. Crested Butte sales have been on everyone’s radar, especially for condos and townhomes. Although we have noticed increased interest in mountain properties, inventory remains low so sales have remained roughly the same as in 2017. Condo sales were down 8% in rural areas but jumped 72% in the Town of Crested Butte with an impressive 40% reduction in days on market.

While the rural areas generally saw a decrease in residential sales, these areas were booming in land sales. More buyers turned to building due to increased residential prices resulting in a 35% increase in Rural Crested Butte, and an incredible 86% increase in Crested Butte South. Rural Gunnison witnessed a substantial sale of 420 acres for $5.3M, the 7th largest sale recorded in Gunnison County!

It certainly was a fantastic year and we are looking forward to what 2019 brings! Regardless of your real estate needs in the New Year, the team at Crested Butte Sotheby’s International Realty can help you get results. Visit us in downtown Crested Butte or contact us today to learn how we can offer you an advantage your real estate endeavors.

Crested Butte & Gunnison Market Report – Third Quarter 2018

As the third quarter closes and we reflect on the year thus far, one thing is certain; 2018 is the year of change for Crested Butte.  We can undoubtedly expect even more change in the coming years with the recent acquisition of Crested Butte Mountain Resort by Vail Resorts.

We reported in the second quarter of this year that land sales were improving, and this is still true.  With the exception of the Town of Crested Butte, land sales have increased by 60% or more in every area in Gunnison County compared to 2017.  Parcels of 10+ acres continue to see the most growth year over year with an astonishing 318% increase in sales volume (due in part to a $5.3 million sale in March) and 84% more properties sold than in 2017.  Crested Butte South experienced the second largest jump in properties sold with 78% more than 2017.

Looking at all property types, prices are down 15%, causing a 9% dip in total sales volume compared to last year; however, we are seeing an increase of 6.1% in total units sold.  Single-family home sales were divided; the Town of Crested Butte and outlying areas continued to see a significant decrease in sales over last year, while Mt. CB sales were up 50% and Crested Butte South enjoyed a spike in sales volume of 65% in the third quarter.  As inventory improves, condo sales appear to be equalizing slightly over Quarter 2 with sales in the Town of Crested Butte remaining strong and Mt. Crested Butte down just 5% over last year (compared to -33% last quarter).

As the winter season kicks off and the new resort ownership takes shape, we are excited to see how the expected improvements affect interest in our small town.   As tourism continues to grow in the Gunnison Valley, we expect the real estate market to follow suit.

Visit us in beautiful downtown Crested Butte to learn more about these statistics and how Crested Butte Sotheby’s International Realty can help you in your real estate endeavors. Our staff of professionals has a wealth of information, and we’re here to help!

Crested Butte & Gunnison Quarter Market Report – Second Quarter 2018

 

With low snowfall this previous winter, summer 2018 began early and the outdoor activities are in full swing!  The second quarter ended with dry conditions and many locals doing their rain dance as we are entering our second month under a fire ban; however, July typically brings afternoon showers, so Crested Buttians are hopeful for moisture soon.

The overall statistics on page 3 are a bit deceiving. A fall in overall average price reflects a shift from high ticket single-family home sales to more affordable residential and land sales. Single-family home sales were down 23% in the Town of Crested Butte and down 44% in Crested Butte South compared to 2017. Mt. Crested Butte saw a significant increase in sales volume, however, the total number of single-family properties sold throughout Gunnison County over last year was down 11%. Condo sales saw the largest increase in the Town of Crested Butte, with an impressive 185% increase in sales volume over last year, and a 250% increase in number of units sold. Despite this increase, the average price of condos and townhomes has fallen throughout Gunnison Valley. Perhaps the most surprising statistic in condo sales is the 33% decrease in Mt. Crested Butte. Mt. CB is typically the stronghold of condos and townhomes; however, a lack in inventory has driven buyers down valley.

Thus far, 2018 appears to be the year of land sales with Mt. Crested Butte, Rural CB, and CB South seeing sales increase 59%, 94%, and 106% respectively. Lower Gunnison Valley shows 123% increase in land sales, and the number of parcels over 10 acres have doubled with a staggering 613% increase in sales volume thanks in part to a significant sale of 420 acres for $5.3 million. Needless to say, local builders are busy!

It’s already been a very exciting summer, and our busiest quarter is still to come! Come visit and get to know the proven professionals on our staff. We have a wealth of information to guide you in your real estate journey, and we’re here to help.

Crested Butte & Gunnison Market Report – First Quarter 2018

 

Although this winter resulted in light snowfall and will be referred to many as the winter that wasn’t, 2018 is showing very positive signs for certain real estate segments.

Overall property sales are up 21% over 2017 Q1 with almost 12% more properties sold, but perhaps the most exciting data thus far is in land sales. Total dollar volume sold for parcels over 10 acres jumped a staggering 847%! Land sales in Rural Crested Butte and Gunnison area were also up 292% and 232% respectively, proving it’s not just the large parcels that are making a come back in our valley.

Condo and Townhome sales were down compared to the beginning of 2017 overall as inventory declined, however, the town of Crested Butte saw a slight increase in sales. Despite a decrease in Single Family home sales in Crested Butte and Rural CB areas, Gunnison areas, Almont, and Mt. Crested Butte showed a significant increase in sales.

As we transition out of the slower winter season, we are looking forward to the spring of 2018. Quarter 2 typically yields the largest increase in inventory for the year, and with 114 properties currently under contract, it looks to be a very successful sales quarter as well.

At Crested Butte Sotheby’s International Realty, our brokers have had a fast and furious offseason with many interested buyers coming into the market. With inventory the lowest we’ve seen in years, now is the perfect time to list your property. Contact one of our brokers to experience why we are the real estate leaders in the Upper Gunnison Valley.

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